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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33779
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I took out a car title loan and I am on social security disability.

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I took out a car title loan and I am on social security disability. Their Interest rates are 300% for the first 4 months and an additional 150% for the next 4 months, totaling 450% in Sioux Falls, SD. They failed however to have me sign the car title and I got a form from the Department of Motor Vehicles to sign which I did NOT. Can they come and take my car? Please advise and thank you.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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If you didn't sign over the car title to the lender, then if you defaulted on the loan, they would have to sue you in court to get a judgment against you before they could attempt any collection actions like trying to seize the car and sell it.
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Thanks.

Barrister

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 3 years ago.

If my only income is Social Security Disability, could they get a judgment to seize the car or would it remain as a judgment against the car

If your only income is SS, then that is exempt from creditor claims under federal law. So that is safe.
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If they sued and got a judgment against you, they could come after other assets like the car for payment subject to any exemptions. But under SD law, there is no specific exemption for vehicles so they could have a sheriff seize and sell the vehicle to pay towards satisfying any judgment.
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Thanks.

Barrister

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Please don't forget to rate my service "OK" or higher. It is only then that I receive credit for my work.

.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister and 3 other Legal Specialists are ready to help you
Customer: replied 3 years ago.

But if I did not sign the car over and they failed to obtain my signature in placing the car up for collateral, can they still sue and if is the Only personal property I have and secondly, did they not default in their contact by not obtain a set of keys and my signature on the form?

By not having you sign the title, that just means that you didn't specifically pledge the car as collateral for a secured loan. They still made the loan to you and presumably you have not been able to pay it off. So if they sue you and get a judgment, then could come after any personal property that wasn't exempt and have the sheriff seize it and sell it. If you had an RV or a motorcycle, they could choose to have the sheriff seize that instead of the car to sell if they chose to. It is just more likely that they would come after the car because that is a larger asset that is likely to sell for more than other personal property.
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Contractually, they made a loan and you are liable to repay it. So if you haven't been able to do so, they can come after you for payment and enforce a judgment against other personal assets to collect on their judgment.
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If you didnt' sign over the title, that just makes it harder for them to collect because they have to sue you first. It doesn't mean that the loan contract is unenforceable.
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Thanks
Barrister