Consumer complaint received 2020-08-05
Company: TMX Finance LLC
State: AL
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Struggling to pay your loan

Complaint:
I took out a title loan on a vehicle in late XXXX. I'd recently had a surgical procedure and was out of work for a few months. After being unable to make my monthly mortgage payments I was forced to take out a loan on my car to cover the mortgage. 
I'd paid off the note and had clear title and was able to get a title loan with Titlemax of Alabama in the amount of {$7100.00}. The money was dispersed to me in cash and I was to make monthly payments in the amount of XXXX plus late fees and interest that accrued daily. 
I worked a demanding job with long hours and didn't always have time to arrange for the note to be paid and some months, having other financial obligations, and with the interest being so high, I wasn't able to make the payment until I'd been able to save up enough money. The title company would only accept payment in full and wouldn't accept partial payments. There were many months I paid in excess of XXXX for the monthly note after interest and late fees. I was working out of town and the title company required the note to be paid in person so this created a problem too. I'd left the car in XXXX with my youngest son who needed transportation and transferred money into his bank account so that he could make the payment. This went on for several years. Eventually, the title company had an app and I was able to make the monthly payments on line. After several years of making payments and no progress towards the outstanding balance, I approached the title company in XXXX of XXXX and asked if they'd be willing to renegotiate the loan or offer a settlement agreement. My rep at the title company, XXXX XXXX, said he'd run it by his superiors and see if any help could be offered. After calling back and forth for a few weeks, I was finally able to hear back from him. He was unable to offer a settlement but agreed to waive the payments for a few months. In the late spring of XXXX I was able to contact another finance company, XXXX XXXX XXXX, and after submitting an application was approved for a new loan at a lesser interest rate than I had with Titlemax. I again contacted Titlemax and informed them of the offer with XXXX XXXX and asked if they'd reconsider settling the note. After some discussion, this was approved and I was able to refinance the note in XX/XX/XXXX. When I closed out the note with Titlemax, I'd made no progress whatsoever against the outstanding balance. I think this is an unfair lending practice. Ive paid on this vehicle for five years and now have a new note with an additional 18 months of payments. The car is a XXXX XXXX XXXX VIN #  XXXX and is no longer even in operation. It is parked and I've surrendered the tag yet am still making payments despite being unemployed. 
The original note was held by Titlemax in XXXX at the XXXX XXXX and XXXX XXXX. location. The pawn transaction # was XXXX. The new note is through XXXX XXXX on XXXX XXXX XXXX XXXX. XXXX in XXXX loan # XXXX. 
At this point I don't know what compensation either lending company could offer but I think legal action is necessary. This note was originally issued to me under the name of XXXX XXXX. I've since taken back a maiden name and my legal name of XXXX XXXX XXXX is now reflected on this complaint.

Company response to consumer: Closed with explanation