- Report: #1072705
Report - Rebuttal - Arbitrate
Complaint Review: Loanmax Title Loans
Loanmax Title Loans2010 Boulevard Colonial Heights, VA 23834 Colonial Heights, Virginia USA
Loanmax Title Loans Misleading deceptive complicated predatory Colonial Heights Virginia
*General Comment: LoanMax
*Author of original report: Just let the person vent..
*Consumer Comment: Yes you should take a reading comprehsion course.
*Author of original report: Thanks for understanding
*Author of original report: Not feeding any more trolls.
*Author of original report: Not feeding any more trolls.
*Author of original report: Same goes for you:
*Author of original report: Come off your high and mighty pedestal
*General Comment: Highly predatory...
*Consumer Comment: You are in denial
*Consumer Comment: And that is the reason...
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I took out a loan with Loanmax title loans for $3000 in October 2012. I didn't have any other option because I really needed this money for moving expenses and other things. I don't have enough credit to get this kind of loan, but I have a decent paying job to make the payments. The total amount we would pay back for this loan is over $7000, over 4000 in interest if we only paid the minimum of $625 for 12 months. The monthly payment is $625. Yes, this is outrageous, but I had no other choice at the time. And yes, I know what I agreed to. Anyways, the whole point of this report is to explain how I was treated. I'll try to explain it as simple as possible. From October - March I made every payment on time, and even a few days early, no problem. Then in April, a few unexpected things popped up and I needed to pay my loan just two days late. I called their main customer service line and got this notated on my account. The rep was nice enough, but said "we cannot guarantee the security of your vehicle". I thought this was a little ridiculous that they would even consider taking my vehicle after I set up a "promise to pay" and had it notated on my account that I'd be making the full payment just 2 days late. No problem, I just laughed at this and made my full payment like I said I would.
I think in May I paid $1100 to get my loan paid down faster because I was not going to keep giving them all this interest! Side note: I think the first payment of $625 applied just $50-75 to the principle! Yes, I know I signed up for the loan, and it's my fault for agreeing to this. The reason for the explanation above is this: in June I made my normal $625 payment, and in July I needed to make my payment 4 days late because of a lot of unexpected things popping up all at once over the past month. Mind you, this is basically my last payment, this would leave only $100 left on the whole loan, thank God! So once again, I called the main customer service line in advance and let them know I'd be paying the full $625 4 days late. The rep just said "ok, we've got a promise-to-pay noted on your account, have a good day."
A few days later (the payment was 1 day late) I see the phone number from the local Loanmax location calling me. I thought about ignoring it, because I had set up the arrangement to pay, and I figured they were just calling because they didn't read the notes made on my account. Also, they call to remind you of your payment due, but don't leave voicemails. I listened to the little voice in my head that said "you better answer this call" and it's a good thing I did, because I would have probably lost my car for only being a few days late on my last payment! I explained the arrangement I had set up to pay in just a few days, and the witch making the call didn't care. She was in complete predatory bill-collector mode. She made me feel so low. I talked to two of them that from that location that day. Between the two of them, here's some of the things they said to me: you signed that paperwork, maybe you should have set more money aside, you knew what you were getting into, we've already worked with you on being late before, etc. Keep in mind that yes, they have worked with me before, but it was only me paying 2 days late, and I paid the full amount! This was the second time I had to be late, and I was once again just going to give them the full amount in a few days.
The end result of all this was that I had to scramble around and get this money together through other means. I paid the $625 that same day, which leave only about $100 on my loan. I'm sure even just this amount will give these crooks another $20 in interest when I end up paying it later this month. I've paid them at least a few thousand dollars in interest and made my payments on time, with these small exceptions I explained above. To be treated like this is unacceptable. I have a strong feeling that if I did not make the full payment that same day, they would have taken my car on my last payment just for being a few days late! How crappy is it that after giving them all this interest they'd consider taking my car on my last payment for being a few days late! I bet they would have had a party for making such a big score; getting a few thousand in interest and getting my car on my last payment! Before any of you loanmax employees make a rebuttal, consider this: read your website. It says things like "we are more interested in you keeping your car", "we work with people who fall behind in their payments" etc. I HARDLY consider being just a few days late TWICE during my loan to even be considered falling behind, or something that warranted the kind of treatment I got. They made me feel like an unresponsible deadbeat!! All for being a few days late on my last payment. This is the first, and hopefully only time I all need a tile loan as I am working on getting my own personal savings built up when I am done paying these crooks $625 a month. But if I did need another tittle loan, I can tell you that it would definitely not be through "LoanMax Title Loans".
This report was posted on Ripoff Report on 08/03/2013 07:33 AM and is a permanent record located here: http://www.ripoffreport.com/r/Loanmax-Title-Loans/Colonial-Heights-Virginia-23834/Loanmax-Title-Loans-Misleading-deceptive-complicated-predatory-Colonial-Heights-Virginia-1072705. 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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