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!!!