• Report: #857345

Complaint Review: Title Max

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  • Submitted: Wed, March 21, 2012
  • Updated: Thu, March 22, 2012

  • Reported By: Mbradley36 — Stone Mountain United States of America
Title Max
1109 Goldsmith Rd Stone Mountain, Georgia United States of America
  • Phone: 7704987590
  • Web:
  • Category: Loans

Title Max Title Max is a ripoff and very misleading. Stone Mountain, Georgia

*Consumer Comment: Terms

*Author of original report: Not trying to get out of paying.

*Consumer Comment: Sorry...

*Consumer Comment: Not sure what your complaint is.

*Consumer Comment: Your rights?

*Consumer Comment: Another One..

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I took out a loan with Title Max in July of 2011. When I took it out I was working. I was laid off from my job a few months into my loan. However, I still made my payments on time every month, but the first time I was one day late they came to my house. For what? I have had tilte loans before, but they never came to my home.

This place is ridiculous! To make a long story short, here it is 8 months later and over $2000.00 gone, I have only paid my loan down maybe $30.00. I am so angry. I want to just let them have my vehicle and be done with it. Something has to be done. I need to know what are my rights. What can I do?

This report was posted on Ripoff Report on 03/21/2012 12:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/Title-Max/Stone-Mountain-Georgia-30083/Title-Max-Title-Max-is-a-ripoff-and-very-misleading-Stone-Mountain-Georgia-857345. 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


AUTHOR: Flynrider - (USA)

"  What I don't understand is why is the money just going to the interest and not the principal after 8 months  "

  You'll have to refer back to your original contract to get specifics.   It is not unusual for the interest to be so high that you barely scratch the principal with your payments.    I have seen some contracts where you could make the minimum monthly payment for a decade before you got it paid off.    The contract, which you should have read and understood before signing, is the final authority as to how things will work.

  As for your previous loan wherein you paid off the interest in a few months first and then the principle.  That may have been how it was described to you, but it couldn't have been how it actually worked.   There are some pretty strict laws about how and when interest can be collected and what you described would not work.

  Basically, you can only pay interest at the rate specified in the agreement on the outstanding principal.  If I have a $2000 loan at 10% annual percentage and I've already paid down half of the principal, the lender can only charge me that 10% on the remaining $1000 balance.  In other words, normally a loan starts off with payments that are mostly interest and little principle.  Eventually, you whittle down the outstanding amount and the payments become mostly principle and little interest near the end of the loan. 

  In your case you appear to have a high interest loan and virtually all of your payment goes to interest.  This is not good.    You should do what you can to get rid of this loan.  You'll have to do your own math as to whether it would be smart just to give up the car or find another loan.   I would advise that if your solution to this is another loan, that you read and understand the loan contract before signing.  Many times, loans that advertise that they can help you out of a jam (like some title loans) end up just digging your financial hole deeper. 

  Bottom line, you made a bad financial decision taking out this loan.   Usually, payday advances and title loans are not wise choices.  While they can get you money fast when you have bad credit, they can also put you in a hole that takes years to dig yourself out of.   I generally tell folks that if they can afford to pay obscene triple digit interest, they really don't need to borrow the money in the first place.

  Best of luck to you.
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#2 Author of original report

Not trying to get out of paying.

AUTHOR: Mbradley36 - (United States of America)

I am not trying to get out of paying my loan. As I stated before, I have been paying every month. What I don't understand is why is the money just going to the interest and not the principal after 8 months. I had a title loan with Atlanta Title Loan where I did the same thing, but I paid the interest the first two months and after that, the rest went to my principal. I had no idea that Title Max was like this.

Also, I had caught the end of a commercial that spoke about title loans I believe it said something about paying off your title loan for you and you pay them back with less interest or something like that.
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#3 Consumer Comment


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

I meant to say the OP was another sub prime borrower not lender.
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#4 Consumer Comment

Not sure what your complaint is.

AUTHOR: Flynrider - (USA)

 I am so angry. I want to just let them have my vehicle and be done with it. "

  That's an option.  At some point, you'll have paid them far more in interest than the vehicle is worth.  

"  Something has to be done. "

   Here's where it gets confusing.   Something has to be done about what?   You took out a ridiculously high interest loan and put your vehicle up as collateral.   As with any loan, you're on the hook until you either pay it off or surrender the collateral.

" I need to know what are my rights. What can I do? "

   I agree that (although you didn't state it) you are paying some ridiculous interest on this loan.  Not much can be done about that.  It's what you agreed to do when you took out the loan.

   If you're looking for a solution wherein you get to keep your vehicle and not pay off the loan, I think you're out of luck. 
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#5 Consumer Comment

Your rights?

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

Well you signed a contract. That contract explained the terms and the amount you would be paying back. If you didn't like the terms, you shuoldn't have taken the loan. At this point your "rights" are to pay back the loan and honor the contract. Give them your car per the contract. Declare bankruptcy. There is no other option. If you declare bankruptcy before they take your car there is a slim chance that you could keep it.

You made this mess yourself by taking out one of these high interest rip off loans. You now are bound by the contract you willingly signed.
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#6 Consumer Comment

Another One..

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

What can I do?
- Another Sub-Prime lender who wants to know what they can do to get out of this loan.  Well call them up and find out what it will take to pay off the loan, or give up your car and take the consequences that go along with that.  Sorry if you don't like the answer but you did ask.

You see when you took out the loan you made a legal obligation to pay them back on the agreed upon terms.   If you have had Title Loans before, not only does it show you probably have other more serious financial issues, but you are aware of the high interest rates.  If you come back and say that the other's didn't have high rates or that they were more forgiving then the obvious question is why if you had such a positive experience with them why didn't you go to them to get your latest loan?

If the other Title Loan companies never came to your place then you were lucky..or never late with them.  It doesn't make what this company did a RipOff.  With the high interest rates the time you were a day late probably wiped out a few months of principal you had paid down, especially if they add in late fees to the additional interest.
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