• Report: #436086


  • Submitted: Fri, March 20, 2009
  • Updated: Mon, June 29, 2009

  • Reported By:myrtle beach South Carolina
1627 HWY 501 MYRTLE BEACH, South Carolina U.S.A.
  • Phone: 843-444-4641
  • Web:
  • Category: Loans

TITLEMAX OF SOUTH CAROLINA Stole My Paycheck and Bonus Money in Time of CRISIS! MYRTLE BEACH South Carolina

*UPDATE EX-employee responds: Rhochman from SC

*UPDATE Employee: Not So Far Off...

*Author of original report: DAT from GEORGIA PLEASE CONTACT ME ASAP!!!

*Author of original report: On the Contrary

*UPDATE EX-employee responds: This is rule anywhere

*UPDATE EX-employee responds: Reported By Rhochman myrtle beach, South Carolina TITLEMAX

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I have been a loyal and dedicated employee at TitleMax Title Loans for a year. While I may not always agree with their way of doing business (for example lying to a pregnant lady in an effort to have her volunteer her veichle since she couldn't make a minimum payment in hard economic times) I still appreciated their pay table.

In July of 2008, a new loan bonus was presented where managers would receive 2% of all new loans from July thru December of 2008. At the end of 2008 I had accumulated a new loan bonus of $7,327.15 scheduled to be paid on March 18, 2009. In addition to this managers each month receive a profit bonus from the month's prior profit. This was scheduled to be $2261.94 to be paid on MARCH 18, 2009 as well.

On March 3rd, I was told that I was no longer going to be employed with TitleMax because my Father had gone to a used car dealer and purchased a veichle that had been repossessed by TitleMax over 6 months ago. Not knowing the veichle was a repossessed veichle or even that it came from TitleMax when my car broken down two days prior (March 1st) my father allowed me to use his veichle so I could make it to work for the next couple days. On the 3rd when I got to work I was told of the misunderstanding with the veichle and my driving of it. I immediately said I would call my Father and have him take the veichle home as I was merely trying to get to work. I was told that was not possible.

To top it off, I was told I would not be receiving my paychecks mentioned above which I worked my butt off for, for over a YEAR!! Their reason was you need to be an employee at the time the bonus is paid. EXCUSE ME?? Ok so you work for the company for a year and because I am not their a week prior to checks being cut you tell me I am not entitled? While I am willing to accept not returning to work, the taking of a persons paycheck they desperately need during the economic times we are in is HORRIBLE!!

On top of this, it sickens me to this when a company can charge 155%, 133% and 119% on the loans they provide, to not cough up the money they owe their employee's allbeit FORMER is WRONG!

myrtle beach, South Carolina

This report was posted on Ripoff Report on 03/20/2009 04:27 PM and is a permanent record located here: http://www.ripoffreport.com/reports/titlemax-of-south-carolina/myrtle-beach-south-carolina-29577/titlemax-of-south-carolina-stole-my-paycheck-and-bonus-money-in-time-of-crisis-myrtle-bea-436086. 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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#1 UPDATE EX-employee responds

Rhochman from SC

AUTHOR: Ga32 - (U.S.A.)


I am just now seeing this message. How do I contact you and why do you wish me to do so? Please give me some sort of contact information
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#2 UPDATE Employee

Not So Far Off...

AUTHOR: Dmregion6 - (U.S.A.)

Ok as a District Manager in the same region this happened. I can attest to certain things which are correct. What is important is to understand why a person in the position of District Manager would do this and more importantly and obviously, do not put yourself in a position to get into trouble such as the person above did and I will explain below.

Back in July of 2008 when the "New Loan Bonus" was instituted by our corporate office the entire company was thrilled. Why wouldn't you be? Now managers were going to be paid 2% for every new loan they originated from July through December. For some offices around the country this could amount to $10 - $20,000 bonuses! With this announcement however, there came the speculation about the stipulations TitleMax would place on receiving this bonus. First came the your "PCO's or Potential Charge Offs" had to be under 2% monthly. When the cries came that far more offices would be above 2% on certain months it was changed to an average of the 6 months. Then it was finally changed again to an average of your NET PCO which for arguements sake but practically every office receiving the bonus.

In December of 2008, we had our company meeting for District Managers, Regional Managers and Corporate Employees at our company headquarters in Augusta, GA. There our Regional Managers praised many of our districts for surpassing the company expectations for the year. With that some Regional Managers, mine included, told us that OUR BONUSES always depended on what our profit numbers looked like. Here is where it gets sticky. Each offices bonus is taken out of the following months profit. Therefore if an office made a profit last month of $30,000 the 5% manager bonus ($1500.00) and 2.5% assistant bonus ($750.00) were to be taken out of the next months profit. In addition to this, we as DISTRICT MANAGERS and REGIONAL MANAGERS are paid 2% of the offices profits. If we as District managers were to release a manager OR an assistant then their bonus isnt paid, it doesnt come out of the profits the next month and our check thus is LARGER.

In February of 2009, we as DM's were told to pay very close attention to all of our managers because the 2% new loan bonus check was going to be cut soon. If we were to find any, EVEN THE SLIGHTEST, problem we were to terminate them immediately. By doing so, this would prevent the bonus check from being cut for that office. It was also hinted, that those of us who could "save" the company the most money in February and March since its our slowest time, would obviously be looked favorably upon down the road.

I'm not sure if this was a test by the company to see our integrity or if what our RM was saying was true but it put each and every DM on point to decide whether they were going to be picky with their district or if they were going to keep the chips where they were. Personally, I kept my managers in place and felt the small gain I would receive by letting go my best managers was not worth the worry of rebuilding my district. In the case of the situation above, I know the DM of that district and have for years and prior to all this, if I had to bet on one DM from my Region he would have been the one I would have said would do this and as you can see he did.

Now I do not know the entire story of what went on that day, but from what I have read above and heard through the grapevine if you will, was this was a set up from the start planned by the man who carried out the termination and his superior simply put. I can also tell you that prior to this, my district has never been ahead of his in rankings til now so I am not sure if that was the best decision for his district.

What I have learned over the course of my time with this company is they will find a way to get rid of you if they want to. Its not a matter of what you have done, but rather what have you done for me lately. I hope this shed a little light on the situation and I hope you find resolution to your issues with our company TitleMax.
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#3 Author of original report


AUTHOR: Rhochman - (U.S.A.)

Dat I read your posting. If you can please contact me ASAP. I'd like to speak with you!!!
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#4 Author of original report

On the Contrary

AUTHOR: Rhochman - (U.S.A.)

If you used to be the manager of Titlemax and they let you go YOU ARE entitled to your bonus under the following stipulations which I am not sure if you meet or not but if you do, I can refer you to my attorney.

1. If you, as was in my case, worked through the entire month and was let go at the start of the NEXT month. You are entitled to that previous month's bonus. Example: Worked entire month of January let go in Feb. YOU ARE TO RECEIVE JAN bonus. If however you only worked partial then you are unfortunally out of luck.

2. With the new loan bonus, IF you completed the ENTIRE TERM JULY - DEC 2008 as manager and were not let go until After JANUARY you will be entitled to your bonus.

Based on what you were saying above you were let go before the end of 2008 therefore the new loan bonus wouldnt apply to you however depending when you were let go you may be entitled to your profit bonus. You then must ask yourself if its worth the hassle. In my case it is therefore I pursued it.
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#5 UPDATE EX-employee responds

This is rule anywhere

AUTHOR: Briana Riche - (U.S.A.)

I also use to be a manager of a titlemax and remember when this came out. (right before i was let go). But as with any company you will not get any bonuses if you are not employed at time they are given out, and I remember that was in the rules for the bonus also. I hate to hear you lost your job, but what they did is correct legally.
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#6 UPDATE EX-employee responds

Reported By Rhochman myrtle beach, South Carolina TITLEMAX

AUTHOR: Dat - (U.S.A.)

To Rhochman of Myrtle Beach South Carolina.

I feel your grief about the bonus pay checks. I also am an ex-employee of Titlemax. I was employed with them almost 6 years. In fact have been the longest manager in my area since the place opened in my town almost 10 years ago. I was actually "MADE" to go to a titlebucks office in july 2008 I was forced to take over after the previous manager of 2 years was terminated. My district manager stepped down, another DM took over and he was looking to "as his boss would call it" get rid of the "AVERAGE" people. ... I never laid out, i always worked more than the 90 hours they required me to work each pay period, i was always honest, helped out other offices when needed..... I was terminated on march 3rd, because my office was under performing due to no one pawning their cars.. when March 18th came along I was told that I was not getting my bonus either because I am not currently employed at the time of pay. They also pro-rated my salary pay for the days of the week i was there before termination. I never once received a 2% bonus for the pawns I made either. In fact it was never spoke of again after the last time it was before 2009 rolled around.

Anyway. 6 years ago this company was an awesome place to work for, seems like as the years went by, the more greedy the higher ups got and the more low down they started treating their employees.

My opinion is if anyone wants to work for them, you may want to consider working for their competitors instead.
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