interpretation
  • Report: #871759

Complaint Review: TitleMax

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  • Submitted: Sat, April 21, 2012
  • Updated: Mon, April 23, 2012

  • Reported By: Johnny — Tombstone Arizona United States of America
TitleMax
7221 E.Golf Links #209 Internet United States of America

TitleMax changed the terms of the loan, went to compounded interest and daily fees, add to the balance Internet

*UPDATE EX-employee responds: They do NOT change loan terms

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I have the contract! on september of 2011 I went to TitleMax the contract clearly states the finance rate  will be 9.99% it states "you have the right to make payments in any amount in advance at any time because this loan is fully amortized. If you pay every payment as scheduled, such payment will result in full repayment of the principle and finance charge. Early payments and repayments will decrease the amount of finance charge you pay......

Well here I go: We were sent another contract . now on 09?30/2011 the APR is 132.23%/ on 10/17/2011 the APR is 119.97% the interest rate is now 10.99% I have never failed one single payment.  On 10/17 Pymt $334.29 Principal=30.30. On 11/17 pymy 334.29 prin.$38.30 On 12/17 pymt 335.00 Prin.13.56 On 01/19/2012 Pymt $410.00 Prin.$182.10 On 02/18 pymt $410.00 prin 90.89 On 03/19 pymt $510.00 (I wanted to make an extra $100 to the prin) Prin $154.85 Now here's the kicker!!! On 04/19 the payment of $417.00 Prin.0 and my balanced increased by $63.66. under interest carry over!!?? and

If this isn't criminal! what is? 

This report was posted on Ripoff Report on 04/21/2012 11:51 AM and is a permanent record located here: http://www.ripoffreport.com/r/TitleMax/internet/TitleMax-changed-the-terms-of-the-loan-went-to-compounded-interest-and-daily-fees-add-t-871759. 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 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

They do NOT change loan terms

AUTHOR: Ex Manager - (United States of America)

It's in black and white-the MONTHLY interest rate on a loan of $5k is 9.99% IF u pay the loan PLUS interest back within 30 days. IF you choose to make monthly payments AND you keep the loan for a year or more your interest rate on a yearly basis is anywhere from 117%-125%. You can pay as much as you like on or before your due date. What they don't tell you is you can make payments in between your monthly payment so long as it equals your interest OR more than that. That amount goes to dropping your principle balance and the interest is recalculated from that. 
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