American Car Center Title & Lien Release Problems

In recent times, the automotive finance industry has been experiencing a wave of turbulence, with major players facing financial difficulties. If you find yourself caught up in this storm as a borrower with an open loan, it’s crucial to understand the implications and take proactive steps. The latest casualty in this financial downturn is American Car Center, a prominent Buy Here Pay Here chain that once operated across 10 states with over 40 locations. As they close their doors, leaving 288 employees terminated, borrowers are left in a state of uncertainty.

The Immediate Challenge

One of the immediate challenges facing borrowers is the abrupt halt in paperwork processing. If you’re diligently making payments, the company’s closure raises questions about the future processing of your payments and, more importantly, the status of your vehicle title.

Securing Your Title

The foremost recommendation in this situation is to act swiftly. Delaying actions might jeopardize your chances of securing your title or lien release. Here are two essential steps to consider:

  1. Title Recovery Filing: Initiate the title recovery process by filing with your state’s Dealer Licensing Division. This step is crucial to ensuring that your claim for the title is recognized and processed, even in the wake of the company’s closure.
  2. Civil Lien Process: Explore the option of starting the civil lien process. By having your jurisdiction declare you as the rightful owner of the vehicle, you take a proactive stance in safeguarding your ownership rights.

Seeking Legal Advice

While these steps provide a general guideline, it’s important to note that we are not legal professionals. Seeking legal advice from an attorney is strongly recommended. Your attorney can guide you through the intricacies of consumer protection rights and other legal considerations specific to your situation.

Time is of the Essence

Acting promptly is of the essence. Waiting until the end of your loan term might result in missed opportunities, especially if the restitution fund becomes depleted. Whether you continue making payments or not, starting the process early ensures that you’re not wasting money unnecessarily and that your rights are protected.

In the aftermath of an automotive finance company’s closure, uncertainty can be overwhelming. However, by taking proactive steps, such as filing for title recovery and seeking legal advice, you can navigate through the challenges and secure your rights as a borrower. Remember, time is a critical factor, so don’t delay in taking action if you find yourself in this unfortunate situation.

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