About 4 years ago. I may not be correct in the time line, it has been a long time, I was stupid enough to get a small loan from TitleMax. I was a single mom working 2 jobs trying to go to school, not getting any child support. My hours were cut at my 2nd job and money was very tight. As a result my electricity was shut off and I was going to be late on my rent. I had driven by TitleMax on my way back and forth to work and desperate went in to see what it was all about.
The rep was very kind, seemed very sympathetic to my plight and made it sound like they were the answer to my prayers, actually made it sound like they were the only answer. They gave me $800, which I didn't think was very much but given the situation, I didn't have much choice. I got my electricty turned back on and paid my rent. What wasn't explained to me was the outrageous interest rate or that I would have to sign a new contract every 30 days. I could barely pay over the interest rate every month.
I ended up moving out of state to NC. I have lived here now for over 2 years. And guess what? I am STILL paying on this thing. I always pay at the same time every month but the phone calls start earlier and earlier.
At first when I moved, they said because I was out of state I could not renew my contract, so I have not signed a contract with them for over 2 years. They tried charging me late fees, equaling an absurd amount of money. Then they said they couldn't charge me late fees anymore either. I was like Thank God. Because the interest is so high I am still barely able to pay over the interest every month. And the phone calls never stop. Recently they have started calling my mother.
Well, now I am engaged trying to build a life with my fiance. The car that I have the loan through TitleMax is falling apart and now needs it's second new transmission. We decided to get a new vehicle and use that one as a trade in. I told the dealership that TitleMax holds the title on it and they are willing to pay off the remaining balance.
TitleMax calls again and I explain to them that I am trading in the vehicle and that the dealership will be in contact with them about a pay off. The rep actually got irate. She demanded a payment that day. I said that wouldn't make any sense because the dealership is paying them off. That we were just waiting on them to locate a vehicle within the limits of our loan qualifications.
She then made threats to destroy my (and my fiance's, it is going by his employment) loan. She said that would she would tell them horrible things about me to make them cancel our approval. Now I have never missed a payment with these people, have always paid the 26th of every month, but without a contract they call whenever they please to demand payment. She said either I make a payment or else.
I have never been so confused in my life. Why would a lender get pi*ed off that they were getting paid off???
I have since found out that places like TitleMax are illegal in NC and that kind of business practice is exactly why. Now I am scared they will try to come in the middle of the night to get my car to mess up our loan for the new car.
I have contacted the Attorner General's Office of NC and he strongly suggested I contact the Attorney General of GA, which I have. I am now just waiting to hear back from them. Anybody have any ideas?
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