- Report: #1392792
Complaint Review: Montana Capital - N. Hollywood California
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Montana Capital
12115 Sherman Way N. Hollywood, 91605 California, USA
Phone:
818-322-3393
Web:
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Montana Capital N. Hollywood California
This is a repost from 2014 due to my family is experiencing the same thing, word for word. Montana Capital in North Hollywood Beware of this car title loan company. Their website says “Our car title loan experts will get you the lowest rate around” False. This company will give the highest rate they can give by misleading the borrowers with their tactics. They prey on non-English speaking people, young and innocent, first time borrowers and desperate people by thinking they get a better deal when they say what rate they give them by just saying the rate, without clarifying that the rate they quote the borrower is actually per month, not per annum.
For example, they will say that the interest rate you will pay is 9.9%. The actual rate you will pay is actually 119.5% APR. You will only find out the truth when you are about to sign the contract. So by the end of the loan you actually paid almost 3 times the cost of the loan for just interest alone. The minimum loan they offer is $2,501, because according to the Department of Licensing, if the loan is over $2,500 a company can charge you whatever rate they want although per the agent I talked to at DoL, it is “very unethical” for such company to charge 119.5% APR of interest to anybody. Their website also says” We’re here to provide you with fast cash when you need it most”.
They do it alright, but without any remorse. Like I said, they prey on people unfamiliar with borrowing and people that need the cash the most, so not only do they charge a hefty processing fee, they even put a hidden tracking device on your car so they will know exactly where it is at any time. You will not get any statement, only a text or an email stating your payment is due and thanking you for your payment afterwards but no statement whatsoever. So please, I encourage you to think it over and over before you go to this company. If you are in need of a little cash right now and go to this company, by the end of the month and for several more months, you will be needing a lot more cash or/and end up with no car because of this company’s UNETHICAL PRACTICES
