Avoid this Christmas “Gift”

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Was disappointed to view so many car title loan commercials during the army navy football game played on December 10 2016 in the United States of America.

The ripoff artist you see below in the Santa Claus costume informs financially desperate viewers that the loan application process is short because titlemax can pull up your car title in their database and qualify you for a loan in less than 30 minutes.  This is because your credit score, employment status, income level are not important because Santa Claus can repossess your vehicle if you quit making your monthly payment.

The actor paid by TitleMax you see in the picture below said he got $4000 in cash for the loan with his pickup used as collateral.  Note that at bottom of this loan shark television ad, the word pawn is used to describe the astronomically high interest rates. The mere association of pawn shop rates and actor portrayals should prevent any rational person from borrowing money for this online lender who lends at unfair usury rates.

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1 comment on “Avoid this Christmas “Gift”Add yours →

  1. TitleMax will badger you after they have repossesed and sold your car in the event you owe them more than what they could sell it for. For example if you ow $3,500, they repo the car and sell it at an auction for $1,500, they will attempt to collect the $2000. Be aware that the loan is a Non-Recourse loan, which means that once the collateral (i.e., car is repossesed and sold) the customer is no longer obligated to pay the balance. However, they will still harass you with phone calls and visits to your hacienda!

    They frequently call borrowers starting with the first instance of a missed payment. Then they will call your employer and references and if you ignore them, they will even come to your home. A bank, credit card company or other traditional type of lending entity will not contact you until 30 days after you missed a payment. TitleMax’s philosophy is to persist until you give in, at least that’s what they think. Customers who are having a hard time paying don’t appreciate being harassed and having all their contacts called. I don’t blame some of the people who stop paying because TitleMax is unrelenting in their collections methods. They will call reliable paying customers who pay on time the next day afer they miss their first payment!

    Also their annual percentage rate APR is 150%. Do not intertwine your financial matters with them. Your life will become pure hell!!

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