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Title loan. still owe. car dead.

Okay so I still owe 187 on a title loan. That car died this week and was towed to impound because we did not get to it in time off the side of the road. TO sign the car over we have to say the debt to take off the lien right? Is it an option to go to the loan place and tell them the car is there adn they can take their collateral and us take the credit hit. After all our credit is crap. Our house is about ot be foreclosed nad we are about to file for bankruptcy...

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Asked by Anonymous at 9:31 PM on Jun. 20, 2011 in Money & Work

Answers (4)
  • i would say yes, but then you are stuck trying to get another car. is the car so bad that you can not fix it? what will you do for transportation?

    Answer by amy585 at 10:15 PM on Jun. 20, 2011

  • WE still have one car we will share... not ideal but hte car can't be fixed.. well it can but it needs 1/2 and engine... At this point it would be 60 to get it out of impound, 60 to tow and then about 500-1000 to fix. Kind feel like it's not worth it...

    Comment by Anonymous (original poster) at 10:18 PM on Jun. 20, 2011

  • If your credit is already shot and you're filing bankruptcy, I wouldn't worry about paying the $187 to the title loan company. Just include them in your bankruptcy because they will no doubt try to get the money from you, since they won't get it from the collateral.

    Answer by marybeth927 at 12:08 AM on Jun. 21, 2011

  • Pay off the $187 and leave the car for the towing company to auction off ~

    Answer by tasches at 7:02 PM on Jun. 21, 2011

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