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Titlemax / TMX Finance review: outrageous interest-no truth in lending disclosure

M
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6:22 pm EST
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i took out a 1050.00 title loan with title max- against my toyota 4 runner-custom--blue booked at 4500.00-- after paying 800 on loan i realized that my principal had not started to drop-indeed wouldnt even start untill 2 more payments of nearly 200 each- i was concerned that i was paying 1400.00 and still no prinicpal came down- indeed i still owed almost 2 thousand$$ on 1000.00 loan! i requested to look at my file and was told that a new fedral law prevented that- at that instant i called my friend, an attorney and alsothe owner of highland title- he heard then refuse me the file and had me tell them they were breaking the law-- he then told me to request my truth in lending disclosure-- both the sales clerk and store manager did not know what this was- my friend told me to tell them they were breaking the law- he then had me explain that all lenders needed this disclosure in arp format siting the specifics of the loan-- i told him my receipts show a 121.56% annual percentage rate-- he told me to tell them they are breaking the law-- finally the office manage had the clerk make copies- however- as the pages printed she went over each page with the clerk and the manager told the clerk to change 3 of the pages- my lawyer friend still on phone the whole time---i told him---the manager gave me the forms and i left- i faxed them to my friend who contacted titlemax attorney--to try to figure why i was paying the title loan back times 3-- during this time i kept in contact with the office manager- 2 times per month-- all logged on my phone-- i wanted to make a payment while the lawyers disscussed the issues- she rufused payment--3 months in a row- i explictly explained that i did not want to loose the truck-- i would make payments while it was being solved as i still owed on my loan- just simply was not paying back 3-6 thousand on a 1thousand dollar loan-- she refused payment all three months! then a tow truck keeps coming to take the truck-- they have not-- but i am angry-- their fees are worse than a loan sharks!

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5 comments
Add a comment
E
Aug 09, 2016 7:34 pm EDT

I owe $ 888.28 the vehicle was towed from the property by the landlord where I live and I can't pay due to hardship don't get enough to pay what should I do.

R
Mar 02, 2010 12:46 am EST

So what is i total my car while it was pawn to the title pawn place and I had no insurance and i about three or four months behind in payment!

S
Jul 20, 2009 6:23 pm EDT

Your wrong pawn shop. I am in the title business and what it is called is a title pawn. they are pawning the title to the vehicle not the vehicle itself. it is simple collateral on the loan to be collected if the pawn is not paid.

P
May 19, 2009 5:47 pm EDT

I am sorry but borrowing on a car title is not a pawn but a loan. A pawn can only be done on a physical item. A title loan works like a pawn but is not a pawn. In a title loan you have use of the car/truck. A pawn on a car/truck would be where the car/truck is held at the pawn shop.

B
Mar 23, 2009 3:27 pm EDT

There is nothing illegal about 121.56%apr on a title pawn, actually no where near the state max of TN. The state max of tn is 22% every 30 days which is 267.66 per tn state law. (this is what everybody else charges). Also blue book does not matter at all as if they repo it must be sold to wholesaler per state law and that is no where near blue book. Also this is not a loan but a title PAWN. So that means every 30 days you are re pawning the item with new interest ant what ever amount of principle is left. If you pay it off in 30 days you only have 30 days interest. If you wait 22 months to pay it off then you have 22 months of interest and yes it can be 3 times the amount you borrowed. Also you were given a copy of contract when you signed it. If they have not repo it yet you are lucky if 3 months months behind and they will be soon. If you dont like the terms of the loan pay it off and go to another tile pawn place and pay 22% a month instead of 9.99% like you are paying now.

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