Consumer complaint received 2023-12-06
Company: TMX Finance LLC
State: NV
Product: Payday loan, title loan, personal loan, or advance loan
Sub-product: Title loan
Issue: Was approved for a loan, but didn't receive money

Complaint:
On XX/XX/2023, I, acting in the representative capacity to my assigned federal agencies social security number, federal account, applied for a title loan with Titlemax, however Titlemax did not provide any consideration for the transaction out of its own capital. 
Titlemax simply prepared and serviced my assigned federal agencies social security number, federal account, collateral security procurement promissory note ( Note ) through a special purpose vehicle transaction account using XXXX. I issued and signed this Note, not understanding at the time that the Certificate of Title to my automobile is NOT actually the collateral in this transaction, the Note is, but Titlemax did not provide full disclosure of its intentions to use and capitalize from my financial asset security that I issued. Titlemax did also misrepresent my assigned SSN, federal account to be my personal identification, instead of what it shall be used for, as an account to register debits and credits, pursuant to Executive Order 9397. 

During the process of signing paperwork, Titlemax employees did not allow me to give a qualified endorsement, and I believe Titlemax is attempting to embezzle my proceeds claiming ownership of the Note, due to the blank endorsement I was forced to give, causing a detriment to me and allowing unjust enrichment to Titlemax. 

I, being the authorized representative to federal agencies social security number, federal account, hold legal title and contractual rights to the full faith and credit guaranty of the United States established by verification of my assigned SSN federal account. Whereas being an authorized representative, I did fulfill my duty to create and provide to Titlemax the debtors security agreement within 20 days, which confirmed the collateral to be the Note, granted TitleMax a security interest to be the secured party after confirming my ownership interest, and directing them to file the UCC1 Financing Statement, giving the Obligor State notice of the security interest that was granted. I also informed Titlemax to sell the Note, before default occurs, and for the proceeds of the sale to be applied to the account, and the surplus to be returned to the debtor representative. 

On XX/XX/XXXX, Titlemax representative ( XXXX ) did confirm receipt of the security agreement, but informed me that the legal department has not processed the document I provided. She informed me that the legal department will be in contact with me, but it has been over 45 days since receipt of the security agreement and Titlemax has yet to file the UCC1 Financing Statement giving public notice to the Obligor State that with respect to an obligation secured by the security interest in the collateral, owes payment of the obligation and shall provide a security certificate to attach to the collateral security procurement promissory note to secure payment. 

Titlemax is using deceptive acts claiming this debt to be my liability and demanding payment, threatening to repossess my automobile and allowing interest to continue to accrue daily, when the face value and interest from my assigned federal agencies SSN federal account, financial asset did fund the entire transaction!!!!

Company response to consumer: Closed with explanation