The Expert Podcast

• Topic: What Happens When Automotive Finance Companies Go Out of Business?
• Overview:
  • Major automotive finance companies, like American Car Center, are closing their doors, leaving many borrowers with unanswered questions.
  • American Car Center, a Buy Here Pay Here chain with over 40 locations across 10 states, is closing and firing 288 employees.
  • As a borrower, you may face uncertainty about how your loan and title will be processed moving forward.
• What This Means for You:
  • No More Loan Processing: American Car Center will no longer process your loan payments or paperwork.
  • Title Recovery: File with your state’s Dealer Licensing Division for title recovery immediately.
  • Civil Lien Process: Start the process of declaring ownership of your vehicle through the civil lien process with your jurisdiction.
• Steps to Take:
  1. File for Title Recovery: Don’t wait – start the process now to ensure you can recover your title.
  2. Consider Legal Advice: While we're not giving legal advice, consider consulting with an attorney about your consumer rights and next steps.
  3. Act Early: Begin the process early to avoid complications later on, as funding for restitution might run out.
  4. Loan Payments: Be mindful of whether your payments are necessary—if you don’t need to make them, you could be wasting money. However, skipping payments without taking the right action could jeopardize your ability to secure your title.
• Important Reminder: This advice applies not just to American Car Center, but to any automotive finance company that goes out of business. Take action as soon as possible to protect your rights and ensure the recovery of your title.