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Report: #1166572

Complaint Review: Montana Capital - North Hollywood Select State/Province

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  • Reported By: Let — Sylmar California
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  • Montana Capital 112116 Sherman Way North Hollywood, Select State/Province USA

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Montana Capital in North Hollywood

Beware of this car title loan company. Their website says “Our car title loan experts will get you the lowest rate around” False. This company will give the highest rate they can give by misleading the borrowers with their tactics. They prey on non-English speaking people, young and innocent, first time borrowers and desperate people by thinking they get a better deal when they say what rate they give them by just saying the rate, without clarifying that the rate they quote the borrower is actually per month, not per annum. For example, they will say that the interest rate you will pay is 9.9%. The actual rate you will pay is actually 119.5% APR. You will only find out the truth when you are about to sign the contract. So by the end of the loan you actually paid almost 3 times the cost of the loan for just interest alone.

 The minimum loan they offer is $2,501, because according to the Department of Licensing, if the loan is over $2,500 a company can charge you whatever rate they want although per the agent I talked to at DoL, it is “very unethical” for such company to charge 119.5% APR of interest to anybody.

Their website also says” We’re here to provide you with fast cash when you need it most”. They do it alright, but without any remorse. Like I said, they prey on people unfamiliar with borrowing and people that need the cash the most, so not only do they charge a hefty processing fee, they even put a hidden tracking device on your car so they will know exactly where it is at any time.

You will not get any statement, only a text or an email stating your payment is due and thanking you for your payment afterwards but no statement whatsoever. 

 So please, I encourage you to think it over and over before you go to this company. If you are in need of a little cash right now and go to this company, by the end of the month and for several more months, you will be needing a lot more cash  or/and end up with no car because  of this company’s UNETHICAL PRACTICES.

 

This report was posted on Ripoff Report on 07/31/2014 09:55 PM and is a permanent record located here: https://www.ripoffreport.com/reports/montana-capital/north-hollywood-select-stateprovince/montana-capital-unethical-practices-north-hollywood-california-1166572. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
2Consumer
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#2 Consumer Suggestion

Don't waist your time I'm taking them to court

AUTHOR: Rafa - (United States)

POSTED: Tuesday, October 31, 2017

 Hello dear friends, I have lost everything due to this company, I'm 24 years old and in 4 times more debt because of Montana capital unethical interest rates.. I had my car towed after I made payments a total of over $3000 for a $2600 loan.. They said all the money I gave them every month($309) was going straight towards interest so basically straight into their pocket.

They took my car because I fell "behind" on their interest payment, I lost my house and I'm homeless now because I also lost my job for not having a car. And making it almost impossible to go to work and school. A group of lawyers and I are working to bring a class action lawsuit against this evil and illegal business to take them out once and for all, their unjust actions and enforcements on the struggling people whom actually need help is making California's economy worst by crating more debt.

Montana capital and all other unjust car title loan companies out there need to be stopped ASAP. Their interest rates are absurd and should be illegal in the state of California just as it is in almost every other state... Montana Capital Car Title Loans turned me from a successful hard working student to a homeless in less than a year...

I will give everything I have to take this company down and as well as all the other unfair and unethical business with these ridiculous interest rates! If you have ever had business with this company, you will have a chance to be part of the class action lawsuit. Thank you for reading and hope this gives everyone hope that has struggled as much as I have.

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#1 UPDATE Employee

Montana Capital- Customer Care

AUTHOR: Montana Capital - ()

POSTED: Wednesday, August 20, 2014

Dear Sir/Madam,

We are very sorry to hear of your recent disappointment in our service. We assure you that customer satisfaction is our top priority and we want our services at Montana Capital to reflect that principle.

We continuously strive to improve as a business.

We'd love to get your name and contact information so we can discuss the issue with you further.

Please reach out at your convenience at (818) 322-3393 or send us an email and we would do our best to solve this issue and hopefully repair our business relationship.

We want to thank you for bringing these concerns to our attention.

Best regards,

Customer Care

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