- Report: #336442
Report - Rebuttal - Arbitrate
Complaint Review: TitleMax
TitleMax2617 North Roan Street Johnson City, Tennessee U.S.A.
TitleMax SCAM, Former employee testimonial ******must read***** Johnson City Tennessee
*General Comment: So glad I saw this
*Consumer Comment: Always other options?
*General Comment: Please really know your customers
*Consumer Comment: Further breakdown of repo and other things
*Consumer Comment: TN LAWS ON TITLE LOANS
*UPDATE EX-employee responds: Collecting after your car is repossesed
*UPDATE EX-employee responds: Dont use TitleMax unless you want to get harassed.
*REBUTTAL Individual responds: This is not True
*UPDATE EX-employee responds: For blessed in Ga
*Consumer Comment: Length of recovery procedures
*Consumer Comment: No one forces you to walk into Titlemax
*Consumer Suggestion: MORE ON REAL TALK
*UPDATE Employee: Personal Responsibilty
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By TN state law you can renew the pawn up to 22 times ( or 22 months ) . Your first two payments are interest and fee's only and the third payment goes up. On the third payment TitleMax requires that you pay at least 5% of the principal balance.. For example , if you pawn your car for $1,000.00 your first two payments will be 129.xx each a total of 258.xx .
Assuming you make only the minimum payment your third payment will be 179.xx, So over 90 days you would have paid a total of 437.xx and only 50.00 of that has gone to principle, Remember you still have 19 payments to make.... Now when you go in to do the pawn they tell you that titlemax does not have a grace period and to make payment on the due date, they will also tell you that if there is a emergency and you cannot make payment on the due date then come into the office to "discuss your options". They are referring to three options that they give you if you are late and come into the office..
The options are as follows: 1. Make your minimum payment. 2. Pay the account balance in full. 3.Surrender your vehicle and we will hold it for 30 days until you make your payment.. The funny thing about this is that titlemax will not take your vehicle until your pawn is over 30 days past due ( employees will not tell you this ). If your pawn does go 31 days past due then they will attempt to recover the vehicle. Once the vehicle is repossessed they will give you a last chance to pay the account in full or send it to a auto auction or sell it to a dealer..
Titlemax does not care about people.. Titlemax is a multimillion dollar corporation and they don't care what happens to you as long as they get their money! They do their employees and customers wrong. I felt compelled to share this information and hope that it saves at least 1 person from making a big mistake!
This report was posted on Ripoff Report on 06/02/2008 02:40 PM and is a permanent record located here: http://www.ripoffreport.com/r/TitleMax/Johnson-City-Tennessee-37601/TitleMax-SCAM-Former-employee-testimonial-must-read-Johnson-City-Tennessee-336442. 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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