The Expert Podcast

…Okay Some major automotive finance companies are starting to go out of business And what does that mean for you as a borrower? If you have a loan open with one of these companies since the latest. Domino to fall. is a company called American car center American car center is a buy here pay here chain that operated 40 plus. Locations across 10 states…and it says they're closing its doors and they're firing 288 People terminated at the end of the business day What that means is they're not even going to process any more paperwork. So if you have a loan with this company, And you're paying payments American car center. Is not going to be there to process your paperwork What does that mean?

Well you might not be you might have to make…any more payments depending upon who takes it over. But the big question is how are you going to get your title? Well we recommend doing immediately. Is filing with your state for the dealer licensing division for a title recovery. That's number one. Number two is see about starting the civil lien process…to have your jurisdiction declare you to be the owner of the vehicle. Now remember we're not attorneys we're not giving you legal advice You may want to get some legal advice from an attorney to find out what your rights are your consumer protection rights and other rights however you want to start this process early Don't wait until the end of your loan. A year year and a half six months from now because by then, there may not be any more funding available from the restitution fund.

You want to start this process early Because in the meantime, If you make your payments, you might be wasting money If you don't have to make them if you don't make your payments, you might lose out on getting your title because you're in default. You want to start this process early. Get some filings done to make sure that whatever rights you have coming to you to get your title. Or your lien release from American car center. Is not put in jeopardy because you didn't take action. fast enough or you took the wrong kind of action. So make sure you get on this right away If you are a customer of this American car center. Or really any other lender that goes out of business you want to start this process right away.