• Report: #763278

Complaint Review: 1800 New Rate

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  • Submitted: Wed, August 10, 2011
  • Updated: Sun, May 06, 2012

  • Reported By: Tony — Irondale Alabama United States of America
1800 New Rate
Internet, Georgia United States of America

1800 New Rate Motormax Financial Services Corrp 1800 new rate leads consumers to believe that they will save you money by purchasing title loans but the reality is they are bigger loan sharks than title and payday loans put together x's 10!!!!!!! Internet, Georgia

*Consumer Comment: 1800 new rate false advertisement

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I had been listening to the radio commercial 1800newrate and needed help with a title loan. I went in to motomax and agreed  for them to purchase my title from title max for a sum of $4958.00 broken down in 27 months of installments. I asked and was told 4 times that there was no prepayment penality, it was also explained if I sent more money I could pay it off early. 

My first payment of $370.00 was due of the 18th of July and I made a payment of $800, well $795 due to a $5 charge for making a payment over the phone. When I called on the 1st of August to make a payment of $1000 with intent of paying loan on off as soon as possible, I asked what was the amount owed on the loan and the very rude woman who answered the phone said I owed 10,000!!!! 

I immediately went into panic mold and asked what was my payoff if I was to pay it off today and she again in a very rude manner told me that a manager would have to call me back with a payoff!!!! The manager called back within an hour and told me my payoff was $4883. I informed him that I had paid $800 well $795 last month an amount well over the amount owed and only $75 was applied to principal. His highly unintellgent response was the type of loan I had was like a home loan , I would have to pay so much over a period of time and then it would decrease.... I asked about prepayment penalities and he blowed up saying he had 6 other things to do!!!!!!! Long story short I went back to title max so they could payoff the $4883..



Please to all consumers please do not use this long sharking racketeering business!!!!! No matter how bad it appears this buisness will make it impossible for you to get your title back   

This report was posted on Ripoff Report on 08/10/2011 11:12 AM and is a permanent record located here: http://www.ripoffreport.com/r/1800-New-Rate/Internet-Georgia-/1800-New-Rate-Motormax-Financial-Services-Corrp-1800-new-rate-leads-consumers-to-believe-t-763278. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

1800 new rate false advertisement

AUTHOR: vanuel72 - (United States of America)

I went to motormax, which is in conjunction with 1800 new rate. I filled out the paperwork and everything. i didn't know that they would test drive my vehicle, which wasn't advertised. sat in the office close to 2 hours, got a phone call from the main office and the representative told me that they wouldn't be able to help me because of the high mileage on my vehicle and how my vehicle drove. I'd never heard of such a thing.

My conclusion is this, if your vehicle isn't in excellent shape, nor has low mileage on it, 1800 new rate will deny you everytime. 1800 new rate is using false advertisement to get people to come in just to deny them and waste people's time sitting and waiting.
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