Overhaulin'

When you use your car title as collateral for a loan....?

Does the company that gives you the loan actually give you your title back once you have paid off the loan? Or do they try to find a reason to keep your title and get your car?? I might get a loan using my car as title and I fully plan on paying the loan off but I am scared that they will not give me my title back.

Public Comments

1. You have nothing to fear. Once you've paid off the loan, the lender has to send the title back to you. It's the law. In most states, they have to return it within 21 days of receiving their final payment. Or you can call the lender a few days ahead, let them know when you're coming in with your final payment and ask them to have your title ready. They'll do it.