Consumer complaint received 2023-06-08
Company: TMX Finance LLC
State: MO
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
To whom it may concern.

I find the complainant to be incorrect in their response, and am requesting a re-investigation, based on the following statements made by TMX.

First, TMX stated the following, According to TitleMax records, XXXX XXXX entered a twenty-four ( 24 ) month Consumer Installment Loan Agreement, Promissory Note And Security Agreement ( the " Agreement '' ) with TitleMax on XX/XX/XXXX, in the original principal amount of {$1000.00} ( the " Loan '' ) and pledged her XXXX XXXX XXXX ( the " Vehicle '' ) as collateral. Pursuant to the terms of the Agreement, XXXX XXXX was required to make twenty-three ( 23 ) monthly installment payments of {$170.00} beginning on XX/XX/XXXX ( " Loan '' ), and one ( 1 ) final payment of {$170.00} on XX/XX/XXXX, to satisfy and discharge her obligations under the Agreement. XXXX XXXX exercised her right according to the Agreement, refinanced the Loan on seven ( 7 ) occasions, and added additional funds bringing the principal balance to {$3900.00} according to the Agreement signed on XX/XX/XXXX, by XXXX XXXX. 
This statement is hearsay and not valid as it provides no supporting documentation that validates this statement, and I am requesting they submit me with ALL the supporting documentation that validates this request. This is a predatory loan that is operating under Consumer Installment loans when in actuality it is a title loan and based on MO Title Loan Law and correspondence, I had with Missouri Attorney XXXX XXXX XXXX in regards to these types of predatory loans, Based on Missouri Rev 408.510 which and my contract which is attached this is a title loan registered as Missouri statue, XXXX. Licensure of consumer installment lenders -interest and fees allowed. -Notwithstanding any other law to the contrary, the phrase " consumer installment loans '' means secured or unsecured loans of any amount and payable in not less than four substantially equal installments over a period of not less than one hundred twenty days. The phrase " consumer installment lender '' means a person licensed to make consumer installment loans. A consumer installment lender shall be licensed in the same manner and upon the same terms as a lender making consumer credit loans. Such consumer installment lenders shall contract for and receive interest and fees in accordance with sections 408.100, 408.140, and 408.170. Consumer installment lenders shall be subject to the provisions of sections 408.551 to 408.562.

Furthermore, I am requesting a rei-investigation as TMX stated, The Company 's policy indicates that military borrowers, spouses, and dependents ( " covered borrowers '' ) are not eligible for a loan. An automated or manual check of the MLA or SCRA website is required by the Company before any credit application can be completed and before any request to refinance an existing loan/pawn may be processed. Onboarding identifies covered borrowers through an automatic ping to the Department of Defense 's MLA database. Based off of this statement I am requesting the proof to this claim I would like to see the supporting documentation where they ping the Department of Defenses MLA database, as to where they did NOT find my information as I indicated. I submitted several pieces of documentation that verified my claim including and not limited to the things I discussed and proved to be true such as this being a predatory loan, loan churning, and not maintaining accurate records. 
Finally TMX stated, TitleMax agrees to stop the interest on XXXX XXXX account as of XX/XX/XXXX. Given the above investigation. They further explain they have done no wrongdoing, and yet claim they will stop the interest on the loan I find this comment to be an admission of guilt that this is a predatory loan because why else make such a libel statement if no wrongdoing was effective. 

In conclusion I am requesting the information outlined be provided to me as proof that the statements are correct, TMX has provided no supporting documentation re : these claims and I find the information to be hearsay as it has not been validated as truth. I am still requesting a Invoice that is Paid In Full and the return of my title, they list the Principal balance only at {$3900.00} when the total if {$3900.00} cant be paid is A little more than {$13000.00} and in total I borrowed {$3600.00} and TMX has received a little over {$5000.00} for the Amount borrowed and based on MO law for title loans this loan is deemed Paid In full. They have not provided the contract where it shows I said No ' to my MLA status my documentation shows no questions in relation to MLA status and my response being NO, I want proof of this also, and have attached my supporting documentation once again for reference. 
In closing I am requesting my title back and paid in full invoice for this loan is illegal and has already been Paid in full TMX is indicating in addition to already paying {$5000.00} or more that a principal balance of {$3900.00} is still due, which would be roughly {$8000.00} being paid for a vehicle not even valued at this amount, they are a scam and rip off, and I am currently working with my Mayor XXXX XXXX and Attorney General, XXXX XXXX to initiate legislation based on my experience with predatory lenders such as TMX, this entire response is hearsay of predatory lender because I have not seen any supporting documentation that makes their claims valid/true. 
I am again requesting that my title be returned to me and a Invoice that shows paid in full. 

Cordially, XXXX XXXX I have attached my previous request and TMX response to be thoroughly reviewed and MO state laws re : title loans and installment loans, as TMX is abusing consumer installment loan which they are licensed under and abiding by those rules when these loans are title loans and they are not following the the law.

Company response to consumer: Closed with explanation