ED Magedson – Founder
TitleMax Title Loan, Texas USA
TitleMax Title Loan Changed Title Loan to Payday Loan Addison Texas
I opened my Title loan account 2 years ago, for approximately $2000 at one location in Texas. As I make my payment each month on time, my balance would drop according to the amount of the loan installment agreement. The location decided to transfer my title to another one of their locations and now when I make my payments, it goes as a payday loan. If I pay $260 per month roughly, my balance is not dropping. Before, with the other location, each payment I made, increased the amount I would be allowed to withdraw because it was a different process. Now, when I make my payments of $260, I still owe the same amount because it only counts as a finance fee to keep the loan open like a regular payday loan. I have paid Title Max Title loan more money than what I paid for the vehicle and still paying. I purchased another car during the same time I opened my loan and the car is paid off already, but I'm still trying to figure out why I am still owing on this $2000 Title loan. I do not understand why they failed to disclose this to me when I went to make my payment at the original location. Of course they are yielding in $181Million annually. It is the finance fees that are ripping people off. You never really get your "Title Back" if all you can pay is the minimum amount of the loan!
This report was posted on Ripoff Report on 07/31/2013 04:32 AM and is a permanent record located here: http://www.ripoffreport.com/r/TitleMax-Title-Loan/Texas/TitleMax-Title-Loan-Changed-Title-Loan-to-Payday-Loan-Addison-Texas-1071612. 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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