• Report: #1072705

Complaint Review: Loanmax Title Loans

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  • Submitted: Sat, August 03, 2013
  • Updated: Sat, August 03, 2013

  • Reported By: Anon — Richmond Virginia
Loanmax Title Loans
2010 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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REBUTTALS & REPLIES:
6Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

LoanMax

AUTHOR: Kristine - ()

Loanmax is not a scam.  However, it is a high interest way to borrow money.  I was completely explained the process and fees involved by the employee prior to taking out the loan.  I was aware of the interest I would pay and any fees involved if I would have to refinance my loan.  It's not an ideal way to borrow the money.  Listen to what they tell you and read the contract.  It's all in it.

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#2 Author of original report

Just let the person vent..

AUTHOR: CJ - ()

I have a hard time being that you are not associated with the company after reading your response. Either way, I'm sure you will claim you arent, and gf arts truly the case, it does make you pretty pathetic. If you have no relation to the company and are so "clean and clear" with your credit, then why are you on a thread about title loans ripping some frustrated person to shreds? 

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#3 Consumer Comment

Yes you should take a reading comprehsion course.

AUTHOR: Robert - ()

 Because it would save you from "mistakes" like this in the future.

If you factually read my whole post and stop twisting it around into what you want to read, you would have understood better.

- Okay here are the facts as you presented them.

You got this title loan in October 2012.

Within a few months of having this loan you have already been late twice.

You had a credit "history" that basically made a high interest, no credit check loan your only option.

Did I mis-catagorize or "twist" these facts in any way? 

Because you can say that we don't know the reasons you had to go with them..but guess what.  It doesn't matter you are not going to find a loan company that looks at the "reasons".  If you have been late, declared Bankruptcy, have collection accounts.  They don't care that if it was because you didn't just want to pay, you lost your job, or you some other "excuse".  They just care if you fulfilled your previous obligations.

 

You see..if you REALLY wanted to learn something instead of stating...

But if I did need another tittle loan, I can tell you that it would definitely not be through "LoanMax Title Loans".

You would have stated....

I am going to work on my credit so I NEVER need another tittle loan.

Do you see the difference?  Because as I stated..NO other Title Loan company would treat you any differently.

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#4 Author of original report

Thanks for understanding

AUTHOR: Anon - ()

Thanks for understanding. I am sorry to hear that your friend got their car repo'd for being 1 day late, that's crazy!

My credit went south when I lost a job in 2008, back when the economy first went sour. I am still in the process of rebuilding it. Now I wasn't doing stupid things with my money, i was living lime a normal Person and had some credit lines with a balance just like mist people. When you suddenly get your income cut in half, it's obvious to see what happens. Thanks again for being understanding, unlike the ottroll hateful trolls who posted. They'll get what's coming to them; they must be real "winners" to snub noses on an Internet message board at someone who's basically just been through some rough times. They'll have their own rough times, and whether those times are financial or not, I hope the worst on them. 

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#5 Author of original report

Not feeding any more trolls.

AUTHOR: Anon - ()

I am not reading any new rebuttals. Sorry trolls, go look for food elsewhere and try to get a life while you're at it.

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#6 Author of original report

Not feeding any more trolls.

AUTHOR: Anon - ()

I am not reading any new rebuttals. Sorry trolls, go look for droid elsewhere and try to get a life while you're at it.

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#7 Author of original report

Same goes for you:

AUTHOR: Anon - ()

Here's the same thing I posted to the other troll who's riding a high horse:

"Wow, you sound like you think your s**t doesn't stink. Get a life outside of "throwing stones" at people online. It's none of your business why I had to get a tittle loan. Shut your mouth unless you're perfect, which I know you are not. By the way, I'm sure you've never inadvertently been a few days late on a single bill in your life. Anyways, since you're "splitting hairs" and dissecting the wordigf of my original post, let me explain this: I called thlaser cent $625 payment my "last payment" because after months of paying $625, the last $100 is a joke, and will obviously be payed on time. I didn't owe you an explanation, but there you go. Get a life and realize the your "s**t" does, in fact, stink."

If you factually read my whole post and stop twisting it around into what you want to read, you would have understood better. First of all, I didn't say I earned "gold stars" by paying $1100 one month. I obviously stated that I paid over just to get more money directly off the principle; get some reading comprehension skills. 

Second, you have no idea who I am or what my story is as to why I needed to turn to a tile loan. If I have less credit than someone else, then so what? That doesn't make me any less of a person than anyone else. 

I honestly expectEd a rebuttal from a loanmax employee, not some random troll on a high horse. Get A life. 

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#8 Author of original report

Come off your high and mighty pedestal

AUTHOR: Anon - ()

Wow, you sound like you think your s**t doesn't stink. Get a life outside of "throwing stones" at people online. It's none of your business why I had to get a tittle loan. Shut your mouth unless you're perfect, which I know you are not. By the way, I'm sure you've never inadvertently been a few days late on a single bill in your life. Anyways, since you're "splitting hairs" and dissecting the wordigf of my original post, let me explain this: I called thlaser cent $625 payment my "last payment" because after months of paying $625, the last $100 is a joke, and will obviously be payed on time. I didn't owe you an explanation, but there you go. Get a life and realize the your "s**t" does, in fact, stink. 

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#9 General Comment

Highly predatory...

AUTHOR: Tyg - ()

 They know you need the money once you walk into the store. If you could have gotten the funds elsewhere you would have. Every customer that walks through thier doors is just the next sucker to get fleeced. They do this because you CANT get cash from more reputable sources. Because of the financial situation you are in you pretty much told them "please take my car".

A freind of mine had a title loan a few years back. They treated him like s**t. They even took his car when he was one day late on payments. Now he wasnt as nice as you were and called the CS number to setup a late payment. He was stupid in even taking out the title loan. Most times its easier in the long run to just try and suffer through whatever financial crisis you are facing then going with a title loan company.

Good luck in the future and I certainly hope you never have to use a service such as thiers ever again.

FYI: Try building your credit up by getting a secured credit card through a reputable banking institution. After a period of time they change your card to "unsecure" and give you a credit limit.

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#10 Consumer Comment

You are in denial

AUTHOR: coast - ()

"I know what I agreed to."

Yet you called them crooks for holding you to the terms of the loan.

"'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"

They did work with you by letting you keep your car even though you defaulted on the loan twice. I suppose you probably don't consider that to be default because you don't consider late payments as falling behind on the loan. As a previous commenter pointed out, we now know why you turned to a subprime lender.

"this is basically my last payment, this would leave only $100 left on the whole loan... if I did not make the full payment that same day, they would have taken my car on my last payment"

Two times you wrote that the last $625 was your final payment but you also stated that you still owed $100, so the $625 was not your final payment. You are unwilling to see reality and until you change your attitude you will never become financially responsible.

I agree with your claim that their terms are outrageous but they are in the business of lending money to high-risk borrowers with a poor payment history.

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#11 Consumer Comment

And that is the reason...

AUTHOR: Robert - ()

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

- And that Sub-Prime Attitude is exactly why you can't get a regular loan and had to get a Title Loan.  You got the loan in October of 2012 and within just a few months you were already late twice..wow what a great track history.

You "had" to get a title loan because you have not proven you can handle credit, and with the above statement it seems that fact is very obvious.  You also knew EXACTLY what you were getting into with the Interest rate and terms. Yet you still agreed to the loan.  As part of the agreement for them loaning you several thousand dollars, you agreed to pay them on specific dates for a specific amount of time with a specific amount of money.  If you failed to do that they have the legal right to repoess your car.

So sorry..you can't turn around when you fail to fulfill your end and they try to enforce their end and claim that they are trying to rip you off. Oh and before you try to bring it up..paying "extra" one month doesn't get you any extra "Gold Stars" or credit toward being late in future payments..it just as you said reduces your overall balance and therfore the interest you would pay.

But if I did need another tittle loan, I can tell you that it would definitely not be through "LoanMax Title Loans".

- And you really think that any other Title Loan place would treat you any differently?

Oh and sorry but I do not work for this company or any TitleLoan or finance company for that matter.

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