ED Magedson – Founder
TitleMax of Texas Inc DBA TitleMax1233 S. State Highway 121 Lewisville, Texas USA
TitleMax of Texas Inc DBA TitleMax Took out on a loan from the title of my truck Lewisville Texas
I took out a loan with TitleMax in Lewisville, Texas for $2,000 with the title for my Toyota truck. Upon signing all documents, TitleMax never explained to me the horrendous interest/finance charge. After paying over $300 per month for 6 month which was more than the minimum payment they required I had successfully paid my loan back. I estimated my interest fee would be around $400-$500. When I asked what the cost would be to close out my loan they told me $2,000! So TitleMax makes $2,000 off of me for a $2,000 loan paid back in 6 months. I was furious. I had no idea it would be that much. If I continued to pay $300 per month for another 6 months my loan would still not be paid off because I would have incurred another $1,800 in interest. That would put me at paying them close to $4,000 back. Highway robbery!! Luckily,my sister paid the $2,000 so I am out of their clutches. Don't get suckered in by TitleMax. They are a total rip off!
This report was posted on Ripoff Report on 05/31/2014 09:56 PM and is a permanent record located here: http://www.ripoffreport.com/reports/titlemax-of-texas-inc-dba-titlemax/lewisville-texas-75067/titlemax-of-texas-inc-dba-titlemax-took-out-on-a-loan-from-the-title-of-my-truck-lewisvil-1151191. 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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