Consumer reviews and reports on scam companies, bad products and services
Titlemax
Titlemax is a scam and treat their customers as though we are the thieves Charleston, South Carolina
28th of Jan, 2011 by
I'm just writing to agree with the fellow from Tennessee. He's in better shape than I am though. Here in South Carolina they can and do charge 150% interest! I took out a loan with them in November of 2010 for 5K. Crazy, I know but unfortunately due to a series of events including the death of my husband, I lost my good credit and had no where else to go. I also had every intention of paying it off within 4 months but things didn't work out the way they were planned.


Everything Brian said is absolutely true. They make it difficult and more costly to do anything. They don't accept payments by phone so if you find yourself unable to get there in time you can't avoid the added interest, nor will they accept personal checks. They only accept money orders and wire transfers from Western Union, both of which cost. They won't accept even a partial payment. So if you find yourself in some situation where you're short because you've had to put out unexpected money for whatever reason, you can't even show good faith! In fact they willeven treat you as though you're refusing to pay them at all as you stand there with half a payment in hand! You also can't make a payment at any Titlemax except the one where the loan originated so if you planned to pay cash on your due date and find yourself broke down on the other side of town, you're screwed again!


While I've never been called before my payment was due, I have been called on that day! They will try to pin you down on what time you will be in and if you give them a time and you're not right on time they will begin calling immediately. I learned that quick and refuse to give them a time and just tell them I will be there before they close for the day.


If you have any problem at all they speak to you as if you are the one ripping them off, it's incredible.


There was a timewhen people who got title loans might have been considered in a more negative light because obviously they were people with poor credit. Now no oneknows why any one personhas bad credit; they could just be a dead beat or it can be because of circumstances beyond their control. The problem is that back in the salad days, before our economy took a turn for the worse, Titlemax probably had a lot of dead beats for customers. (I'm not saying everyone who got a title loan back then was a dead beat so I don't want to hear a bunch of crap from insulted people) Anyway, Titlemax got use to dealing with those kinds of people and took a stance. The problem is that our economy has changed and therefore so have their clientle. So they treat everyone as though they believe from the beginning thatyou have no intention of paying off the loan. This is my opinion it's how I felt I was treated and how I told them I felt.


I hate the company, have them listed in my phone contacts as "THIEVES"! If I ever get this d*mn loan paid off you can be sure I will never ever use them again and I would encourage everyone to selltheir car for cash before getting a loan from Titlemax.


Comments
5029 days ago by Anonymous
i have recently tried to pay them off in full TWICE, and payment was refused. first i tried a credit card since NO WHERE in there contract OR in their office does it state that they are not accepted. as far as im concerned this loan is now null and void since they refused payment.
4524 days ago by Weebles
I went with a family member when I ran face first into an emergency and needed cash. I wanted somebody else with me because I wasn't entirely sure what to expect. But this has still been a very hard and expensive lesson learned.

They told me that when I sign the paper, it is for the total (original loan plus total interest) and that my first few payments went towards the interest, and every payment after that went towards the principle, so they (the payments) would get smaller each month. That sounded like a reasonable arrangement, despite the ridiculous interest rate, and I had nowhere else to turn, so we went ahead with things.

Every month I paid a bit above the minimum. Every month I checked the paperwork and sure enough the numbers were shrinking. 8 months into things, I looked at the paperwork again and noticed the payoff amount was still over $2k, after I've already paid in over $1800. Which made absolutely no sense, considering the two totaled was WAY above the number they originally gave me.

After doing a lot more research online, I'm much more aware of the horribly sleezy scam they're running, and am kicking myself all the way to the bank. At least at the end of this month I *should* have enough money to pay it completely off, though doing so is going to seriously hurt financially as I have no idea when I'll be able to obtain anymore money (period, at all, from anywhere) after this month. But at least I know my car will be safe.

I hope people do much better research than I did and steer clear of these people. Otherwise you end up in a hole that you will never dig yourself out of. And will always be on the losing end, no matter what you do.

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