Loan Max Cash Loans Car died, and they still expect me to pay what I owe! Albuquerque, New Mexico

I'm happy to see others hit the nail on the head.  You really agreed to pay $247/mth in interest only payments....on a $1,000 loan?!  It's fiscally irresponsible, regardless of your hardship. 

Think about what you signed up for: You'd have to pay $500/mth for 4 months (totalling $2,000) just to borrow $1,000.  

What if you could only afford $300/mth?  It would take you 19 months to pay back the $1,000 with interest.  THAT's $5700!!!  

I just hope you and others take note here ....  DO NOT sign a contract you do not fully understand.  The fact your title reads 'car died, they expect me to pay what i owe' tells me you fail to understand the terms.  The debt is your liability.  The collateral and the condition thereof has NOTHING to do with your repayment agreement.

As a finance manager at a dealership, I am amazed at the amount of people who do not read or pay attention to the terms of agreement. 

They gave you money.  You agreed to repay the money, with money! You attempted to repay their money with excuses.  Excuses are not money, which is why it didn't work.  The strange thing is that you seem to think that they did something wrong and should have accepted excuses as payment. 

When you take out a title loan, those payments are due regardless of the condition of the vehicle - and even regardless of your own financial condition. You signed a contract promising to make payments of a certain amount on a certain date at a certain frequency. If you don't do what you promised to do, you breach the contract. And what ended up happening is that you didn't make the payments as agreed AND the car broke down leaving the company with nothing to repossess to recoup their losses. So, in essence, they are the ones who were ripped off.

I don't think you intentionally ripped off this title company. I think that you genuinely have a limited understanding of how these title loans work - or how any loan works. It is a common malady nowadays, a testament to our school system if you ask me. I think these types of real-life financial issues should be required learning in our schools, so that these types of situations are avoided by people who have good intentions but lack understanding of basic contract/financial laws and procedures.

At any rate, this is not a rip-off on the part of the company.

ateam made in heaven

IF your loan agreement says you don't have to if car dies, is stolen or wrecked.

It does say this....right?

You sure have strange ideas on how loans work.

The car no longer runs, and you want the loan company to take the car back and sell it for you?
You need to sell your own car, and pay them with the proceeds, and then borrow the rest of the money , and pay the 1000.00 back.

You still owe the money, and must pay it back.  Otherwise you will be right in saying you will never borrow money again, because no one will ever trust you again to loan you  money.

Sincerely
I Am Good
Defender of the Right, and Good , and Moral People all over the world.