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I have defaulted on a title loan because the payments were

Customer Question
too high. I don't know...
I have defaulted on a title loan because the payments were too high. I don't know what to do
JA: What state is this in? And when did the issue begin?
Customer: Florida, Oct.21, 2016
JA: Has anything been filed or reported?
Customer: No they looking for my car. I took the title loan out to finish paying for College it's been I know 2 years I been paying
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 12 months ago.Category: Legal
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Answered in 6 minutes by:
11/22/2016
Lawyer: Maverick, Attorney replied 12 months ago
Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6,425
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Lawyer: Maverick, Attorney replied 12 months ago

Florida has imposed a rate cap on title loans. The maximum interest rate for a title loan in Florida is 30 percent APR for the first $2,000, 24 percent APR for loans between $2,000 and $3,000, and 18 percent APR for loans exceeding $3,000.

If your lender has charged a higher interest rate, it has to refund the excess interest paid, return the car, and forfeit the principal amount of the loan. Here is the law: 537.011 Title loan charges.

The other option is to try to buy the car back at the auction since you can bid on your own car.

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Maverick
Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6,425
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Experience: 20 years experience as a civil trial and appellate lawyer

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