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Lone Star Title Loans AKA Integreity Integrity Texas Funding,LP $800 a month interest on a $2200 loan then they switched me to an interest balloon loan without notification Richmond Texas
This company Lone Star Title Loans aka Integrity Funding PL is fraudulent and a predatory lender. They charge 300% interest on a 30 day loan. If there are 31 days in a month, they charge you twice in one month. On a $2200 loan they charge almost $800 a month in "interest" I was 10 days late one month, so they charged me an additional 10% $220 plus an additional "daily interest rate" on top of the monthly interest which is calculated daily. I am going to seek the services of a lawyer to see if this is legal. When I took them the monthly interest fee, they had me sign some paperwork, they would not give me a receipt unless I signed the paperwork, which I didn't understand, the interest is paid every 30 days and in previous months, I have also had to sign this paper work, but without notifying me, they changed the paperwork and switched me to an interest only loan, one month later I called and asked how much I had to bring in to get my title back, they said $4600.
I have already paid them $2800 total in monthly interest and now they said I had to pay a further $4600 to get my title back. When I questioned why it had gone up so much, they said I now had to pay six months of interest plus the original $2200 back. I said to them it had only been one month, why do I now have to pay 6 months more interest, they said I signed a 6 month loan. Having to pay 6 months interest after one month is not a loan, it's extortion. Plus they did not abide by the Truth In Lending laws of Texas which stipulates they have to give me 3 opportunities to cancel the loan. This company is a predator picking on vulnerable assumable unintelligent people and those who don't have resident status in the United States thus are afraid to get the authorities involved for fear of deportation. Well, I don't fall into that category, I had to take the loan out to assist with my mother's funeral arrangements and as they were unexpected, didn't have time to go through traditional lending channels. Any assistance would be appreciated, this practice has to stop.
**Update, I gave the car back to them as I am not going to pay $4600 to get a the title of a $2000 considering I had already paid them $2900 in "interest" So I gave the car back to them, then they called me and said I owed them $5275. I asked them why, they said there was a $675 repossession fee, but the car wasn't repossessed by a tow company, I dropped it off. Then they said a repossession would be put on my credit report which is wrong, as it was not repossessed. I gave them the title as security on the loan, the same as you do at a pawn store, if you don't pay the loan, they keep the collateral, this is the same case, they kept the collateral. Now they sold the car for $300 and want me to pay them the "balance of $4975. I don't think I am responsible for anything. If my car is worth $300 then don't give me loan on $2200. You loaned me $2200, I paid you $2900 and you have title of possession of my car. Any assistance or similar stories are appreciated. I plan on filing a class action suit against this fraudulent, manipulative, non-transparent predatory unethical company
**Update 2. When submitting this report on this website, it asked me the question below. They asked if I used a credit card for this transaction because paying by credit card gives you protection under the federal Fair Credit Billing Act. Well suprise suprise Lone Star Title loan AKA Integrity Lending PL, don't accept credit cards for payment. I wonder why?
Dear Consumer,
There are special protections for you if you have used a credit card, especially in an online transaction, including a federal law called the Fair Credit Billing Act. To help you get all the consumer protection you can get, RipoffReport.com is collecting information about whether or not you used a credit card in your situation. Ripoffreport.com is NOT asking for your credit card number, we don’t want it, and we are NOT charging you for anything! We only want to know whether you used a credit card to help you get all the consumer protection you can get.
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2 Updates & Rebuttals
Poshnosh29
Houston,Texas,
USA
Lone Star/ Integrity
#3Consumer Comment
Wed, December 23, 2015
I am dealing with them right now and for my first payment used my business debit card. They are trying to do the same to me and I'm not your average non informed citizen either. I would like to be involved or discuss with you the case.
Robert
Irvine,California,
USA
Title Loans
#3Consumer Comment
Wed, November 04, 2015
You applied for a Title Loan, these are worse than your regular PayDay loans because not only do they have the High Interest(legal) but if you fail to pay they take your car.
Unfortunately you made several mistakes. Mistake one was signing something you say you didn't understand. The time to see if something is legal is BEFORE you signed for it. Now, you say you didn't have time to go through "traditional lending channels". What does that mean? In cases like this "traditional lending channels" are things such as credit cards which are instant, or a signature loan at your bank which are also usually very quick(many times the same or next day). However, you have to have good credit for those. If you don't have good credit you are considered higher risk and therefore the loans you get are going to be a higher interest rate. That is just the way it is.
As for some of your other thoughts. I have never heard of a regulation that says they must give you 3 chances to cancel. Can you provide the specific provision that states this?
If you thought you were really right and keep saying you are going to get a lawyer and sue them. Why did you give the car back? Wouldn't it have been better to seek the advice of a lawyer BEFORE you gave the car back? Even a short 1 hour consulation on your way to the company to give the car up may have saved you a lot of headaches. But you didn't do that...Why?
Now as to your updates..
If a company takes your car back for failure to fulfill your legal oblgiation it is a Reposession. It doesn't matter if you voluntarily gave it back or they came and got it..it is still a Reposession. The only difference is that you most likely got charged less because as you said they didn't have to tow it. As if they did you would have also probably been charged a towing fee as well. The other thing with a Repo is that when it gets sent to auction, in general you get about 25-30% of what a car is actually worth. But it could of course be less or more.
As for your second update/question. Yes this truly shows you don't really understand. You see there are protections for people who use their credit card for transactions. Where if there is fraud they can dispute the charge and have the CHARGE reversed. However, in your case that would reverse your payment and in turn cause them to add that back to the balance you owe them. These laws do NOT have anything to do with Title Loans.