What if I do not pay back my title loan back on my motorcycle because ir was stolen?
I got a title loan in the amount of 400.00 for my 2014 Honda Grom motorcycle. I have made three minimum payments of 125.00 but I still owe around 400.00 because of the high intereat. My motorcycle was stolen from my house, it is time for another payment ans the lender is blowing my phone up. They are threatening repossession but if thats all they can do then i'm not gonna pay it becUse i don't even have it right?
You still owe the money. Even if they can't reposses the bike they can sue you in court, ruin your credit rating etc.
As the amount isn't large is there any way you can borrow some money at a more sensible rate. You must be paying some crazy 100% plus interest rate on that loan. Even a credit card rate would be better and you might them be paying $25 in interest and $100 in principle each month. Still high, but in 4 months it's gone.
They really don't care if you have the bike or not. They will sue, and you will be ordered to pay. That 400 is going to cost you thousands. The lender has rights beyond repo.
They are not limited to the collateral (the bike), and they can still sue you in small claims court on the unpaid debt and the interest that will continue to accrue… Not to mention the bad report on your credit
They will get their money and it will cost you plenty.
Wow, to date, you will be paying back a total of $500, on a loan of $400? Title loans and buy here/pay here dealers are predators.
Did you have insurance on this MC? With a 2014, hopefully so.
Most insurance companies will wait 30 days, and if not found, will pay you fair market value of your 2014 MC, or if found and damaged, will fix,"minus" your deductible.
Please borrow from family/friends, since I can guarantee they will go after you for past due, interest etc. By the time you go to court, could end up owing $2,000 vs the original $400 that you borrowed.
Your borrowed the money and you have to pay it back regardless if the bike was stolen or not.
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