Consumer complaint received 2023-06-08
Product: Payday loan, title loan, or personal loan — Title loan
Issue: Charged fees or interest you didn't expect — 
Company: TMX Finance LLC (MS)

I am raising this concern because I have a Loan secured through my Vehicle Title through TitleMax/TMX. As the consumer and natural living person I have the right to be treated fair and equitable during and after all Consumer Credit Transactions as well as notified in the open and conspicuously about rates, disclosures, fees, contractual agreements etc prior to a contract for it to be considered binding. I recently went to check on the status of my loan repayment and discovered that after almost a year I am nowhere near paying off the actual loan. Most payments have been heftily applied to alleged handling fees and interest. Only a meniscal amount has been applied to the principal. I was not alerted of this until my recent self discovery. When I went to get the loan in XXXX of XXXX my social security number was ran but apparently my loan was secured through my vehicle title only. The entire application was done on large computers by the representative. I received all of the paperwork in an envelope once I was everything was already completed and I was ready to walk out of the door. No one in the store went over these rates and disclosures with me in full detail. Everyone made it seem like they were doing me a favor and acting in good faith. However I now know that I have been manipulated and possibly frauded in the process. I only received {$650.00} when the loan originated in XXXX of XXXX. Why is the current payoff amount over {$350.00} in XXXX after 9 months of {$120.00} payments? These rates are ridiculously high and their practices from a consumers prospective is very deceptive and unfair to say the least. If they do not disclose these facts prior to doing business, how is that fair and equitable? They take advantage of already vulnerable people is morally and logically wrong. However all they care about is money and taking your vehicle in the event you are not able to make one of these outrageous payments. I would like for The CFPB to investigate TMX rates, disclosure policies, and overall business practices, to make sure they are in compliance with my state. After I discovered my rates I researched the company 's history a little more and found out that this company has a history of willful noncompliance and deceptive business practices. I have located over 200 Consumer complaints, XXXX XXXX XXXX complaints, Court Filings, countless forums online, and many consumers warning others to never do business with them. They even have a history of scamming military servicemen. This company is very shady. I even saw a press release from XX/XX/XXXX with a gentleman alleging the same exact thing to him at a store in Georgia. After he blew the whistle, TMX allegedly gave him his title back and said the loan was satisfied. That reaction alone lets me know that obviously they know this is happening but it is very apparent that they do not care! As a consumer, I believe that I have a right to fair and transparent financial services, and I am disappointed that TitleMax has failed to meet these basic standards of The Truth In Lending Act. I am also concerned that other consumers may be similarly affected by TitleMax 's illegal and unethical practices. Therefore, I request that the Consumer Financial Protection investigate TitleMax 's business practices and take appropriate enforcement action, including imposing fines and penalties and requiring TitleMax to provide monetary restitution.