• Report: #234219

Complaint Review: Titlemax

  • Submitted: Sat, February 03, 2007
  • Updated: Thu, February 08, 2007

  • Reported By:Smyrna Georgia
203 E. Meighan Blvd Gadsden, Alabama U.S.A.
  • Phone: 256-5473900
  • Web:
  • Category: Loans

Titlemax This company's business practices have GOT to be illegal and just need the light of justice shone upon them! Ripoff! Gadsden Alabama

*UPDATE EX-employee responds: Read Your Contract

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In a time of crisis, I took out a loan from this company for $3,000. Now, after making payments of $370 a month for seven months, my balance is $3,700. I missed a payment and they took my only means of transporation. What this company has done to me, and continues to do to hundreds of unsuspecting people, CAN NOT be legal in the United States of America.

If anyone is thinking of taking legal action against them, I say TAKE IT! If a class-action suit comes up against them, I say we all get on board with it. THIS COMPANY MUST BE STOPPED! I think we all could use our money back, our cars back, and the satisfaction from seeing these immoral s****. />
Come on people, lets show some reaction for getting un-justly ripped-off from these people. Let's take action aginst them, if not for yourself, then for your family, or the next family that stands to be ripped-off by these immoral people.

Oh, and on a side note. I think it totally obvious to us all that the rebuttal to "How would you like it" report is from a Titlemax employee, probably a manager. Funny how he never mentions how Titlemax creates a financial trap for each and every customer they do business with. One in which it is almost impossible to pay off the loan. One where after you paid them enough to cover the loan with a fair amount of interest, they come take your car to boot. I wouldn't be surprised to find out that the people they sell the repo'd cars to is an affiliate or subsidiary of theirs. Convienant, huh?!

Smyrna, Georgia

This report was posted on Ripoff Report on 02/03/2007 08:35 AM and is a permanent record located here: http://www.ripoffreport.com/r/Titlemax/Gadsden-Alabama-35903/Titlemax-This-companys-business-practices-have-GOT-to-be-illegal-and-just-need-the-light-234219. 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

Read Your Contract

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

This a 30 day pawn and intrest is due every 30 days, and just like a car loan at a bank you pay intrest every month and IF YOU DONT PAY YOUR BILL ON TIME AND DONT COMMUNICATE WITH THE COMPANY YOU LOOSE YOUR CAR! This is just like pawn your stereo at a pawn shop, if you dont pay it in 30 days they can sell it. Thats why title max puts themselves as the lein holder and have your title.

Now if your car was repo (im sorry to hear it was)then you have 20 days to pay it off and get it back.

People seem to get mad that when they dont pay their bill on time as they signed in the legal contract, that they loose their car. Why, would you like it if ever so often your boss says im sorry im gonna be a week late paying you. No you would be mad. This is the same thing, we provide you a service and we expect to get paid on time just as you do.

Did you get a payback guide with your loan, if so it whould show exactly everyone of your payments and how much. Also that 3700 probaly includes principle due, intrest past due(accumaltes daily (princilple * intrest rate/30 days gives you daily amount))plus repo fees for getting your vehicle (varies by area).
I cannot tell you what your intrest rate or repo fee as i am in tn and we can only due 2500 max on a loan.

As far as selling cars to our own people that is a lie, we have to sale to wholesalers and all is monitored very closely by state auditors 2 times a year. If anything was being done illegal they shut it down quickly, they are very strict on pawn places.
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