Report: #1071612

Complaint Review: TitleMax Title Loan

  • Submitted: Wed, July 31, 2013
  • Updated: Wed, July 31, 2013
  • Reported By: Linda — Addison Texas
  • TitleMax Title Loan

    , Texas
    USA

TitleMax Title Loan Changed Title Loan to Payday Loan Addison Texas

*Consumer Comment: I have news for you..

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

 I opened my Title loan account 2 years ago, for  approximately $2000 at one location in Texas.  As I make my payment each month on time, my balance would drop according to the amount of the loan installment agreement.  The location decided to transfer my title to another one of their locations and now when I make my payments, it goes as a payday loan.  If I pay $260 per month roughly, my balance is not dropping.  Before, with the other location, each payment I made, increased the amount I would be allowed to withdraw because it was a different process.  Now, when I make my payments of $260, I still owe the same amount because it only counts as a finance fee to keep the loan open like a regular payday loan.  I have paid Title Max Title loan more money than what I paid for the vehicle and still paying.  I purchased another car during the same time I opened my loan and the car is paid off already, but I'm still trying to figure out why I am still owing on this $2000 Title loan.  I do not understand why they failed to disclose this to me when I went to make my payment at the original location. Of course they are yielding in $181Million annually.  It is the finance fees that are ripping people off.  You never really get your "Title Back" if all you can pay is the minimum amount of the loan!

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This report was posted on Ripoff Report on 07/31/2013 04:32 AM and is a permanent record located here: http://www.ripoffreport.com/reports/titlemax-title-loan/texas/titlemax-title-loan-changed-title-loan-to-payday-loan-addison-texas-1071612. 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 Comment

I have news for you..

AUTHOR: Robert - ()

 A "Title" loan is just a Payday loan with the added "benefit" of tying up your vehicles title until you have the loan paid off.

I do not understand why they failed to disclose this to me when I went to make my payment at the original location.

- Well they didn't let you walk out with $2000 without signging a single document..did they?  Of course not, you probably had several pages of your loan agreement that explained all of this.  You also signed at least one document that stated you have read and understand what you are signing.  So you did read these documents...right?

The real "ripoff" here seems to be self-inflicted.  After all why would you go out and BUY another car, and apparently have it paid off in full while you still have an outstanding title loan?   In a 2 year period even if you got another car, you could have put less down, extended out the term of that loan or even just waited.  The you could have taken that money and put that much more on this title loan. 

Of course they are yielding in $181Million annually.  It is the finance fees that are ripping people off. 

- And you knew what those fees were and had the choice to walk out if you did not like the terms.

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