title max extreme payoff... mcminnville Tennessee
We applied for a title loan march of 2014 for the amount of 800.00. we pay anywhere from 100 to 150 every month and still haven't got it paid. My estimation is that they will end up with close to 3000 by the time we are done. Are there no laws against this?
1 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
Check the loan paperwork
#2Consumer Comment
Sun, January 18, 2015
Just from your post it sounds like you have been paying interest only on your loan or a very small repayment toward the principal balance (if any).
Read the loan paperwork carefully. You want to find the interest rate, the due date and look any reference to early payoff in case there is a penalty. Read the whole note you signed to see if there are other fees.
You chose a very high interest type secured loan. This is the worst of both worlds because if you are late or don't pay off on time you lose your vehicle. Check into it right away and pay off as soon as you can so you can get your title cleared.