Trying to get my car’s title from collection
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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?
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.
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