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How do title loan companies find your car?
I heard that title loan companies can repossess your car. My cousin said they could stop your vehicle and take it. He also told me about a lady who went into a grocery store to get groceries and came out to find they'd taken her vehicle. How do title loan companies find your car?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Title loan companies can repossess a person’s car because the borrower’s
car title
is used as collateral for the loan. The lender is usually able to find the car because they require GPS to be installed when the loan is originated.This GPS sometimes includes a remote device that can interrupt the starter. This means the driver wouldn’t be able to start the vehicle. That means the lender can come retrieve the vehicle at their leisure and avoid towing it.
When it comes to title loans, make sure you know your rights and the laws in your state by checking with your:
- Attorney general’s office
- State consumer protection office
Some states require fair warning before repossession to allow a borrower time to rectify the situation—or at least get their personal items out of the car before it’s taken.
Title loans are usually the last resort for people under significant financial strain and out of options. To help head off this type of emergency, it’s important to save where you can, including on your
car insurance
.You can ensure you’re getting the best car insurance for the best price using the
Jerry
app. Jerry will help you compare 50+ top insurance companies and help you switch over if you find a better deal. On average, our users save $879 a year.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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