Complaint / Review
Titlemax
Watch your receipts! When paid on time the pawnshop charge has gone up

I have made the worst mistake of my life taking a vehicle which i have paid off early and was duked into getting a title pawn. At the time i was given a schedule of payment which would allow me to pay this off in 12 mts. After paying the amount of 253.76 for 7 mts it did not compare to the pay-off paperwork i was given when i took the loan.

Over the course of 2 yrs this office has had numerous managers and sales reps. I noticed that when paying my pawnshop charge nothing would ever go to the principle even though i always paid more then the pawnshop charge. At time the pawnshop charge would actually increase for the next payment.

I have kept all receipts and sat down to try and figure out the math title max uses and i found allot of differences: having me paid a significant amount more then they have given me credit. I filed a complaint with the state of alabama banking department and requested that this be looked into. After lots of research in alabama i have found many other complaints of the same actions. Even one guy as going so far as to court... He won!

Week after i filed a complaint: the corporate office sent in a bookkeeper to go over the books in mobile al she told me this office has had allot o complaints and that is why she was here. We all know the real reason she was here: me.

I was told for the first time in 2 yrs that if i came in before a payment was due and said this was toward the principle i could make a principle payment going only toward the principle not affecting my next due date. So i paid early (5 days) which knocked down the pawnshop charge and more went toward the principle.

I asked this question numerous times to the manager at this title max was informed that it would always move my payment up so it would be like giving them free money..

I have paid over $3000 for a $1500 loan and yes followed the payment schedule they offered—
just a word for the wise—in between payments go in and tell them this payment is only for the principle. If you notice anything funny in the math contact the state banking department and file a complaint. Keep all the receipts! The next payment should always go down. Even the pawnshop charge!!