• Report: #335750

Complaint Review: Titlemax

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  • Submitted: Fri, May 30, 2008
  • Updated: Wed, June 11, 2008

  • Reported By:Boaz Alabama
Titlemax
431 US Hwy. 431 Boaz, Alabama U.S.A.

Titlemax Overcharged, should be against the law. Boaz Alabama

*UPDATE Employee: info they dont tell you.....

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I want people to know how much they charge on the money you borrow on your title. My son got a loan of $800.00 from them and paid on it for over a year at over a $100.00 a month. Then I went and paid it off and he still owed over $800.00. I don't understand how they can get away with this.

Vickey
Boaz, Alabama
U.S.A.

This report was posted on Ripoff Report on 05/30/2008 09:35 AM and is a permanent record located here: http://www.ripoffreport.com/r/Titlemax/Boaz-Alabama-35957/Titlemax-Overcharged-should-be-against-the-law-Boaz-Alabama-335750. 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 Employee

info they dont tell you.....

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

In regard to the interest rate, I have to say most people who come in and get a title loan don't actually listen when we go over your binding contract. They sign as fast as they can to get the check as fast as they can. The title loan business charges a DAILY interest versus a monthly interest as a bank does. If you pay attention you can figure out what amount goes to interest versus principal. (Ex: on an $800.00 loan, you could have a daily interest of $3.84 x 31 days (max) in a month = $119.04 just for interest)

I say this because most of the time in my company, people choose to pay the min. payment each month. If your min payment is $140.00 you are only having $20.96 taken off of your principal each month. I try to stress to all of my customers to just throw $5.00 extra each month. Anything you pay over the min, goes directly off of your principal. This is the difference in going to a bank or someplace that would run your credit. It is sad to say, but that is the choice you make when either don't have good credit, or you simply just don't care enough to check the place out first.

I do agree completely that it is an outrageous amount in interest, but Titlemax versus other companies in this business do charge more than 1/2 of that. I know for a fact about this because I have worked at another title loan company where they charged 304% APR.

I hope this may have summed some things up for people, and may help anyone in the future who doesn't have a choice but to take out a title loan.
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