Title Max - Woodstock, Georgia Employees: Letruma & Angelanette Rip off, my money wasn't being placed on the principal a $2000 loan I've paid over $4000 and still owe $1200 after 2 years... what is really going on?? Woodstock Georgia
I originally took a $2000 loan out to do auto repairs. After 2 years and countless $277 payments I, now, only owe $1200 to pay off my loan... What?
Letruma was taking care of me, or so I thought. She would take my payments as "interest" and never applied to the principal. I am now 2 years and a couple thousand dollars poor with a debt of $1200 to get my title on a car that now is worth less than the amount to get my title.
Sunny in Atlanta
2 Updates & Rebuttals
Jim
Florida,Very, Very Simple Explanation
#3Consumer Comment
Mon, May 19, 2014
A loan such as this, (and many others), are structured as per "AMORTIZATION". This means your payments are FIRST applied to interest and then the principle. Loans like this have a very high interest raye. Read your contract. There's nothing immoral, illegal or unethical. It happens every day with car loans, home loans, personal loans!
MochaG
Springfield,Only thing I can say...
#3Consumer Comment
Mon, May 19, 2014
I hope you now have learned about how loan shark is operating. It is a rip off but you agreed to take it (sgined the contract without carefully reading bu rather believed in whatever the agent is telling you), so there should be no complain from you but warning to others.