Consumer complaint received 2020-01-16
Company: TMX Finance LLC
State: SC
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Vehicle was repossessed or sold the vehicle

Complaint:
On XX/XX/XXXX, I received my first title loan Title Max Secured Loans Company ( parent company name : TMX Finace LLC ) in XXXX SC. XX/XX/XXXX, two Months after obtaining the title loan I paid the loan in full, I was advised by the General Manager, XXXX XXXX, that my title would be available for me to pick it up in seven days. I visited TitleMax about two weeks later to pickup my title and to inquire about getting an additional loan because it was during the holidays, provided that I could get a lower interest rate than I had before. I spoke with the General Manager who explained to me that, because I had already done business with the company before and had a great payment history with the company and I paid my previous loan in full in a timely manner. XXXX Assured me that I could qualify for an additional loan at a lower interest rate. However, My title still hadn't been mailed to TitleMax by the Department of Motor Vehicles yet. XXXX made a call to TitleMax Corporate Office, explaining that I had paid my loan in full but my title had not been delivered to their store yet for me to pick it up and he wanted to issue me an additional title loan. An associate from TitleMax Corporate Office gave XXXX the approval to issue me a title loan without me having to sign my original title. Instead I signed a photocopy of my previous title. I basically signed a photo copy of the same title that I signed when I first got approved for a loan on XX/XX/XXXX. XXXX had guaranteed me that my interest would be {$6.00} a day and I made the mistake of not reading the paperwork, instead I believed what the store 's general manger explained to me about my contract and payment due date. 
In XX/XX/XXXX, I paid the interest due, which was about {$60.00} and received additional funds. Totaling loan amount was about {$2500.00}. When I received my first bill in XX/XX/XXXX. I was shocked at the amount due including interest. I called the store to speak with XXXX and I was advised by a woman named XXXX that XXXX is no longer employed there. XXXX explained that my interest is so high because ; 1 my interest rate was more than {$6.00} a day as XXXX explained to me it would be before A ) initiated another loan. It's actually around $ 10 day. B ) XXXX believes that my due date should have been between the first and the third of each month ( according to the companies payment schedule practices/policy ) and not the fifteenth of each month, which is what's printed on my contract. XXXX explained that although my contract has my due date on the XXXX of each month, I am being charged interest after the XXXX of each month and the only way to avoid that is to make payments on or before the XXXX of each month, despite what my contracts says. I explained that I could not make the payments that early. XXXX and I had already agreed on the XXXX and according to my contract my due date is the XXXX of each month.. XXXX explained that there's nothing they can do about it and XXXX should not have told me that and offered no other option to resolve the issue nor did the company take any accountability. Which doesn't help the problem at all. In XX/XX/XXXX I initiated a payment via the TitlteMax app. I take total responsibility for not making sure the payment posted on the app nor to my account. I just remember the screen saying processing before I closed the app and got back to work that day. A few days later I got a call that my car was being towed. I immediately called Title Max and they explained that my payment was not received. I immediately left work and went to title max to make my payment. I was advised to call title max corporate office to make the payment because the amount would be different because I would be charged towing fees among other fees. I was charged {$350.00} for XX/XX/XXXXpayment, {$350.00} for XX/XX/XXXXpayment even though it wasn't due yet almost {$400.00} for towing the reason title max explained that I had to pay so much for towing was because I'm billed by the mileage and the place my car was being towed to was over 20 miles always on XXXX XXXX. In XXXX, SC About two hours later. I ended up having to pay almost {$1400.00} to get my car back and the towing place I picked my car up from, which is the same place my car was towed to is LITERALLY SIX MINUTES AWAY FROM WHERE MY CAR WAS PICKED UP FROM. APPROXIMATELY 1.5 miles away. Title Max has refused to compensate me nor credit my account for that. At that point I was overwhelmed and sure I had been taken advantage of. I have called different attorneys offices, in hopes someone could help me or at least help understand how this is even lawful. Several Legal Secretary 's I've spoken with advised me that the lawyer fees aren't worth the trouble because TitleMax has a large team of lawyers and an agreement within their contracts if that if I, or any plaintiff lose the case, I or any plaintiff, would have to pay Title Max lawyer fees and the lawyer office wasn't willing to back me up. Other Attorneys were just too expensive for me to afford. I stumbled across a website a few weeks ago on XXXX where Attorney give legal advice. I asked advice from a Consumer Protection Attorney out of XXXX, SC, by the name XXXX XXXX XXXX, who advised me to file a complaint with the SC Department of Consumer Affairs for an investigation. I am not, In any way trying to get out of paying the funds issued to me by Title max. I understand that there are rules and fees due when accepting any funds from any financial organization. However, I also understand that those terms should be some level of morality to doing business. As a consumer, being charged extra extra interest that is not included in my contract is not moral at all. Title Max Secured Loans Company Has Never verified nor inquired about my income, they never asked if I had any income, They most definitely had no way of proving I had any income at the time because I work for myself and I had no IRS forms, no tax forms listed anywhere at the time to verify I had any income for TitleMax even to determine if I can afford to pay back the money they loaned me, better yet all these additional fees and interest I am being charged that I never agreed to. I received a loan for a total of {$2500.00}. I have paid Title Max a minimum of {$4600.00} to date and my current balance is nearly {$4000.00} if not more and interest is being charged every day. The amount of Interest that I'm being billed for monthly, is actually more than my monthly loan pay back amount. Which means if I continue pay {$350.00} a month on the XXXX of each month like my contract says I'm never going to have this loan paid off, EVER.. I have all my contracts documentation, the name and address of where my car was towed in XX/XX/XXXX. I can even attempt to locate my old bank statements to verify how much I've paid Title Max since XX/XX/XXXX. I have recently contacted XXXX XXXX via social media, XXXX is no longer employed with TitleMax Company but he has agreed to testify on my behalf, that someone at TitleMax Corporate office, gave him authorization to approve me for a title loan, by advising me to sign a photo copy of my previous title as collateral. As I stated earlier in this complaint. Title Max already had a copy of a title on file because I was approved for a title loan in XX/XX/XXXX. Title Max has also refused to give me my original title, that should have been returned to me after I paid my title loan in full in XX/XX/XXXX. I have spoken with the XXXX and XXXX from Title Max and neither have agreed to take any accountability for the extra interest I am being charged from the XXXX XXXX of each month when my contract clearly states that my due date is on the XXXX of each month. I recently discovered that is unlawful for TitleMax to accept, let alone offer to accept a photo copy of a title as collateral. I read an article about CFPB taking legal action against Title Max/ TMX LLC about three years ago. I also read a copy of CFPB 's order has against TMX Finance. According to that document, the order addresses a period from XX/XX/XXXX-XX/XX/XXXXwhere TMX Finance had been, ( unfortunately still are ) continuing to participate in unethical and unlawful business practices, by presenting consumers with misleading information about the loan terms, interest rates, etc. It is my understanding that CFPB has the authority to take action against companies like TMX Finance/Title Max under the under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the order, TMX Finance is required to : Stop abusive loan-repayment policies as well as pay a penalty of {$9.00} XXXX to the CFPBs Civil Penalty Fund. This order was filed three years ago. I am living proof that TMX Finance, LLC/TitleMax is not living up to those requirements. Once Title Max made it clear to me that they were not willing to assist nor take accountability for their awful business practices. I stopped verbally communicating with the Store Manager XXXX and I began researching how to report this company as well as file a complaint. Since then I have received multiple calls from XXXX and other employees from TitleMax, calling me from their personal cell phone and/or other numbers not associated with TMX Finance / TitleMax. I am now at my wits end with this company. I don't understand that after multiple claims have been filed against this company that they still manage to engage in misleading, unethical business practices after all these years. At this moment I have not made contact with the company that TitleMax reported to to repossess my vehicle. However, I have proof that there were three different wrecker trucks at my home last night, three different drivers all came together to my home and one of the guys placed a tracker under my vehicle without my knowledge. I understand that I can only submit one complaint at a time against a company. The second complaint that I file will be against one of the owners of the wrecker companies because I am not aware of, nor do I have any proof at this time, that that company is partnered with TMX Finance, LLC/TitleMax. I have attached a copy the my first title loan of XX/XX/XXXXthat I paid in full that Title Max still has not given my back my title for.I submitted documentation that the title loan is paid in full. I also attached my latest contract with TitleMax for XX/XX/XXXX, clearly showing my due date is on the of each month. I also attached a screen shot of my balance details as of XX/XX/XXXX.

Company response to consumer: Closed with explanation