• Report: #962999

Complaint Review: TitleMax of Rossville,TN #2

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  • Submitted: Thu, November 01, 2012
  • Updated: Thu, November 01, 2012

  • Reported By: wdb — Chattanooga Tennessee United States of America
TitleMax of Rossville,TN #2
4720 Rossville Blvd Chattanooga, Tennessee United States of America

TitleMax of Rossville,TN #2 TitleMax will gord anyone to the Max. I borrowed $700 on my truck, in May of 2012, after 5 payments of... Chattanooga, Tennessee

*Consumer Comment: Title Loans...

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Two or three payments of $98 or so, I was led to believe that any payments after those payments would go towards my principle.

Little did I realize that finance charges would still acrue when making payments as high as $127, $121, now $116 would not be carried for the $700, original loan. Instead I learn that only $35 from all the hundreds plus payments went toward clearing up my $700 loan. I was under the impression that the prior three fees took care of the finance charges.

Now I see that there is a $65.38 RENEWAL FEE, $11.90 for interest accrued, a monthly FEE RATE of 10.99%, a MONTHLY RATE OF INTEREST of 2.00% and The APR for the original Title Pledge Agreement is 158.04 %.

The manager said all of this was stated in the contract. However, in reading the contract, I did not understand the jargon, otherwise I would have declined the loan. If he had said that more finance charges would be taken from future payments, (I thought the three upfront before principle payments took care of the finance charges), and said only $35 from the hundred plus payments, is all that goes towards the initial loan, do you think I would have agreed. NO!

I was late on a payment, and I counted 18 calls, plus 3 home visits because of it. My point is that there are unethical practices in charges, because after 5 months of getting a $700 loan, I still owe them $672.21 to satisfy my obligation. In 5 months of payments, that means I have only put $27.79 toward my truck.

Is there anything we can do, to stop these loan sharks from taking advantage of those in dire need. I am now in trouble with my rent money because I was made to believe that two payments were necessary by the manager.

This report was posted on Ripoff Report on 11/01/2012 03:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/TitleMax-of-RossvilleTN-2/Chattanooga-Tennessee-37407/TitleMax-of-RossvilleTN-2-TitleMax-will-gord-anyone-to-the-Max-I-borrowed-700-on-my-t-962999. 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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Updates & Rebuttals

#1 Consumer Comment

Title Loans...

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

Title Loans are not only as bad as Payday loans, they are worse.  Because you have actually put your car up as collateral.  Where if you don't pay, your car is going to get repossessed.

The manager said all of this was stated in the contract. However, in reading the contract, I did not understand the jargon, otherwise I would have declined the loan.

- Do you make it a habit of signing things you don't understand?  If you say no, then why did you sign the document instead of having them explain it to you until you did understand? 

Don't worry, you don't have to answer as the answer is always the same.  You didn't want to hear about the terms because you didn't care about the terms at the time.  You thought you needed the money, and would probably have signed away your first child if you could have.  It was only after the fact when reality sets in that you all of the sudden want to change history and pretend like you actually didn't need the money and would have just walked away.  If you were looking at Title Loans do you really think you would be able to get a loan with better terms? 

Is there anything we can do, to stop these loan sharks from taking advantage of those in dire need.
- It's called personal responsibility.  These people would go out of business in a week if people would actually read and understand what they are signing.  Then instead of just saying they would walk away(like you said you would have), they actually do walk away.
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