Trying to get my car’s title from collection

Credit Report & Score Guide Forums Credit Report Forum Trying to get my car’s title from collection

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  • #16811
    Melcolm
    Guest

    I have a small balance on a car loan that I defaulted and it went to collection. So both the original lender and the collection company on my report with the same balance ($342), but with different dates.

    I want to pay the debt and get the title to my car, but who should I pay? My original lender? The collection? Both companies?

    Who has the actual ownership of my debt?

    #16861
    Stacy Wall
    Keymaster

    You need to pay the collection company

    In some cases collection agencies buy the debt from the original creditor for pennies. In this case they own the debt. In other cases, the original creditor hires the agency to collect the debt for a percentage from the debt. Rules are the same either way, so you usually can only deal with collection agency.

    It’s not likely that the collection agency has the title to your car, and it may be unable to get it.

    Start by asking who has your signed paperwork (Not a photocopy, the original paperwork). After you know who has it – negotiate a settlement. Make the title a part of the settlement, and have this in writing. Don’t pay a cent without a signed copy of the settlement from the collection agency.

    #17877
    Kindra
    Guest

    Hi there! This is my first comment here so I
    just wanted to give a quick shout out and say I genuinely enjoy reading through your articles.
    Can you recommend any other blogs/websites/forums that
    cover the same topics? Thanks a lot!





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