- How does a title pawn work?
A title pawn is a 30 day pawn. A title pawn is NOT like a bank loan. We do not set you up for monthly payments because the pawn and contract is only for 30 days. At the end of the 30 days (your due date) you can either pay off your pawn or pay at least the minimum due (your interest) to stay in good standing. However, it is highly recommended you pay over the interest if you cannot pay off your pawn at the time of your due date. This is because if you only pay the interest every month you will NOT pay off your pawn. The interest is compounded monthly and interest will be added every month.
- Does Easy Pay Title Pawn put my vehicle in their name?
No. We only become a lien holder on the title/vehicle.
- How much will my monthly payments be?
As stated above, we do not set your account up for monthly payments. The minimum due at the time of your due date is the interest (finance charge). This keeps you in good standing with us and your vehicle will not be repossessed, but does not pay off your pawn. We highly recommend you pay more than the interest each month so you are paying toward your principal. Our team can offer you a payment schedule that calculates for you how much to pay to get out within an amount of time. You will not be held to this payment schedule because this is only a calculator for your benefit, not a contract.
- How do I pay off my title pawn?
You can either pay it off in full or you can pay over your interest each month on time until it is paid in full. You must pay over your interest to pay off your pawn! You can ask for a suggested payment schedule and this can calculate how much you need to pay to get paid out within a certain amount of time.
- If I choose to make payments instead of paying off, how much should I pay?
This is completely up to you as long as you pay over the interest you will be paying toward the principal. We can give you a suggested payment guide, but it is only a suggestion and can change if anything changes with the account. We highly recommend a payment schedule for a successful title pawn.
- If I pay before my due date can I choose to have my payment go toward my principal?
No. This is a pawn, not a loan. The interest must be paid in full before any amount can go toward your principal. You signed a 30 day contract stating you would pay the interest. The interest must be paid first and then anything over will go toward your principal. We do offer 30 days free interest to first time customers, but only if they pay off their pawn by their first due date.
- If I am late are there any late fees?
Once your account becomes delinquent, even one day, you will be charged grace charges per day. Grace charges is the interest broken down per day that you have missed. Please try to pay on time, but if you will be late it is important that you contact us.
- Is there a grace period before you are able to repossess my vehicle?
No. We are legally allowed to repossess the vehicle once you have become delinquent and the contract is overdue. Always call if you think you will be late. Our team is happy to assist you with arrangements, but it is your responsibility to contact us.
- If I am repossessed, how do I get my vehicle back?
You will have to come in and pay your account current or completely off. Please understand that there will be extra fees charged to your account for the repossession. You will have to pay these; no exceptions. It can take up to 24 hours before your vehicle can be returned to you AFTER we have received payment. If you want to get your belongings out of the vehicle we can arrange this, but you will not be allowed to go to the vehicle. This can also take up to 24 hours to arrange.
- Now that I have paid off what do I do with my title?
You don’t have to do anything because we sign off on the lien. If your title has our signature on the bottom, and you want to have that removed you may do so by going to your local tag office.
- Will my title be at the office when I pay in full?
Georgia Titles:If your title is a Georgia title, then the title will NOT be in our office. The State of Georgia now electronically files the titles. Once you pay in full we will go online and electronically release the lien. The title will then be mailed to our office and you may pick it up at that time. It can take up to 2 weeks.
Alabama Titles:If your title is an Alabama title, the title should be in our office within 4 weeks of the date of the title pawn.
If you have any questions that was not answered on this page, please feel free to contact one of our team members and they will answer your questions.