Consumer complaint received 2019-08-10
Company: TMX Finance LLC
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Vehicle was repossessed or sold the vehicle

Complaint:
I took out a {$2600.00} loan on XX/XX/2018 from TitleMax on XXXX XXXX in XXXX, CA and " qualified '' for the loan using my son 's SSI and a screenshot from my phone as proof of side gig pay totalling approximately {$900.00} a month in income. I made my first payment of {$380.00} to them on XX/XX/XXXX via the app. Four days later on the XXXX, I paid an additional {$36.00} at the branch in order to qualify for a " refi '' of an additional {$1500.00} which bumped my payments up from about {$300.00} to {$450.00}, with rates at : Monthly : 10.9900 % Annual : * 131.6600 % ( dark grey box ) Total loan amount : {$4100.00} * the rest of the loan documentation states a different, slightly higher Annual Rate of 131.8800 % I have submitted the loan agreement with this.

There was a {$75.00} admin fee that was emphasized, verbally and specifically that the loan documents won't state the fee, but it MUST be added and paid with each first payment due. ( {$75.00} for original loan, {$75.00} for the " refi '' totaling {$150.00} in fees ) In regards to the " refi '' If Titlemax can go back and look at the times from the branch on XX/XX/XXXX, they will see that my account was accessed at two separate times during the day : 1. between XXXX and XXXX I stopped in to inquire about the possibility of borrowing more, which they said of course I was, but needed to pay {$36.00} in interest accrued from my last payment to bring my account current.

2. At around XXXX I came back in to pay the {$36.00} to get the refi, at which time I expressed doubt in even getting it anymore because of the payment increase. They convinced me to get it anyway. 

I never received any paper loan documentation after each signing. I found Titlemax docs via a XXXX search on XX/XX/XXXX and was given login information after calling the branch. The envelope history ofXXXX shows me logging in for the first time that day, which was 3 days after my car was repossessed. I submitted a screenshot of this. There is no documentation of my original loan that I am able to access there nor am I able to access any payment information prior to the refi on XX/XX/XXXX via the app. I was constantly harassed with calls at the same time twice per day from the branch phone number but it was a robocall from corporate telling me to contact the office to pay. The staff also made calls from various numbers twice, maybe more times per day on top of that. The anxiety of the constant calling, worrying and going deeper and deeper into debt took it's toll and I shut down. 

My issues are : 1. TitleMax XXXX XXXX gave me a loan when I showed proof of insufficient income or ability to repay.

2. There was a credit inquiry or soft check to my credit at the time I took out the original loan, even though they advertise they do not. It states on the website in fine print that they do. I submitted a screenshot of this. I was approved even though XXXX had reported a loan default from back in XXXX to my report. I just found this out recently.

3. I was given a loan/refi without receiving any paperwork or having login credentials to access my loan documents. 

Titlemax has caused a tremendous amount of serious detrimental harm to me, not only once, but twice and I want them to be held accountable. They should have denied me a loan from the beginning and never, ever should have authorized a refinance on top of that. I believe I have been wronged, taken advantaged of and consider myself a victim to Titlemax 's predatory lending tactics. This never should have happened. I am not a XXXX person, but I am 100 % financially illiterate. In no way was any of the loan terms explained to me in a way that I could understand. 

TitleMax ripped me and my son of our freedom. They " bought '' my XXXX XXXX XXXX for {$4100.00}. My dad bought me the car as a gift. The last day to redeem my car was XXXX XXXX. It was repossessed with my mama 's ashes in the trunk. Not only did the repo agent threaten me by involving the police, I never received a written inventory of my belonging in the car afterwards.

Company response to consumer: Closed with explanation