Utah Title Loans Inc. Cindy-Store Manager Utah Title Loans Made customers buy secondary vehicle "breakdown" coverage or they would not give them a loan. Salt Lake City, Utah

If you have recieved a loan from Utah Title Loans read this. There is a good chance you can get a good amount of money back from them being dishonest and unethical.

I went to Utah Title Loans to get a title loan on my truck. As I was filling the loan documents and going over the loan terms and conditions with the clerk, I was told that I must purchase a Secondary breakdown insurance policy or I could not get the loan. This coverage basically would supposedly reimburse you if you had to fix a flat tire or make other minor vehicle repairs. I told them I did not want the extra coverage because I had insurance and I am a mechanic, so I would not need to pay someone to repair my vehicle. I was then told that if I did not get the extra coverage that cost $30-$40 I could not get the loan. So I did not have any choice but to purchase the coverage. One of the forms I was required to sign was presented to me as a form that indicated if I wanted the money that paid for the extra coverage to be paid out of pocket or to be tacked onto the loan. As I was reading the half page document I realized that it said nothing like that. It said that it was my choice to get the coverage and wanted me to initial saying it was offered to me and if I declined or not and that getting a loan was not conditional on if I bought the coverage. I pointed this out and the clerk called the store manager Cindy over and she said the same thing the clerk did. I must buy the coverage to get the loan. And I did not understand what I was reading.

 I got the loan with the coverage and as soon as I got home I contacted the Utah Department of Financial Institutions. I explained what had happened and they said that was not legal and they would deal with them in my behalf. I was refunded the money and interest that had been added since the loan had begun.

These people are taking advantage of people who do not read their loan documents or that may not speak English as a primary language. I would speculate they were paid some commission when they sold this coverage so they did this to get more money for themselves.

If anybody was forced to buy this coverage YOU CAN AND WILL GET A REFUND for the $30-$40 plus the interest that was added to the loan based on that amount. And at the loan shark type rates they charge up to 30% that can be a lot of money. Just contact the Utah Department of Financial Institutions and let them know the situation. They are very good people and are pleasant to deal with. Or you can email me and I will help you get your money back.

These people are dishonest and I should have known from the start. When I called to inquire about a loan, I asked what the interest rate would be. I was told that it depended on the condition of the vehicle and I would need to come in so they could see it. Fact is that the interest rate is set by the year of the vehicle and they just did not want to tell me it was outrageous until I was already there.

The clerk that helped me is no longer employed there. Her name was Luce. I am sure they will blame her for not knowing policy or something like that, but keep in mind that the store manager Cindy who is still employed there stood right there and told me everything that Luce was saying was correct.