• Report: #216989

Complaint Review: Titlemax

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  • Submitted: Sat, October 21, 2006
  • Updated: Sat, January 20, 2007

  • Reported By:Chatsworth Georgia
Titlemax
98 Deer Park Drive Dalton, Georgia U.S.A.

Titlemax has charged me 121.55%interest,i've paid them back $5000.00 and they're saying I owe $2100.00 more,I didn't borrow but $1900.00.They have my car & I have 20 days to pay $2100.00 or lose my car for good. Dalton Georgia

*UPDATE EX-employee responds: Nancy, try this......

*Consumer Comment: Title Max Current or Previous Employees-Look Here

*UPDATE Employee: great info rhonda

*Consumer Suggestion: Auto Pawn Ripoff Companies Need to be Shut Down

*Consumer Suggestion: Auto Pawn Ripoff Companies Need to be Shut Down

*Consumer Suggestion: Auto Pawn Ripoff Companies Need to be Shut Down

*Consumer Suggestion: Auto Pawn Ripoff Companies Need to be Shut Down

*UPDATE EX-employee responds: Get your car back

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Two years ago I pawned my title and I've paid them $280.00 monthly and only $40.00 of that payment goes toward my principle,the rest is interest.I have paid these people $5000.00 and they're are still saying I owe them $2100.00.There is No way I owe them that much money.The original contract was only for $2100.00 itself.So today they came and got my car and gave me 20 days to come up with this money.I can't do that,I have no way of doing that.

I've made all my payments,some have been late but they do get them and trust me they charge me for being late.I have talked to an attourney but I don't know if it will help me in the long run.Titlemax has harassed me,my mother,my aunts,they don't care.They say they have No grace period,but I think thats crap,it's just one more way of ripping you off.I work and bust my butt to pay my bills and still have some money hungry business still come and repo my vehicle.It's not right!!!

As far as reading the contract,I read my contract from top to bottom,and I still don't think they treat people right.I'm being charged 121.55% interests,which is way over the top.Not only that,but I would send my kids in to drop a payment off for me if I were at work and titlemax was having them sign contracts to be renewed in my name and my kids are minors,my Mom was even made to sign one.I have copies of all this.So if anyone has any advice for me,other than "I'm Screwed",please pass it along.

Rhonda
Chatsworth, Georgia
U.S.A.

This report was posted on Ripoff Report on 10/21/2006 01:28 PM and is a permanent record located here: http://www.ripoffreport.com/r/Titlemax/Dalton-Georgia-30720/Titlemax-has-charged-me-12155interestive-paid-them-back-500000-and-theyre-saying-I-216989. 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 UPDATE EX-employee responds

Nancy, try this......

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

Nancy,

The only reason I can think of that they would not give your friend her car back is if the car was already at the auction site or sold. Otherwise, they would take her payment.

There is some good news, though. If you know someone that frequents the auctions, tell them to buy it (as long as they have a dealer's license). TitleMax only sells to dealers.

Some more good news is the fact that if TitleMax sells her car and there is a surplus amount of money, they will give that surplus back to her.
For example, say her principal is $500, and her interest up until now is $100, and they paid $200 to repo the vehicle. That's $800 total invested. If they then sell the car for $1100, she will have $300 returned to her.


Good Luck.
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#2 Consumer Comment

Title Max Current or Previous Employees-Look Here

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

The original post here is closest to answering questions I already have about Title Max and the pawning process of once's car.

I have a co-worker who took out a title loan from Title Max in Covington Georgia. She missed a payment, and her vehicle was taken for auction. My question is this.... she has been told she cannot redeem the vehicle even though she has the full amount in hand to redeem it (original loan was 500). Does anyone know what TitleMax does with cars in the Atlanta area? She has accepted the loss and knows her car is going to auction. I have seen and driven in the car and know its history and I am interested in purchasing it (unless she is successful in getting it back). I have a friend who frequents the auto auctions. Any ideas?
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#3 UPDATE Employee

great info rhonda

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

Rhonda you broke it down for them very clearly, as for getting your moeny back from the sale, jaqueline, you need to read the law before you speak, this is not a new law, it just states if the car is sold for more than what was owed (including principle,intrest, late charges,all repo fees) then surplus from sales is to be ret. to customer.This hardly happens,as most time cars that are repo have been trashed by customers and the wholesaler has to spend a lot of money to clean them up to sale them
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#4 Consumer Suggestion

Auto Pawn Ripoff Companies Need to be Shut Down

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

Write or call the Georgia State Attorney's Office and tell them what happened. They WILL ACT ON YOUR CASE. If you don't (God forbid) get your car back, the new laws entitle you to money back--IF THEY AUCTION OR SELL YOUR CAR.

Auto Pawns are now listed as "actionable" under a new law enacted when State politicians were under fire for allowing Auto Pawns to operate legal loan sharking.

(Unfortunately, the new bill that was to put them either out of business, or to make them adhere to reasonable interest and payoffs, was squashed by the owners of these companies paid off people like the man running for Govenor Mark Taylor). This left the watered down version law that you could contact the State Attorney General's office, or are legally entitled to ( they can't deny you) money back from the sale.

I know ---that is terrible. Also, the owner of this Title Pawn's neame is Tracy. I forgot his last name, but his name and mailing address is listed under the State of Georgia business license website. Write him too!

Do these things---Do them. And pray to the Lord to bless your efforts in all sincerity.

I got out from under these guys by trading my car in to another car dealership, while still paying them. It worked. Though I have a higher car payment, at least it is not in danger every month of being repo'd. Good luck to you.
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#5 Consumer Suggestion

Auto Pawn Ripoff Companies Need to be Shut Down

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

Write or call the Georgia State Attorney's Office and tell them what happened. They WILL ACT ON YOUR CASE. If you don't (God forbid) get your car back, the new laws entitle you to money back--IF THEY AUCTION OR SELL YOUR CAR.

Auto Pawns are now listed as "actionable" under a new law enacted when State politicians were under fire for allowing Auto Pawns to operate legal loan sharking.

(Unfortunately, the new bill that was to put them either out of business, or to make them adhere to reasonable interest and payoffs, was squashed by the owners of these companies paid off people like the man running for Govenor Mark Taylor). This left the watered down version law that you could contact the State Attorney General's office, or are legally entitled to ( they can't deny you) money back from the sale.

I know ---that is terrible. Also, the owner of this Title Pawn's neame is Tracy. I forgot his last name, but his name and mailing address is listed under the State of Georgia business license website. Write him too!

Do these things---Do them. And pray to the Lord to bless your efforts in all sincerity.

I got out from under these guys by trading my car in to another car dealership, while still paying them. It worked. Though I have a higher car payment, at least it is not in danger every month of being repo'd. Good luck to you.
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#6 Consumer Suggestion

Auto Pawn Ripoff Companies Need to be Shut Down

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

Write or call the Georgia State Attorney's Office and tell them what happened. They WILL ACT ON YOUR CASE. If you don't (God forbid) get your car back, the new laws entitle you to money back--IF THEY AUCTION OR SELL YOUR CAR.

Auto Pawns are now listed as "actionable" under a new law enacted when State politicians were under fire for allowing Auto Pawns to operate legal loan sharking.

(Unfortunately, the new bill that was to put them either out of business, or to make them adhere to reasonable interest and payoffs, was squashed by the owners of these companies paid off people like the man running for Govenor Mark Taylor). This left the watered down version law that you could contact the State Attorney General's office, or are legally entitled to ( they can't deny you) money back from the sale.

I know ---that is terrible. Also, the owner of this Title Pawn's neame is Tracy. I forgot his last name, but his name and mailing address is listed under the State of Georgia business license website. Write him too!

Do these things---Do them. And pray to the Lord to bless your efforts in all sincerity.

I got out from under these guys by trading my car in to another car dealership, while still paying them. It worked. Though I have a higher car payment, at least it is not in danger every month of being repo'd. Good luck to you.
Respond to this report!
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#7 Consumer Suggestion

Auto Pawn Ripoff Companies Need to be Shut Down

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

Write or call the Georgia State Attorney's Office and tell them what happened. They WILL ACT ON YOUR CASE. If you don't (God forbid) get your car back, the new laws entitle you to money back--IF THEY AUCTION OR SELL YOUR CAR.

Auto Pawns are now listed as "actionable" under a new law enacted when State politicians were under fire for allowing Auto Pawns to operate legal loan sharking.

(Unfortunately, the new bill that was to put them either out of business, or to make them adhere to reasonable interest and payoffs, was squashed by the owners of these companies paid off people like the man running for Govenor Mark Taylor). This left the watered down version law that you could contact the State Attorney General's office, or are legally entitled to ( they can't deny you) money back from the sale.

I know ---that is terrible. Also, the owner of this Title Pawn's neame is Tracy. I forgot his last name, but his name and mailing address is listed under the State of Georgia business license website. Write him too!

Do these things---Do them. And pray to the Lord to bless your efforts in all sincerity.

I got out from under these guys by trading my car in to another car dealership, while still paying them. It worked. Though I have a higher car payment, at least it is not in danger every month of being repo'd. Good luck to you.
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#8 UPDATE EX-employee responds

Get your car back

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

Rhonda,

First of all, I was an employee for a couple of years at TitleMax. Unfortunately for you, you entered into a "pawn" contract, not a "loan" contract like what you would get at a bank. Pawns are 30 day contracts, which states you are to pay the full amount borrowed plus interest back to TitleMax in 30 days. However, TitleMax lets you renew that 30 day contract if you just pay the interest.

A simple example of your contract is this:

You borrow $100 from TitleMax at 10% monthly interest. In 30 days, you have a couple of choices. One, you can pay $110 and get your title back, or two, you can pay just the $10 and renew the $100 account, at the same interest rate (causing the interest to be $10 again). Or say you pay $15...$10 goes to interest, leaving $5 to go to the $100, leaving you with a $95 principal and $9.50 interest payment. This is how all pawns work (obviously different than a bank loan).

Now, to get your car back, here is what you need to do. Every store has a 1-800 customer service number posted. If you call that, and complain, they will help you. TitleMax's corporate offices are scared to death of lawsuits, so when someone starts mentioning attorneys or lawyers, they do whatever they can to appease the customer. Trust me, if you call that number (sorry I don't remember it), corporate will be calling all the big wigs to settle your account.
Oh, and if you call a store to get a number, they will probably try to give you a district manager's number. Make sure it is a 1-800 number.

FYI...that 121.55% interest is a yearly interest, and title pawns are not meant to be long term financial solutions (which is stated in the contract).

Good Luck,
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