• Report: #576289

Complaint Review: Loan Max

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  • Submitted: Mon, March 01, 2010
  • Updated: Tue, March 02, 2010

  • Reported By: Joel — Kimberly Wisconsin United States of America
Loan Max
1316 N. Richmond St. Appleton, Wisconsin United States of America
  • Phone: 920-739-1421
  • Web:
  • Category:

Loan Max Didn't let me make payments Appleton, Wisconsin

*General Comment: this is what they legall7y can do

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I took a loan out through Loanmax car title loans.  Made two payments to extend the loan.  Both payments were just towards the interest.  Soon after my last payment my car was beyond repair.  My father took it to the shop to have them see what was wrong with it.  The mechanic explained to my dad that there was severe damage to the engine and to fix it. I would've had to have the engine rebuilt.  My dad didn't want to have a estimate done because he and the mechanic both knew that it wasn't worth it.  The car was a 1995 Saturn with 274,000 miles.  Blue book wasn't even 1,000 dollars.  Shortly after I was laid off for a period of time.  Being laid off I was not able to make payments.  I called loanmax to inform them about my situation.  They said that they needed proof that my car was junk.  I explained to them about my dad not having the estimate done.  They told me that many people try to hustle them by saying the car was totaled.  I contacted the garage and asked them if they had any records of them looking at my car.  They got back to me and told me that they didn't have any records but they do remember the car and the meeting with my father.  This is all via email,  the email states very clearly from the lead mechanic that the car was junk.  Loanmax said " my district manager needs proof from the garage to consider an alternative".  They now say the email will be sent to their corporate office for review.  I told them that I'd be willing to make a weekly payment plan to take care of the interest and principle of the loan.  "Sorry but there's nothing we can do now.  It all comes down to corporate America doesn't give a damn about the middle class.  I gave them proof and was willing to work it out.  Now it's in default.  I asked them what will happen now that it is in default.  Surely they would be able to tell me what will happen now?  No!  I guess the reason I'm contacting ripoff reports is for answers.  Is there anything I can do to fight this evil company that takes advantage of the working class?  Please let me know if I can do anything to resolve this.  Also,  what does loanmaxs' meaning of default mean. Thank you
Kind Regards

This report was posted on Ripoff Report on 03/01/2010 04:40 PM and is a permanent record located here: http://www.ripoffreport.com/r/Loan-Max/Appleton-Wisconsin-54136/Loan-Max-Didnt-let-me-make-payments-Appleton-Wisconsin-576289. 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 General Comment

this is what they legall7y can do

AUTHOR: IamGood - (USA)

1).  They can repo the car, and when they sell it they will apply the proceeds of the sale to the loan. 

2).  They can take you to court and sue.  In your state once they get a judgement they can then apply to garnish your wages, and seize your bank account.  All the while, the interest will continue to be charged. 

3).  Interest on these types of loans can be 200% to 300% per year.  Very much a rip off loan.

If you are currently working, they will garnish your wages if they attempt to sue you.

If I were you, I would consider filing chapter 7 bankruptcy.  this will halt any repossessions, and more than likely you will qualify.  Even if you qualify for chapter 13 bankruptcy, the 200-300% interest rate charge will go away, and you will only be charged 5-7%, and you will be allowed to pay the debt back in 3-5 years.

since you live in a state where wage garnishment is legal, I would consider the bankruptcy option.

 

 

 

 

 

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