Indo
Mobile,#2UPDATE EX-employee responds
Tue, June 09, 2009
This is a pawn transaction... You are not required to pay ANY money back. Unlike payday loans, which DO keep people in a cycle of debt, a titlpawn customer can get out at any time by surrendering the collateral. When I worked for TitleMax I would honestly say that at least 40% of my customers were return customers. For an industry with such a nefarious reputation, that is a lot of repeat customers. I will tell you what I told all my customers: Pay More, Pay Often, Pay Early For Intance If you borrow $1,000 at 10% your interest payment is $100. Most customers want to come in and pay $101, you can't do this. Each renewal you are charged interest on your remaining principal. So if you came in and paid $600, $500 would come off your principal and you would only be charged 10% on the remaining $500, which is $50. The next month you could come in and pay $550 and you are paid out. If you can't pay lump sums, at least pay 10% of the principal in addition to your interest payment. If you feel you needed the money then, and this title pawn is "beneath you" then seek a more traditional lender to pay them off. If your credit is too poor for a traditional lender, then Pay M.O.E. as I said. You could also shop other pawn shops to see if they will pay them out and give you a lower rate. This whole "predatory lending" in regards to titlepawns is absurd. I financed $200,00 for my house and over the course of thirty years I'll pay back $600,000 easily. But I can't just say "come get it, I'll get another one", because traditional loans do get listed on your credit report. I'd take paying back $2500 on $1,000 with the option to get out at any time with no negative effects any day.
Ashley
Springfield,#3Consumer Comment
Fri, May 22, 2009
Declare bankruptcy. That will stop them and give you breathing room to reorganize your finances.
Msdae54
Fayetteville,#4Consumer Comment
Fri, May 22, 2009
I WAS DESPERATE WHEN I WENT TO TITLEMAX! TOTALLY BLINDSIDED! AND WAS NOT AWARE. THE INTEREST IS RIDICULOUS! AND I NOW REGRET EVERY MINUTE OF OBTAINING A LOAN FROM THESE PEOPLE! I HONESTLY DO. OUT OF WORK, AT THAT TIME, AND DESPERATE TO GET MONEY FOR MY ELECTRIC BILL! TO KEEP THE POWER COMPANY FROM DISCONNECTING ME! WITH YOUNG CHILDREN, AND I TOTALLY MADE THE WRONG MOVE WHEN I WENT TO TITLEMAX! AND IT SEEMS AS THOUGH I CAN DO NOTHING ABOUT IT NOW! I ONLY GOT $1000 AND NOW I OWE THEM $8000 OR MORE! IS THERE ANYONE OUT THERE WITH ANY ADVICE, SOLUTION, OR EVEN COMMENTS TO MY SITUATION. HAD I KNEW THEN ,LIKE I KNOW NOW! I WOULD HAVE NEVER WALKED IN THERE DOOR!
Lambmit
Sugarhill,#5Consumer Comment
Fri, March 07, 2008
Here is a solution, Don't go into those plases in the first place. If you are having trouble paying your bills then you really need to reevaluate your finances. If you are having problems making your house payment then you need to sell your house, if you are having problems making your rent, then you need to get with the landlord and let them know. You might even have to find a cheaper place to rent. If you are having problems paying your bills then you need to either find a way to make more money or sell something.
Helper
Stockbridge,#6UPDATE EX-employee responds
Fri, March 07, 2008
I have done work for this company in the past as far as recovery work goes.They will not take legal action against you or have a warrant issued for you.This is strictly against their company policy.If they do repo your cars and sell it for more by law they have to give you the overage of the sale.They will not do this they will send a certified letter to the wrong address an dwhen you dont respond they will keep your money.They are very crooked best to stay away.
Cindy
Sharpsburg,#7Consumer Comment
Mon, February 18, 2008
They are the biggest ripoffs. I got suckered in because I had no other choice at the time and I am getting no where making these payments. Where do you go to get credit to get out of this crap? By now, our credit is so bad, no one will talk to you. Any information would be appreciated.