Consumer complaint received 2020-03-19
Company: TMX Finance LLC
State: NV
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Received a loan you didn't apply for

Complaint:
Dear Consumer Enforcement Agencies & Legal Entities, A Titlemax representative refinanced my original loan without my  knowledge and consent ; they forged my personal application while I wasnt present. The purpose of this crime was for monetary gain and company praise. Titlemax is not willing to admit any wrongdoing in order to avoid a lawsuit therefore I need your help in bringing awareness to their deceiving business practices! 

Titlemaxs loan contracts are very misleading and deceiving to the average customer unless they have a law degree with  experience on creating legal binding Documents. I challenge any governing official to read a loan contract from Titlemax and understand the fine print. ( The terms are confusing and misleading, especially their Clauses ) Titlemax is Non-transparent with their loan policies, they lack forthcoming business fundamentals that allow customers to understand what they are signing! Titlemax implemented unfair negotiation clauses on contracts that prevent them from being reprimanded or sued due to corruption and misleading statements. 

Titlemax does not break down monthly payments with an Amortization table for customers to understand how their monthly payment is being distributed to the principal balance and interest fees. This deceiving act increases Titlemaxs profits in large scales and it should be stopped due to its illegal and deceiving non-transparent distribution tactics. 

Titlemax has loan contracts that extend well over 210 days ( 7-months, ) the moment you sign their binding contract which isnt explained clearly for intentional purposes, they automatically take away the customers ability and privilege to sue them, or request arbitration after 60 days! In order for a customer to maintain its original legal privileges they have to mail a written request to opt out from a ( predatory ) Clause implemented by this deceiving company. Why would a company decide to impose such predatory clauses such as this ; for monetary purposes and to hold their customers hostage!! 

In other words, after the first 60 days of a contract, Titlemax can terrorize their customers with unfair business tactics and wont be held responsible or accountable for their actions. According to the XXXX, Governing officials stated on record during a multi-million dollar lawsuit against these financial companies ; They lured consumers into more expensive loans with information that hid the true costs of the deal. 

I strongly advise every US State District Attorneys office and  Governing bodies to collectively examine Titlemaxs misleading loan contracts. Please request or order Titlemax to modify their contract agreements with transparency on monthly payment distributions ; every customer has the right to know how their money is distributed in order to make a wise and sound decision prior or during a loan contract. 

A Payment - Amortization Table allows customers a transparent business experience, it also prevents Titlemax/TMX Finance from illegally taking so much money from Americans who are going through financial hardships while paying outrages interest rates!! 

Titlemax is literally destroying American lives with pure evil and deception ; its alarming to witness our Government Institutions which were created to protect and serve our Country have failed to stop these Predatory Companies from destroying lives!! I am one of many targeted victims hurt by Titlemax and its parenting company TMX Finance LLC. I want to share my story and be heard. I have substantial evidence that will support my statements. 

More than 90 % of financial institutions operating in our Country which operate in the loan industry will clearly disclose some type of Amortization Table on monthly payments, how is it possible for Titlemax to not comply with these financial guidelines and not get reprimanded? 

Titlemax representatives like to impose their power and authority over customers who complain about their unethical and illegal business practices by sending them threatening letters in hope of frightening them to stay quiet and comply with their demands!! I refuse to be victim ; I rather fight for justice until its served. 

Thank you for your time and cooperation in this matter.

Company response to consumer: Closed with explanation