Smart Choice Title Loan / Stay Away!!!!
STAY AWAY FROM SMART CHOICE!!! IF YOU MUST SUBJECT YOURSELF TO THE SOMETIMES NECCESSARY EVIL THAT ARE TITLE LOANS, TAKE YOUR BUSINESS TO TITLEMAX. PLEASE. BEFORE ITS TOO LATE. I started my morning of this new year at the begining of a perpetual cycle that is mutual job loss, potential child services from not being able to get my child to and from school etc. Even Police Officers will make judgement calls when registration or insurance is expired, with regard to the individual and what makes us all humans and not just "contractual obgligators."
A year ago, we took out a $1300 title loan during really tough times, really tough. The money was to catch up on other bills, and pay for an e-commerce site in which the site developer took the money and never even purchased a domain name; to move forward in life and quickly repay the loan inside 30 days.
First let me explain how they work, which was confusing until Titlemax explained it. You take out a loan. IF its paid back in full within 30 days you only owe interest, so my $1300 would've been a bit over $1550. Which if a months time things would've magically improved, I would have patiently waited until that time. From there the payment was $207 a month, which although barely, I knew we could sacrifice and make the payment. NOW, the the bill was due on the 5th of every month, every day there after it's 8 bucks a day. Until you square it away. Once you square it away, your monthly payment GOES UP for the rest if the term, and if your late after that, the daily interest rate goes up permenatly too! And the cycle just repeats.
So I Long story short, we HAD a 2002 Buick Lesabre custom. Value was about $3200. We took the $1300, payed on time for most of the year, during a years time. The few late payments we made took the monthly up to that of a new small Mercedes (300 bucks a month). Our genuine excuses for being late were things like our 10 year old in the hospital from asthma or football injuries, our jobs not giving paid days off when the weather caused a city wide shutdown of work etc. I maintained perfect contact with SMART CHOICE TITLW LOAN. They never went a week without hearing from me. We got to a point, Christmas time where we had fallen 2 moths behind for the first time ever. At this point we had literally paid back what we had borrowed x's 2, plus a bit more from payment increases from being late. Unfortunately Smart Choice Title Loan is not regulated so their rules on what part of debt and how it's applied use a logic that is completely against the consumer.
Now here's where it gets really effed up, Titlemax, a company with far better policies, offered to buy Smart Choice Title Loan out of our contract. We would've then owed Title 100 bucks a month, which would've been a welcomed relief from the last year, and the monthly nor interest rate would not have increased in the slight chance we were late making the $100 dollar a month payment. The only problem, is after giving Smart Choice over twice what we borrowed, they refused to take anything less than a $1500 buyout, which Titlemax would only pay $1000. I reminded Smart Choice, how much money I'd given them, how long I'd given it to them, and how well I communicated but they did not care. So this morning, after receiving a text yesterday that they wanted to discuss my account, and me responding I'd call as soon as I left the hospital, we woke up unable to go to work due to our car being repo'd with our possessions inside. Now I am trying to fix my mini blinds I broke in the fit of anger I experienced during the realization our livelihood has been adversely impacted... The only good thing I can say, is that through all of this, there is one good person there, unfortunately she is not upper management, her name is Chrissy, dkwn at corporate. She was always patient and emphatic...