I had been listening to the radio commercial 1800newrate and needed help with a title loan. I went in to motomax and agreed for them to purchase my title from title max for a sum of $4958.00 broken down in 27 months of installments. I asked and was told 4 times that there was no prepayment penality, it was also explained if I sent more money I could pay it off early.
My first payment of $370.00 was due of the 18th of July and I made a payment of $800, well $795 due to a $5 charge for making a payment over the phone. When I called on the 1st of August to make a payment of $1000 with intent of paying loan on off as soon as possible, I asked what was the amount owed on the loan and the very rude woman who answered the phone said I owed 10,000!!!
I immediately went into panic mold and asked what was my payoff if I was to pay it off today and she again in a very rude manner told me that a manager would have to call me back with a payoff!!! The manager called back within an hour and told me my payoff was $4883. I informed him that I had paid $800 well $795 last month an amount well over the amount owed and only $75 was applied to principal. His highly unintellgent response was the type of loan I had was like a home loan, I would have to pay so much over a period of time and then it would decrease... I asked about prepayment penalities and he blowed up saying he had 6 other things to do!!! Long story short I went back to title max so they could payoff the $4883..
Please to all consumers please do not use this long sharking racketeering business!!! No matter how bad it appears this buisness will make it impossible for you to get your title back
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