Consumer complaint received 2016-12-05
Company: TMX Finance LLC
State: GA
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Taking out the loan or lease

Complaint:
On XXXX XXXX, XXXX, at XXXX I called TitleMax at XXXX. I spoke with a man whom I believe to be XXXX XXXX XXXX, about getting a installment loan on my XXXX XXXX, and pay off the balance of my interest only loan I had with TitleMax, on my XXXX XXXX, that I had taken out when my mother had past away to help pay for her funeral. I had an option when I did the loan at the TitleMax store located on XXXX XXXX XXXX, XXXX, Ga., to do an interest only month to month loan, or the option to pay over time with installments payments. I believe I was shown 2 options ( papers ), with scheduled payment amounts, how much each payment would be each month, how much would go towards interest, and how much would be applied to paying down the principle balance. The other option was just to pay interest only, month to month, and I understood and agreed to do the interest only loan. The lady that did my loan explained everything to me.I read the paperwork, signed the documents, and regretted not doing the installment loan because I have not been reimbursed from the estate within a month or so after taking out the interest only loan. I had thought I would have paid that off within a few months at the most when I took that loan out. I explained to XXXX XXXX when I called him on XXXX XXXX, XXXX, that I DID NOT WANT THE SAME TYPE LOAN AS I HAD ON MY XXXX. I was on my way to work when I called. He explained to me over the phone, after giving me directions to his location, because the Titlemax location I had used for the XXXX loan had closed or moved, and I had been making payments over the phone to this location every month, located on XXXX XXXX XXXX, XXXX, XXXX, Ga. XXXX. He explained to me that he could do a 12 month, or 24 month installment loan at around 8 to 9 % interest, and my payments would be around {$610.00} a month on a {$6000.00} loan for the 24 months and {$6000.00} is what he said I could get when he typed in my make and model and millage.I asked how long this would take because I was on my way to work, and he said about 20-30 minutes. The amount he said, the terms and conditions, payments, interest rate, was explained to me over the phone. When I walked into the TiltleMax store, XXXX was waiting on me, and all he said he needed from me was the title, my ID ( drivers license ). He went outside and took photos of my car, sent them to someone outside the store, on a cell phone. All I did was walk in the store and sat in a chair at his desk while he was sending whatever it was he was sending, and It was taking longer than expected, then they responded and he told me they are cutting a check for {$6800.00}. He asked me if all of my information was still the same while he was waiting on whoever to respond, I told him it was.He took a photo of me.I asked about paying off the XXXX loan, and he told me the easy thing to do would be to come back in once I cashed the check. I said thats it, and he said yes and handed me the check in the amount of {$6800.00}. I assumed I would be signing paperwork, and going over paperwork, but he did n't ask me to, and I trusted everything he told me to be correct over the phone. Everything is paperless now he said. I was late for work and I had no reason to believe otherwise. When I went back to pay off my XXXX and make a payment on the XXXX, XXXX XXXX was not there, they could only find my XXXX in the system, and then they found something that said I owed $ XXXX.The manger XXXX said that he did n't know anything about my loan, and said I could call and talk with XXXX XXXX the next day and he took {$820.00} cash from me. I asked for my paperwork and he just handed me a receipt and said he did n't know any details and XXXX XXXX could go over everything when he got in the next day. I have since learned that all of my paperwork was forged, and I still do not have all of the paperwork.

Company response to consumer: Closed with explanation