• Report: #241962

Complaint Review: 1-800LOANMART

  • Submitted: Mon, April 02, 2007
  • Updated: Sat, February 04, 2017

  • Reported By:Bayside New York
1-800LOANMART
15821 Ventura Blvd. Suite 185 Nationwide United States of America
  • Phone: 800-562-6627
  • Web:
  • Category: Loans

1-800LOANMART They took and sold my car right from under me! Not given a chance to redeem the car or make arrangements! ripoff Encino California

*UPDATE Employee: Corporate Advocacy Program

*UPDATE Employee: Terms of your contract we not met.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

I dealt with 1-800LOANMART back in late 2004. I was in a dire financial situation, so I made the mistake of taking out a title loan of under $3,000 with this company. In exchange for the car title on my Jeep Grand Cherokee, they gave me the cash loan.

After about 2 months of making payments, I was unemployed and quite sick. This is the primary reason I fell behind on my loan payments.I was living in California at the time, but had to return to my family in New York, because I had all of my support here in New York. Upon returning to New York, I was hospitalized for several weeks and disabled for several months.

It is 1-800LOANMART's policy that the car cannot be taken out of the state of California. My family made the decision to have my Jeep shipped out of there and had it shipped to New York. Well, while I was in the hospital and completely unaware, 1-800LOANMART repossessed my car from my NY residence and promptly sold it at an Auction here in New York City somewhere for little over $700. (The book value on the 97' Jeep was approx $4500). I was only notified via letter once I was discharged from the hospital, that the car was already sold and that I owe them the amount of the loan, minus the sale proceeds and any related storage fees.

I know that somebody here in New York purchased the car, as I ran a carfax report on it.

Just to note, 1-800LOANMART hasn't seen a penny from me. I feel the car was stripped right from underneath me, when I was unemployed and disabled. I wasn't in my right frame of mind then, and was hospitalized, so I couldn't even make payments to get the car back. They just took it and sold it, with no forewarning.

I just want my car back. I know that this is probably impossible but it has troubled me for so long. It's been over 2 years without my car and I relied on it so much. I would've paid them the money, if I was given the chance and was physically able.

I don't care about the money, I just want my car back. I was the RIGHTFUL owner of that car and this predatory loan company comes along and takes it all away.

I've contacted the State of California Atty General's Office and the FTC already to see what my recourse (if any) is.

If any of you can comment, or, give advice, I'd appreciate it greatly.

Buyers Beware of this predator!

Melissa Bayside, New York
U.S.A.


This report was posted on Ripoff Report on 04/02/2007 12:45 PM and is a permanent record located here: http://www.ripoffreport.com/reports/1-800loanmart/nationwide/1-800loanmart-they-took-and-sold-my-car-right-from-under-me-not-given-a-chance-to-redeem-241962. 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

Click Here to read other Ripoff Reports on 1-800LOANMART

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Corporate Advocacy Program

AUTHOR: Company Individual - (U.S.A.)

As a company individual of this business it saddens me to hear a story like this. Simply because situations of this nature can be easily avoided by understanding a couple of things. For people reading this, consider this tips from an employee or company individual in the pink slip loans industry.

First, and most important, communication is key. If a payment is expected to be delayed due to unexpected circumstances, contact the loan company. Most times they have a Corporate Advocacy Program that make the above situation easily avoidable. In the past, a person in the Army Reserves would be called to active duty, thus, putting any and all of that persons current loan payments on hold. Of course, he has to utilize the Corporate Advocacy Program of the lending companies to arrange this. This is done by a simple phone call.

Corporate Advocacy is a 'buzz' term that companies have implemented because of issues that come across with bad customer experiences. Programs have been created to help customers and companies avoid unexpected circumstances simply because of a loophole that proper procedure doesn't cover. This prevents bad experiences for both the customer and the company. Some customers that use title loans often do because they have failed in the past with traditional lending institutions. Other customers utilize our services for emergency purposes. And rarely, bad things happen repetitively like the above story.

A story like this saddens me. This industry employees a lot of people and this story puts jobs at risk & careers that support families. Our contracts protect us from irresponsible borrowers. This is where a person needs to openly communicate with others about their troubles.

In Melissa's case, she obviously fell into a loophole. Instead of acting maliciously after the fact, she would have been better to contact our company and asked about our Corporate Advocacy program or hardship program. We keep records in our database of unforeseen situations. In addition to this, before moving, have all her mail forwarded onto her future address - thus assuring that bills be received, paid, or dealt with in a timely manner. We have situations like this that rarely happen and always recommend letting family members know about outstanding debts and monthly bills that should not go delinquent. Again communication is key.

Lastly, coming from a company individual, people should know that title loans are most beneficial to our customers as short-term loans. We recommend they are best utilized under these conditions. People should have a plan to pay them off as soon as possible and only borrow what they can afford. Many customers come to us because they have over-extended themselves in the past, thus having credit problems. We recommend not making the same mistake twice by borrowing more than what is possible to pay back. Be responsible borrowers.

To conclude, every financial disaster can be avoided. As a worse case scenario, Melissa could have contacted her parents to sell her car to pay off the remainder of a debt. Instead, she made matters worse by saying nothing. The best case scenario would be to roll over the payment to another month and keeping her car. Our loans function on the same basis as a traditional car loan when people purchase from a dealership. If someone falls behind on those payments the same thing happens. Our business model works to help people that need emergency money in a timely manner using their car as equity. And just like traditional car loans people do not use logic before agreeing to the contract terms.

Again as a company individual it saddens me to hear this story. Our company has provided many customers and their families with a second chance to make things right with positive results. Unfortunately this attempt was unsuccessful.
Respond to this report!
What's this?

#2 UPDATE Employee

Terms of your contract we not met.

AUTHOR: 800loanmart - (U.S.A.)

Unfortunately if you are not current on your account, it is subject to repossession and sale, as per the terms of your contract. You, yourself stated that you tried to move the car out of state, which in itself is against the terms of any sales contract in the state of California. In addition, you also stated that the payments were not made, and you had no way to pay them. It is a very difficult situation, but if the $$ loaned out is not able to be paid back, we have no choice but to protect our interest, which can include securing the collateral on the loan.

After the unit was repossessed, a letter would have been sent to your last known address, stating the terms of redemption. If these terms are met, the car would have been released back to you. If they were not met, the car would be sold at a dealer auction. This is a live auction, which delivers the best selling price. Please remember, that you were given more $$ than we received back from selling your car, so nothing is gained by trying to sell your car for less. Loanmart wants to get top $$ for your car to help recoup the $$ that was given to you, and never paid back.

I am sorry for the circumstances you are in, but unfortunately the terms of your contract weren't met, so repossession and prior mentioned sale took place. Please understand that we likely gave you far more $$ than we ever received, so we too, lost out on this situation.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X