Overhaulin'

If I take a Car Title Loan and don't repay the loan and take the car to another state is that a crime?

I took a car title loan yesterday giving my car as collateral. I am thinkinbg on moving to another state for job purposes. Do I need to give them the car or take the car with me? there is a big possibility that I mill default on the loan since I don't have a job offer in the state I am going to. Please note the loan was to help me move with the idea of finding work and repay the loan. But with the Downgrade of the S&P, I am afraid that I will be going for a long time before finding work Please advice on my option of the car. I know for a fact if I take the car to another state it sill be illegal since I gave the tiltle as collateral. Do I park the car in front of the business before I go? If I do that would I be persecuted by the Title loan company for breac h of contract? Please advice

Public Comments

1. whats the s n p got to do with you?...should be nothing........nothing has happened to date that affects people in that regard. is the job there or not?....what are the terms of the contract you signed with them? read it? it tells you right there what the rights are and if you can do it or not. you have a problem with them pick up the phone and find out what all you need to do.... dont pay em? they'l ruin your name and come after the car. your best bet is to talk direct to them and see waht you can work out...cuz it sounds like you had no intention of retiring the loan anyhow from what I can gather here/not good
2. Take the car across state lines permanently and you can be charged with theft, transporting stolen good and fraud. You call the loan company and ask them to come get the car since you can not make your payments
3. The bank that loaned you money doesn't want your car. They want you to make the payments that you agreed to make in a legal document that you signed. I get the impression that you think it's not a big deal to default on a loan. It is. It will effect your credit for years to come. When you borrow money and don't pay it back what you've done basically is stolen the money. Especially if you borrowed it knowing you weren't going to pay it back. And please don't try to BS anyone about the standard & poors rating having anything to do with you getting a job. If you have a skill you can find a job. If you have no skills don't try to blame it on the stock market! I recommend you rethink this whole plan. Stay where you are, where you (hopefully) have a job and take care of your responsibilities.
4. Yes, it's a crime if you don't notify the lien holder of your new address. The name of it is conversion. It's generally a felony.