What to do about getting a car payoff amount?
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What to do about getting a car payoff amount?
I have a title loan against my car. I renewed the loan 6 months ago; I lost my job 2 months later. I have been trying to get the finance company to give me my payoff to sell the car to a dealer and get out of the loan. I first went in the loan store and asked for the payoff and they told me they would call me with the payoff. They never called. Then I sent a certified letter asking for my payoff in writing with a 10 day payoff. They still have not sent the payoff. Yet they called to threaten me. I asked while I had them on the phone for the payoff again in writing and the lady still would not give it to me. What should I do at this point?
Asked on September 19, 2012 under Bankruptcy Law, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all states in this country when a borrrower on a consumer loan seeks a pay off amount as to it, the lender is required to respond in writing to such within a certain time. If you are not getting what you desire, you have the option of recalculating what the pay off amount would be from the initial loan and interest amount taking into account payments made to date and coming up with a semblance of a rough number.
The other option is to call and write again making demand for a pay off amount to the lender. Ordinarily a borrower's monthly statement should set forth the balance of the loan amount due based upon the previous month's statement. Look at your monthly statements assuming you are getting them for the loan.
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