• Report: #305095

Complaint Review: TITLEMAX

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  • Submitted: Thu, January 31, 2008
  • Updated: Mon, June 08, 2009

  • Reported By:orangeburg South Carolina
TITLEMAX
891 J.c. Calhoun Dr , South Carolina U.S.A.
  • Phone:
  • Web:
  • Category: Loans

TITLEMAX SCAMS South Carolina

*UPDATE EX-employee responds: It is a Pawn!!!***

*Consumer Comment: Bankruptcy

*Consumer Comment: DESPERATE FOR HELP!

*Consumer Comment: Here is a solution

*UPDATE EX-employee responds: JUST DONT PAY

*Consumer Comment: How do you get out of the Titlemax ripoff?

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Heard any Title Loan commercials lately? Wow! It really sounds so easy and look at all the smiles on the customers' faces! Everyone seems so happy, waving all those reclaimed titles (or whatever) around in the air. I am writing this to tell you the public, don't fall for this. It can be one of the most stupid things you can ever do in your life. I have come about this information firsthand and no, I did not fall for it.

Talk about a blow to the economy...this is one of the largest threats and rip-offs to ever hit our communities and cities. These companies should be shut down and not allowed to do what they are doing to our establishment. These type loans are too tempting to young adults 18 and older and also to the underprivileged. Allowing them to dig themselves deeper and deeper into a hole until they can no longer see daylight.

The title loan institution is like the proverbial carrot being dangled in the face of a hungry horse. Imagine if you will, the smile on the loan officers face as you enter through the front door. I assure you, the smile becomes a smirk when the door is closed behind you. You have been suckered!

Title loan companies are not our "down home" reputable loan establishments. They do not care about their clients. They certainly are not your friend. They exist only to see how many jokers can be fooled by their promises to you of a better tomorrow.

Here is the story as I know it: The numeric figures followed by an asterisk(*) is not a true figure, it is only an example. All other quotes are true. 'We are aware that reputable financial institutions give us a grace period of normally 10 days. All show courtesy in knowing hard times do happen. As long as you do your part, they will help you the best they can. It has come to my attention that some title loan companies do not operate in this manner. Let us say your payment is due on the 3rd of the month. They will start calling you the day before your payment is due...more than once. On the day payment is due, they put on their full body armor in preparation for battle.

On the day after your payment is due, a full blown war has been determined. Thus in 3 days time, you and the references you named on your agreement have been bombarded with as many as 8-12 telephone calls and at least one visit to wherever you reside. You have also been told what the Sheriff Department can and will do to you! The next thing I want to bring to the public's attention is the following...and no, I am not exaggerating, the facts are right in front of me.
1. Annual Percentage Rate (yearly)....................................121.55%
2.Finance Charge (credit will cost you)..............................$8,555.00*
3.Amount Financed.............................................................$5,000.00*
4.Total Payments (amount paid by you after payoff).......$13,500.00*
The terms and conditions of these type loans are strung out with big words and is so confusing until the average Joe cannot understand what it means. In dealing with banks and financial institutions, my loan agreements were understandable and definitions were provided in the agreement explaining words I may not understand. My loan officers made sure I understood the wording and conditions of the agreement.
My opinion is that title loan institutions are legal scams, promising a poor man a taste of paradise. It is only a short lived fantasy, followed by a horror of losing more than you did before you even signed your name on that awful dotted line. Let me bring to your attention also that there is a $14,000.00 vehicle involved. Subject only wanted to borrow a few thousand and will end up paying over $13,000.00 at 121.55% interest!! They also assumed that subject applying for loan was employed, he wasn't!!

I implore all young people and other citizens to please beware of these type loans. They and their counterparts will become part of the evils of a rich man and further destroy what dreams you have. All this will ensure and guarantee a surefire recession in America if we are not careful. People cannot survive on these astronomical interest rates.

Young adults are so easily lead astray and are becoming desperate because of the corruption of role models. Role models are now scarce because they too are in despair...due to overwhelming debt and the fear of having their own dreams blown away by the greed of others.

America's future looks somewhat gloomy to me right now. None of our politicians have convinced me they are honest and truthful. I'm afraid to believe any of them in fear they will once again let me and my fellow countrymen down. It seems all hope of a better future for all of us is truly gone with the wind.

But I can tell you this, we can put these title loan companies out of business on our own. Just think of the rich man who owns such a company getting richer while his little peons are running all over the country serving notices on the poor fool who didn't know any better. They will want the key to your vehicle, the key to your home and finally, the key to your heart! Don't fall in this horror trap!

Blake
orangeburg, South Carolina
U.S.A.

This report was posted on Ripoff Report on 01/31/2008 09:28 PM and is a permanent record located here: http://www.ripoffreport.com/r/TITLEMAX/South-Carolina-29115/TITLEMAX-SCAMS-South-Carolina-305095. 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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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

It is a Pawn!!!***

AUTHOR: Indo - (U.S.A.)

This is a pawn transaction... You are not required to pay ANY money back. Unlike payday loans, which DO keep people in a cycle of debt, a titlpawn customer can get out at any time by surrendering the collateral.

When I worked for TitleMax I would honestly say that at least 40% of my customers were return customers. For an industry with such a nefarious reputation, that is a lot of repeat customers.
I will tell you what I told all my customers:
Pay More, Pay Often, Pay Early

For Intance

If you borrow $1,000 at 10% your interest payment is $100.
Most customers want to come in and pay $101, you can't do this.

Each renewal you are charged interest on your remaining principal. So if you came in and paid $600, $500 would come off your principal and you would only be charged 10% on the remaining $500, which is $50. The next month you could come in and pay $550 and you are paid out.

If you can't pay lump sums, at least pay 10% of the principal in addition to your interest payment.

If you feel you needed the money then, and this title pawn is "beneath you" then seek a more traditional lender to pay them off. If your credit is too poor for a traditional lender, then Pay M.O.E. as I said. You could also shop other pawn shops to see if they will pay them out and give you a lower rate.

This whole "predatory lending" in regards to titlepawns is absurd. I financed $200,00 for my house and over the course of thirty years I'll pay back $600,000 easily. But I can't just say "come get it, I'll get another one", because traditional loans do get listed on your credit report. I'd take paying back $2500 on $1,000 with the option to get out at any time with no negative effects any day.
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#2 Consumer Comment

Bankruptcy

AUTHOR: Ashley - (U.S.A.)

Declare bankruptcy.

That will stop them and give you breathing room to reorganize your finances.
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#3 Consumer Comment

DESPERATE FOR HELP!

AUTHOR: Msdae54 - (U.S.A.)

I WAS DESPERATE WHEN I WENT TO TITLEMAX! TOTALLY BLINDSIDED! AND WAS NOT AWARE. THE INTEREST IS RIDICULOUS! AND I NOW REGRET EVERY MINUTE OF OBTAINING A LOAN FROM THESE PEOPLE! I HONESTLY DO.
OUT OF WORK, AT THAT TIME, AND DESPERATE TO GET MONEY FOR MY ELECTRIC BILL! TO KEEP THE POWER COMPANY FROM DISCONNECTING ME! WITH YOUNG CHILDREN, AND I TOTALLY MADE THE WRONG MOVE WHEN I WENT TO TITLEMAX!
AND IT SEEMS AS THOUGH I CAN DO NOTHING ABOUT IT NOW! I ONLY GOT $1000 AND NOW I OWE THEM $8000 OR MORE!

IS THERE ANYONE OUT THERE WITH ANY ADVICE, SOLUTION, OR EVEN COMMENTS TO MY SITUATION.

HAD I KNEW THEN ,LIKE I KNOW NOW! I WOULD HAVE NEVER WALKED IN THERE DOOR!
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#4 Consumer Comment

Here is a solution

AUTHOR: Lambmit - (U.S.A.)

Here is a solution, Don't go into those plases in the first place. If you are having trouble paying your bills then you really need to reevaluate your finances. If you are having problems making your house payment then you need to sell your house, if you are having problems making your rent, then you need to get with the landlord and let them know. You might even have to find a cheaper place to rent. If you are having problems paying your bills then you need to either find a way to make more money or sell something.
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#5 UPDATE EX-employee responds

JUST DONT PAY

AUTHOR: Helper - (U.S.A.)

I have done work for this company in the past as far as recovery work goes.They will not take legal action against you or have a warrant issued for you.This is strictly against their company policy.If they do repo your cars and sell it for more by law they have to give you the overage of the sale.They will not do this they will send a certified letter to the wrong address an dwhen you dont respond they will keep your money.They are very crooked best to stay away.
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#6 Consumer Comment

How do you get out of the Titlemax ripoff?

AUTHOR: Cindy - (U.S.A.)

They are the biggest ripoffs. I got suckered in because I had no other choice at the time and I am getting no where making these payments. Where do you go to get credit to get out of this crap? By now, our credit is so bad, no one will talk to you. Any information would be appreciated.
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