• Report: #291020

Complaint Review: TitleMax

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  • Submitted: Wed, December 12, 2007
  • Updated: Wed, January 09, 2008

  • Reported By:Memphis Tennessee
TitleMax
2265 Lamar Avenue Memphis, Tennessee U.S.A.
  • Phone: 901-590-1255
  • Web:
  • Category: Loans

TitleMax Ripoff 121.55% interest!! Memphis Tennessee

*REBUTTAL Individual responds: To Dan re TitleMax

*REBUTTAL Individual responds: To Dan re TitleMax

*REBUTTAL Individual responds: To Dan re TitleMax

*REBUTTAL Individual responds: To Dan re TitleMax

*UPDATE EX-employee responds: Read your contract

*Author of original report: TitleMax Memphis TN 121.55% Interest!!! Update!!!

*Consumer Comment: Skinny in Memphis! Well what's done is done so let's deal with it

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In a moment of desperation, I, a 57 year old disabled female receiving Social Security disability and without Medicare for nine months, went to TitleMax with my title to my car and stupidly signed a contract with this rip-off company giving them the title to my car in exchange for $2500 at 121.55% per year for 22 months. The contract has my name misspelled, and has two different interest rates within the context of the contract - 5% and 2%. The remainder of the percentage rate (121.55%) is what TitleMax calls "operating costs", which include salaries and the cost of doing business in general, etc.

Had I not been medically desperate, I would never have gone to them in the first place, but would have taken the title to the bank instead. Unfortunately, the bank would not accept the title to my car as collateral as it turns out. Seems that real estate in this country is the only collateral that banks will accept nowadays.

Being on a fixed income, it appears that TitleMax will repossess my car eventually as I cannot make the "suggested" payment schedule. However, one column in the VOLUNTARY PAYMENT SCHEDULE they gave me entitled "Mandatory Payment," is $125, as I understand the contract. Of course, if I pay $125 per month for the remainder of my life, as the contract suggests, the vehicle will be worthless or I will be dead, whichever comes first. Anyone, please help me!!!

Skinny
Memphis, Tennessee
U.S.A.

This report was posted on Ripoff Report on 12/12/2007 02:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/TitleMax/Memphis-Tennessee-38114/TitleMax-Ripoff-12155-interest-Memphis-Tennessee-291020. 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 3Consumer 4Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

To Dan re TitleMax

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

Please give me your email address and suggestions regarding my dilemma with TitleMax.

Thanks.
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#2 REBUTTAL Individual responds

To Dan re TitleMax

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

Please give me your email address and suggestions regarding my dilemma with TitleMax.

Thanks.
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#3 REBUTTAL Individual responds

To Dan re TitleMax

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

Please give me your email address and suggestions regarding my dilemma with TitleMax.

Thanks.
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#4 REBUTTAL Individual responds

To Dan re TitleMax

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

Please give me your email address and suggestions regarding my dilemma with TitleMax.

Thanks.
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#5 UPDATE EX-employee responds

Read your contract

AUTHOR: Briana Riche - (U.S.A.)

First the intrest rate is 2% monthly with fees of 7.99% monthlu (as it pertains to your amount). The apr you reffered to is a yearly rate as a title pawn is a 30 day pawn not yearly. Now if you want to complain call you local pawn shops and check rates, try state maximum of 22% monthly or apr of 267.66%. Yours is less than 1/2 of that. It does say your payback is voluntary because you have 3 options every 30 days, make minium payment, should be 249.75 on 1 st payment (2500 x .099), pay the account in full, or surrender vehicle.

If you do not make the payment they do have right to take possesion of the vehicle. Yes this is higher than a bank, but it clearly states in the contract that this is a SHORT term loan.
My advice would be to pay on time, pay extra if possible and it will pay it off faster, and stay in contact with them.

If you do not stay in contact if you are late, they can only assume you do not plan on paying and repo the vehicle. Your payback guide will show you exactly how much your payment is every 30 days. Aslo watch due dates, it is due every 30 days, not every month, if there is 31 days in a month the due date will go back one day as it shows on payback guide.
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#6 Author of original report

TitleMax Memphis TN 121.55% Interest!!! Update!!!

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

I spoke to TitleMax today regarding the first payment, which is due tomorrow, 12/20/07. No grace period. No payment reduction. They WILL repossess my car if I don't pay them tomorrow. I wouldn't be surprised if they broke my legs too. They are BARELY LEGAL loan sharks.

Dan from South Carolina: Thanks for your response. Please respond to me at rindash@hotmail.com asap if you have any suggestions.

Thanks.

Skinny
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#7 Consumer Comment

Skinny in Memphis! Well what's done is done so let's deal with it

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

Skinny,

I have never done business with this company. But let me tell you I think you have a few options for you problem. As you can see by my past post of problems I have had with this company and I think it is pretty clear that I have NO PASSION FOR this company as you can see from past posting on here. I am currently involved in a civil lawsuit against this company. I am the plaintiff and can not wait till this case gets in front of a jury and hopefully the jury will return a nice punishment to this company for there more than HORRIFIC business practices.

Any way let's get to your problem and ways you can address them. If you would like you can post back here and request my e-mail and i will provide it to you if you want to discuss options you have in regards to this matter. I am not going to make any recommendations on here for there view. If you would like to see if i can offer you some solutions then post back here and give me your e-mail and i will check it and if you do will send you a e-mail. If not then best of luck with your account with this company that takes advantage of people in that are in desperate situations and then burden them further with the financial cancer they inflict upon them.
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