Report: #1023240

Complaint Review: Loan Max

  • Submitted: Mon, March 04, 2013
  • Updated: Wed, March 06, 2013
  • Reported By: Mmsexybetty — Albuquerque New Mexico U.S.A.
  • Loan Max
    4th street
    Albuquerque, New Mexico
    United States of America
  • Phone: 505-342-4735
  • Web:
  • Category: Loans

Show customers why they should trust your business over your competitors...

I took out a title loan for 1,000 dollars back in June of 2012.  I was unemployed and desperate for money to pay my outstanding electric bill.

I was told to pay 247.00 a month to pay the interest until I was able to pay off the principal amount.  I was not able to do that, due to the fact that I unfortunately got laid off from my job a few weeks after I had taken out the loan.  What great luck and timing!!!  (Note of sarcasm) 

I reported that I was unemployed and was struggling to even meet the interest payments, and I kept getting reminded over and over again, that in good faith, they gave me the money and I was to honor that agreement, etc.  I didn't know what to do!  I was at my wit's end! 

I borrowed money when I could to try to make good on the interest payments, but I couldn't keep up!  The interest builds every single day when not paid in a timely fashion.  I was crying and they threatened to repo the car, unless I could get caught up on the payments.  I couldn't and yet, they didn't come to take the car; which I guess was a good thing.  

But now, the car is dead, I am unable to pay for the repairs, and I told Loan Max this and told them I am unable to pay anything towards the loan, and they told me they refuse to pick up the vehicle; that they never have and never will pick up a non running vehicle, and that I still owe them the principal and the interest that accrued!!!  I am so beyond upset and angry and utterly frustrated with the entire situation!

I will never, ever, ever take out a loan again!!!
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This report was posted on Ripoff Report on 03/04/2013 11:07 AM and is a permanent record located here: 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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#1 Consumer Suggestion

They are right

AUTHOR: FinancialServicesIsWhatIDo - ()

I'm happy to see others hit the nail on the head.  You really agreed to pay $247/mth in interest only payments....on a $1,000 loan?!  It's fiscally irresponsible, regardless of your hardship. 

Think about what you signed up for: You'd have to pay $500/mth for 4 months (totalling $2,000) just to borrow $1,000.  

What if you could only afford $300/mth?  It would take you 19 months to pay back the $1,000 with interest.  THAT's $5700!!!  

I just hope you and others take note here ....  DO NOT sign a contract you do not fully understand.  The fact your title reads 'car died, they expect me to pay what i owe' tells me you fail to understand the terms.  The debt is your liability.  The collateral and the condition thereof has NOTHING to do with your repayment agreement.

As a finance manager at a dealership, I am amazed at the amount of people who do not read or pay attention to the terms of agreement. 
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#2 General Comment

I think that you just don't get it...

AUTHOR: slimeline - ()

They gave you money.  You agreed to repay the money, with money! You attempted to repay their money with excuses.  Excuses are not money, which is why it didn't work.  The strange thing is that you seem to think that they did something wrong and should have accepted excuses as payment. 
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#3 Consumer Comment

Loan Payments Due Regardless

AUTHOR: Southern Belle - (United States of America)

When you take out a title loan, those payments are due regardless of the condition of the vehicle - and even regardless of your own financial condition. You signed a contract promising to make payments of a certain amount on a certain date at a certain frequency. If you don't do what you promised to do, you breach the contract. And what ended up happening is that you didn't make the payments as agreed AND the car broke down leaving the company with nothing to repossess to recoup their losses. So, in essence, they are the ones who were ripped off.

I don't think you intentionally ripped off this title company. I think that you genuinely have a limited understanding of how these title loans work - or how any loan works. It is a common malady nowadays, a testament to our school system if you ask me. I think these types of real-life financial issues should be required learning in our schools, so that these types of situations are avoided by people who have good intentions but lack understanding of basic contract/financial laws and procedures.

At any rate, this is not a rip-off on the part of the company.
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#4 Consumer Comment

iamnogood and kenny

AUTHOR: The Outlaw Josey Wales - (United States of America)

ateam made in heaven
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#5 Consumer Comment

You're right, you shouldn't have to pay them what you agreed to...


IF your loan agreement says you don't have to if car dies, is stolen or wrecked.

It does say this....right?

You sure have strange ideas on how loans work.

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#6 General Comment

you still owe the money.

AUTHOR: IamGood - (USA)

The car no longer runs, and you want the loan company to take the car back and sell it for you?
You need to sell your own car, and pay them with the proceeds, and then borrow the rest of the money , and pay the 1000.00 back.

You still owe the money, and must pay it back.  Otherwise you will be right in saying you will never borrow money again, because no one will ever trust you again to loan you  money.

I Am Good
Defender of the Right, and Good , and Moral People all over the world.
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