Complaints
This profile includes complaints for Community Choice Financial, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 441 total complaints in the last 3 years.
- 131 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.
Initial Complaint
Date:12/30/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I was late ona payment manger said if I pay 200 on dec 14 he was going to try and push it back the best he can I called and paid that money with the employee there that night I asked her what else is due to be able to make sure they dk t tow my car she said she didn’t know and I asked her to ask her manger to call me if there is any left. 4 days went by and I didn’t hear anything from them then the towed my car one hour before I was supposed to go to work. I called and he said it’s because I’d dint pay them. I informed him I did and ask your lady to have y call me if there was hurting left he said he didn’t tell her and that tj get my car back I needed to give the 1900 and I whe I did I would have to pick up my car from ogdan. I tired talking to the manger for the whole store and he said it was my fault because I didn’t pay but I did his employee did do her job. Then I told them my church was going to help me pay for that then. I went in with the my reliefs president and same girl said we could lot pay with credit card so I they gave me cash do go I mb on wensday I did same girl she said she could not take the payment. I called the next day let them know because there lady could not do her job I can’t come in anymore and he said she could take it she just didn’t know how. I told the girl that night to have her boss call me tomarrow. Again and she didn’t not tell him again. That’s why I called and they told me if I don’t give them the money they were going to sell my car on Monday and because of all this I lost my job and a 10000 car for 1 slow payment. I have version recording they do as well
Business Response
Date: 01/03/2025
*********************
Thank you for the opportunity to respond to the complaint
filed by ******* **** (Complainant).
TitleMax of Utah, Inc., DBA
TitleMax, a member of Community Choice Financial® family of
brands, appreciates the role of the Better Business Bureau in resolving
consumer concerns. We are happy to provide this response.
To summarize, the Complainant states they were late on a
payment and were told that if they paid $200.00, a manager would try and push
back their repossession. Four (4) days later, their vehicle was repossessed,
resulting in them having to pay more to get their vehicle back. They also claim
they came in with a church relief president to make a payment but was not
taken. They are requesting a refund of payment.
A review of TitleMax records revealed that on April 29, 2024,
the Complainant obtained a loan in the amount of $2,506.00 at a storefront in
Provo, UT. The Complainant granted a security interest in a 2013 Chrysler Town
& Country with a VIN ending in ******. The loan was contracted to be repaid
in thirty-five (35) monthly payments of $429.27 beginning May 30, 2024, and a
final payment of $429.25, due April 30, 2027. On May 24, 2024, the Complainant
made a payment of $119.94 and refinanced their existing loan of $2,506.00,
borrowing an additional $1,500.00. The loan was contracted to be repaid in thirty-five
(35) monthly payments of $611.20 beginning June 27, 2024, and a final payment
of $612.80, due May 27, 2027.
Payment history on the most recent refinance indicates there
have been eleven (11) payments made on the loan, although multiple payments
have been for less than the scheduled amount due. When the full scheduled
payment was not made on October 27, 2024, the account entered a past due status
and collection activities commenced as permitted by law. Due to continued
non-payment the vehicle was recovered on December 13, 2024, and a Notice to
Sell was mailed to the Complainant.
At the time of the loan origination and each refinance, the
Complainant signed a Title Loan Agreement, Promissory Note & Security
Agreement that clearly disclosed the annual percentage rate, finance charge,
amount financed, total of payments and the repayment schedule in accordance
with the Federal Truth-in-Lending Act and Regulation Z. By signing the loan
agreements, the Complainant acknowledged their understanding of the terms and
conditions of the loans.
As outlined in the signed agreement regarding vehicle
recovery: Lender’s Rights After Default: “Lender’s rights after
default are cumulative and not exclusive. If I default, Lender may make me
immediately pay all amounts outstanding under the Note. Upon default Lender may
repossess the Vehicle with or without judicial process. I may turn over the Vehicle
to Lender any time after default. In exercising its rights, Lender must always
act lawfully. I agree to pay Lender reasonable court costs and attorneys’ fees.
If I default in my payment obligations as further described in Section 10(a)
above, Lender will not repossess the Vehicle until after the Grace Period has
expired.”
Further to the point, on November 25, 2024, the Complainant
agreed to a Promise to Pay of a payment of $574.00 to be repaid on December 6,
2024, in which they were advised the vehicle would still be at risk of
repossession because the payment amount would not bring the account current.
The Complainant made two (2) payments online on December 6, 2024, which totaled
$196.73. Due to multiple broken commitments promising to pay, the vehicle was
placed for recovery.
In response to the Complainant’s claim that their loan payment
was not processed, please note that the form of payment provided was a credit
card. We do not accept credit cards as a valid form of payment for loan
accounts. Consequently, the payment could not be applied to the loan.
As we believe that the conditions of the loan were clearly
disclosed and cannot find any evidence of wrongdoing, a refund will not be
provided at this time. TitleMax strives for excellent customer service and
remains willing to work with the Complainant to assist them in paying back
their loan. We encourage the Complainant to contact Customer Preservation at
###-###-#### to inquire about redemption repayment options as soon as
possible.
We hope that we have fully addressed the complaint. Should
the Complainant or Better Business Bureau require
further explanation, we may be reached at *****************************
Sincerely,
*** – Consumer Complaints
** *** ***
********** ** *****Customer Answer
Date: 01/06/2025
************
I was not informed of the 500 something dallies I told 207 witch I I tired to pay online and it would not let me then I proceeded to call and pay with the rep and the store. I then asked her to have her manger call me if there was anymore that needed to be paid and I did not received a call back l.
Then 4 days after that my car was towed with no notice that it was being towed. Plus all my belongings in my car as well. I had then nodice the next day revived a letter in the mail that they were going to sell my car 3 days after not business days and it was the weekend and because she did not ask her manager to call me like I ask I have to pay the tow fee of 1000 plus and more cause I had to drive down to ogdan were in Provo to get the car and belongs.
When I went in to pay the 1900 with my church president they would not take credit card. So I came in the next night to pay it and the same lady said she could not make the take the money and u had to come in the next day. I informed her I could not I had work or I would lose my job.
I then called on the way to work to take to manger and I fined him what happened he then said that she could have taken it just didn’t know how. Then I got to my job and they fired me for being late for taking with him. I have recorded message of there convo and the lies they told plus how she did not do her job. Witch cause me to lose my car and job.
Regards,
******* ****Business Response
Date: 01/16/2025
**************
Thank
you for the opportunity to respond to the rebuttal referencing the complaint
filed by ******* **** (Complainant). TitleMax of
Utah, Inc., DBA TitleMax, a member of Community Choice Financial® family
of brands, appreciates the role of the Better Business Bureau in resolving
consumer concerns. We are happy to provide this response.
To
summarize, the Complainant requested a refund of the partial payments made on
December 6, 2024, totaling $196.73. TitleMax (“the Company”) respectfully
declines their refund request as the payments were properly applied to the past
due balance of their loan.
Please
note and as stated in the Notice of Our Plan to Sell the total amount necessary
to redeem the vehicle is $5,636.17. A temporary hold has been placed on the
sale of the vehicle; however, this hold is not indefinite. If the Complainant desires to redeem the
vehicle, we encourage them to contact Customer Preservation at ###-###-#### regarding
their repayment options as soon as possible.
We
hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we
may be reached at *****************************
Sincerely,
***
– Consumer Complaints
** *** ***
********** ** *****Initial Complaint
Date:12/23/2024
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I received a title loan for $7.000 I have paid them at least $21.000 or more and they still want more they told me I had to pay the interest and then the loan I have paid that and some I will not keep paying them more money this is so wrong for a business to get away with taking people moneyBusiness Response
Date: 12/27/2024
December 27,2024
Better Business Bureau
**************************************
RE: BBB Complaint ID ********
BBB Dispute Resolution Team:
Thank you for the opportunity to respond to the complaint filed by ******* ****** (Complainant).TitleMax of ***********, DBA TitleMax, a member of Community Choice Financial family of brands, appreciates the role of the Better Business Bureau in resolving consumer concerns. We are happy to provide this response.
To summarize, the Complainant states they have paid the interest and their loan plus some and will not keep paying more money. They are requesting no further contact.
TitleMax of ***********, DBA TitleMax is a registered Texas Credit ********************* (CSO) and assists consumers in obtaining loans from willing, unaffiliated lenders. TitleMax services the loan but is not a lender in *****. TitleMax charges a CSO fee in the amount permitted by Texas law.
A review of TitleMax records revealed that on July 25, 2022,the Complainant obtained a loan with ******************* Partnership in the amount of $6,433.00 at a storefront in ***********, **. The Complainant granted a security interest in a 2015 Chevrolet Malibu with a VIN ending in ******. The loan was contracted to be repaid in full in the amount of $7,332.04, due August 26, 2022. On August 26, 2022, the Complainant made a payment of $899.04 and refinanced their existing loan of $6,433.00. The loan was contracted to be repaid in full in the amount of $7,332.04, due September 27, 2022.
Between September 27, 2022, and November 9, 2024, the Complainant refinanced their loan on twenty-three (23) more occasions. During the refinance that occurred on May 1, 2024, the lender was changed to First Star Financial, LLC, however the loan terms did not change. The current refinance was completed on November 9, 2024, in which the Complainant made a payment of $352.26 and refinanced their existing loan of $6,064.08. The loan was contracted to be repaid in full in the amount of $6,907.83, due December 9,2024.
Payment history on the most recent refinance indicates there have been no payments made on the loan. When the payment was not made on December 9, 2024, the account entered a past due status and collection activities commenced as permitted by law. As of the date of this response, the Complainants account currently has a past due balance of $7,286.84 but is subject to change due to interest and/or fees that may be accruing.
At the time of the loan origination and each refinance, the Complainant signed Loan Agreement, Promissory Note & Security Agreement as well as a Credit Services Agreement that clearly disclosed the annual percentage rate, finance charge, amount financed, total of payments and the repayment schedule in accordance with the Federal Truth-in-Lending Act and **************** signing the agreements, the *********** acknowledged their understanding of the terms and conditions of the loans. Additionally, multiple refinances were completed by the Complainant using TitleMaxs online web application which allows the customer to move at their own pace to ensure full understanding of any and all documents presented to them prior to signing.
To address the Complainants concern regarding interest payments, as outlined in their signed loan agreement: Interest; Application of Payments; Prepayment: Interest will accrue daily on the outstanding principal balance. The interest rate is ******% per year. Interest accrues from the Loan Date until the Loan is paid in full. Interest accrues based on the number of days elapsed over a 365-day year [366 days in a leap year]. Lender calculates and charges interest, including interest on past due principal, under Chapter 302. If any finance charge or other fee is held invalid, the remainder shall remain in effect. Lender applies payments first to unpaid interest, then to fees, and then to unpaid principal. The Payment Schedule and Finance Charge above assume that I make all payments in full on the specified Payment Due Date(s). I will owe less interest to Lender if I prepay the Loan or pay early.If I pay Lender late or do not pay in full, I will owe more interest to Lender.I may prepay this Loan at any time without penalty.
Please note that the Complainant entered into thirty (30) day transactions with TitleMax each time they refinanced. Under a thirty (30) day transaction, the expectation is for the customer to pay in full on or before the expiration of the thirty (30) day term. Rather than paying the balance in full, however, the Complainant elected to pay any outstanding interest and fees, refinance the loan, and enter into a new transaction for an additional thirty (30) days on each occasion after that, thereby accruing additional charges. TitleMax encourages customers to use this product as a short-term financial solution. Paying more than the minimum payment due is also encouraged to help reduce the balance and interest fees. The balance may be paid back at any time with no penalty for early payoff.
We believe that the conditions of the loan were clearly disclosed and cannot find any evidence of wrongdoing. However, given the number of payments received, as a gesture of goodwill, TitleMax is willing to forgive the remaining outstanding balance of $7,284.97 and release the Complainants vehicle title. Please note TitleMax has honored the Complainants request for no contact so it is important that they initiate contact with the local store front at ************** by January 10, 2025 to make arrangements for a settlement agreement to be signed and the title returned.
We hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we may be reached at ************************************.
Sincerely,
BSG Consumer Complaints
PO Box 550
*******************Customer Answer
Date: 12/27/2024
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I accept the business's response to resolve this complaint.
Regards,
******* ******Initial Complaint
Date:12/20/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I am filing this complaint because I am at wits end with this company. I did a title loan a little over a year ago and due to unforeseen circumstances my car was repossessed
1. I was still in the timeframe to make the payment and they still repoed my car even after speaking with one of their representatives who had an attitude
2. Since I have gotten back my car, my car hasn’t been working the same since I tried calling to speak with someone but they are so quick to transfer you and give you an attitude without even letting you finish speak. They over charge you I made a payment and I received a call the next day stating I had an pass due amount that I need to pay I was confused and I explained to the rep that called that I already made a payment and got confirmation so how did I end up with a pass due balance …
she then said well your account says it’s pass due and you need to make a payment because interest is added daily
I ended up paying because last thing I needed was for my car to be repoed by them again… again my car hasn’t worked the same since I got it back and unfortunately I am still making payments
I called trying figure out better payment options and again all I got was a rep with an attitude and speaks over you and doesn’t give you a chance to finish speak nor ask questions !
Business Response
Date: 12/26/2024
**************
Thank
you for the opportunity to respond to the complaint filed by ****** ***** (Complainant).
TMX Finance of Florida, INC DBA InstaLoan, a member of Community Choice
Financial® family of brands, appreciates the role of the Better
Business Bureau in resolving consumer concerns. We are happy to provide this
response.
To
summarize, the Complainant alleges their car was repossessed even though they
were still within the timeframe to make a payment. They further allege their
vehicle has not been working correctly since retrieving the vehicle. They also
state they’ve been overcharged, had an unknown past due balance and received
unpleasant service from the representative. They would like a cancellation of
the account as they have paid more than the amount that was owed.
A
review of InstaLoan records reveals that on September 20, 2023, a single pay
loan was obtained in the principal amount financed of $2,797.55 at a storefront
in Fort Lauderdale, FL. The Complainant granted a security interest in a 2008
Honda Accord with a VIN ending in ******. The loan was contracted to be repaid
in full in the amount of $2,890.77 on October 20, 2023. On October 31, 2023,
the Complainant made a payment of $356.04 and refinanced their existing loan of
$2,574.75. The loan was contracted to be repaid in full in the amount of
$2,884.08, due on December 1, 2023. After no payment was made on December 1,
2023, the account went into past due status. After continued nonpayment, on
January 2, 2024, the vehicle was repossessed and a Notice to Sell was sent to
the address listed on the account. On January 15, 2024, the Complainant made
payment in the amount of $750.00, redeemed the vehicle and refinanced the loan.Between
January 15, 2024, and November 17, 2024, the Complainant refinanced their loan
on eleven (11) more occasions. The last refinance was completed on December 20,
2024, in which the Complainant made a payment of $114.17 and refinanced their
loan for the remaining balance of $2,568.60. The loan is contracted to be
repaid in full in the amount of $2,782.65 due on January 19, 2025.
Within
the complaint, the Complainant states that they made the payment well within
the time frame to make a payment. However, contrary to their claims, no payments
or attempts to refinance were made between October 31, 2023, and January 15,
2024. In addition, InstaLoan attempted to contact the Complainant and discuss their
loan and payment options but found communication difficult as it was often
unable to reach them, and they rarely responded to entity
correspondence. Accordingly, InstaLoan was left with no choice but to
exercise its rights under the loan agreement and recover the vehicle.
Contrary to their allegation, entity was within its rights to recover the
vehicle on the date of recovery. Please note InstaLoan always views
recovery of a vehicle as a last resort. Based on the above, InstaLoan was left
with no choice but to exercise its rights under the loan agreement.
Regarding
the Complainant allegation that their vehicle is not running the same since the
repossession. It should be noted the damage that the Complainant alleges
occurred when the vehicle was recovered by an unaffiliated third-party vendor,
and not while it was in InstaLoan’s possession. As such, any recourse the
Complainant may have will be with the recovery vendor.It
is important to note that at the time of the loan origination and each
refinance, the Complainant signed a Consumer Finance Loan and Security
Agreement that clearly disclosed the annual percentage rate, finance charge,
amount financed, total of payments and the repayment schedule in accordance
with the Federal Truth-in-Lending Act and Regulation Z. InstaLoan encourages
customers to use this product as a short-term financial solution and whenever
possible, pay off early to avoid accruing interest. The balance may be paid
back at any time with no penalty for early payoff. The expectation is for the
customer to pay in full on or before the expiration of the thirty (30) day loan
term. However, rather than paying the balance in full, the Complainant elected
to pay any outstanding interest and fees, refinance the loan and enter into a
new agreement for an additional thirty (30) days on each occasion thereby
accruing additional charges. Further to
the point, Section 2. Interest; Application of Payments; Prepayment of
the loan agreement states, in part:
Interest;
Application of Payments; Lender does not charge interest on fees. Interest
accrues from the Loan Date until the Loan is paid in full. Interest accrues
based on the number of days elapsed over a 365-day year. Lender calculates and
charges interest, including interest on past due principal, as permitted by
Chapter 516 and applicable regulations. To the extent permitted by law, for
purposes of determining Lender’s compliance with the law, Lender may calculate
charges by amortizing, prorating, allocating and spreading. As permitted by
Chapter 516, if two or more interest rates would apply to the Loan, Lender may
apply a blended annual rate of interest to the outstanding balance which, if
applied according to the actuarial method to each of the scheduled periodic
balances of principal, would produce at maturity the same total amount of
interest as would result from the application of the two or more rates
otherwise permitted, assuming that scheduled payments are made as agreed. If
any finance charge or other fee is held invalid, the remainder shall remain in
effect. Lender applies payments first to assessed and unpaid fees, then to
accrued and unpaid interest, and then to unpaid principal. The Payment Schedule
and Finance Charge above assume I pay all amounts in full on the Payment Due
Date. I will owe less interest if I prepay the Loan or pay early. If I pay late
or do not pay in full, I will owe more interest. I may prepay this Loan at any
time without penalty
By
signing the loan agreements, the Complainant acknowledged their understanding
of the terms and conditions of the loans.
InstaLoan
endeavors to assist our customers with all of their concerns and provide the
best service possible. We sincerely apologize for the poor customer service and
any frustration they may have experienced. We have forwarded the
Complainant’s claim to the appropriate members of management.
As
we believe that the conditions of the loan were clearly disclosed and cannot
find any evidence of wrongdoing, compensation will not be accepted at this
time. InstaLoan strives for excellent customer service and remains willing to
work with the Complainant to assist them in paying back their loan. We
encourage the Complainant to contact InstaLoan at ###-###-####
regarding questions about their account.
We hope that we have
fully addressed the complaint. Should the Complainant or the Consumer Financial
Protection Bureau require further explanation, we may be reached at ****************************
Sincerely,
*** – Consumer
Complaints
** *** ***
********** ** *****Customer Answer
Date: 01/17/2025
I am replying to a dispute I opened. Business name Instaloan/Titlemax some of the remarks they made aren’t true as far as how many months I owed for which led to repossession I only owe for December 2023 and some days In January 2024 because I had to come up with more than what I owe to obtain my car… they said something about my car not working to same since I got it back is not there fault or some to that effect because a third party was in possession of the car ! That third party is in association with them so that is not a valid excuse. I REJECT THEIR RESPONSE !!
Attached is a photo of my bank transaction that coincides with what I have written … highlighted is a payment made for a month that was stated that I owed forI would like to get this issue resolved especially what the impound did to my car I paid over a $1200 in fixtures plus labor… hoping to get this issue resolved.. I’ve paid more than enough to this company … once we get this resolved we don’t ever have to deal with each other again because I will never go back here !
Business Response
Date: 01/23/2025
******************
Thank
you for the opportunity to respond to the rebuttal referencing the complaint
filed by ****** ***** (Complainant). TMX Finance of Florida, INC DBA InstaLoan,
a member of Community Choice Financial® family of brands,
appreciates the role of the Better Business Bureau in resolving consumer
concerns. We are happy to provide this response.
To
summarize, the Complainant states they are rejecting our initial response due
inaccurate remarks.
InstaLoan
reiterates the statements provided in the previous response. The Complainant
states that they made the payment well within the time frame to make a payment
and provided a photo of their bank transaction. However, according to InstaLoan
records and contrary to their claims, no payments or attempts to refinance were
made between October 31, 2023, and January 15, 2024. InstaLoan was within their
rights to recover the vehicle on January 2, 2024. Regarding the alleged damage
to the vehicle, the Complainant will need to contact the unaffiliated third-party
vendor, ********* **** ******* at ###-###-#### and
file a claim.
We
hope that we have fully addressed the complaint. Should the Complainant or the Better
Business Bureau require further explanation, we may be reached at ****************************
Sincerely,
*** – Consumer
Complaints
** *** ***
********** ** *****Customer Answer
Date: 01/23/2025
why should I have to contact insurance auto auction I had have no business with them insta loan does I didn’t make any payments to them nor was I in contact with them about my car everything went through insta loan all I did was pick my car up from ********* auto ******** auction lot insta loan needs to resolve this !
Regards,
****** *****Initial Complaint
Date:12/17/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Greetings, my name is ****** *******
I have a car title loan out with the company "Title Max". I have been a customer with them for years. I have also paid them every month. However, I have switched jobs and in between payments at the moment. Therefore, my check was only 500 dollars, which is 168 dollars less than my payment owed for the month.
I have explained to them that I could make a partial payment or the full payment at the end of the month which is December 30, 2024. (Which will still by the way be in the same month). I was told that they would not work with me regardless of if a situation is out of my control or not. They also told me that my car would be at risk to get picked up even if I make a partial payment.
I was told that I could not extend a due date when I made them aware of the situation weeks ago. However, I spoke to another employer at the store who told me that I could have had my due date extended if I were to refinance my account. I was told that they had no record of discussing that with me.
I have contacted customer service, which they told me the same information in which the individuals at the store location did and they would file a complaint on my behalf. Although I am aware that every company has policies, there should be grace given to customers of long periods, especially if a situation is out of their control, the payment will still be made within the same month of when its due, if false information was given over the phone, and the situation could be handled better.
Now, I am emotionally stressed and am having anxiety from the thought of my car possibly being picked up, my special needs children and myself not being able to have transportation for school, work, doctor's appointments, and a risk of losing my new job that I've worked very hard to get.
I hope that the company would have some sort of integrity, grace, and virtue for customers such as myself.
Business Response
Date: 12/23/2024
*******************
Thank you for the opportunity to respond to the complaint
filed by ****** ****** (Complainant).
TitleMax of Texas, Inc., DBA TitleMax, a member of Community Choice Financial® family of brands, appreciates the role of the Better Business Bureau in
resolving consumer concerns. We are happy to provide this response.
To summarize, the
Complainant states they started a new job and were told by the store location
they could not do an extension on their payment to the end of December even
though they were told by customer service that they could do an extension by
completing a refinance. They feel they were given false information the first
time and request an extension to December 30, 2024, to avoid their vehicle
being picked up.
TitleMax of
Texas, Inc., DBA TitleMax is a registered Texas Credit Services Organization
(“CSO”) and assists consumers in obtaining loans from willing, unaffiliated
lenders. TitleMax services the loan but is not a lender in Texas. TitleMax
charges a CSO fee in the amount permitted by Texas law.
A review of
TitleMax records revealed that on June 24, 2024, the Complainant obtained a
loan with First Star Financial, LLC, in the amount of $1,033.00 at a storefront
in Houston, TX. The Complainant granted a security interest in a 2009 Lexus RX
350 with a VIN ending in ******. The loan was contracted to repaid in a total
of five (5) payments due monthly beginning July 27, 2024, with the first
payment being $201.83, the following three (3) payments in the amount of
$188.04, and a final payment of $1,264.93, which represents the final CSO fee
along with the principal and interest to the lender, due November 27, 2024. On
June 24, 2024, the Complainant refinanced their existing loan of $1,033.00,
borrowing an additional $700.00. The loan was contracted to be repaid in full
in the amount of $2.063.15, on July 27, 2024. Please note at the time of this refinance, the loan product
was changed to a 30-day model.
Between June 30,
2024, and October 15, 2024, the Complainant refinanced their loan on five (5)
more occasions, borrowing an additional $2,586.00 total. The current refinance
was completed on October 15, 2024, in which the Complainant made a payment of
$577.29 and refinanced their existing loan of $3,963.02, borrowing an
additional $336.00. The loan product changed once more to a 150-day model. The
loan was contracted to be repaid in a total of five (5) payments due monthly
beginning November 16, 2024, with the first payment being $723.63, the
following three (3) payments in the amount of $678.38, and a final payment of
$5,155.50, which represents the final CSO fee along with the principal and
interest to the lender, due March 16, 2025.
Payment history
on the most recent refinance indicates there has been one (1) payment made on
the loan. When the payment was not made on December 16, 2024, the account
entered a past due status. As of the date of this response, the Complainant’s
account currently has a past due balance of $678.38 but is subject to change
due to interest and/or fees that may be accruing.
At the time of
the loan origination and each refinance, the Complainant signed a Loan
Agreement, Promissory Note & Security Agreement that clearly discloses
clearly discloses the annual percentage rate in accordance with the Federal
Truth-in-Lending Act and Regulation Z.
By signing the
loan agreement, the Complainant acknowledged their understanding of the terms
and the conditions of the loans.
To address the
Complainant’s request for an extension, please note that prior to signing the agreement,
TitleMax not only advised the Complainant of the terms and conditions of the agreement,
but they were also given the opportunity to examine the agreement and its
contents and provided with electronic access to copies of the loan documents.
Further to the point, by signing the agreement, the Complainant agreed to make
the payment amounts and due dates as outlined in the document. The Complainant
would first need to pay the past due amount, and any interest accrued in order
to refinance the loan.
TitleMax believes
that the conditions of the loan were clearly disclosed and finds no discrepancy
or concern in how the transaction was processed. We encourage the Complainant
to call Customer Service at ###-###-#### with any
other questions regarding their loan.
We hope that we have fully addressed the complaint. Should
the Complainant or Better Business Bureau require
further explanation, we may be reached at *****************************
Sincerely,
*** – Consumer Complaints
** *** ***
********** ** *****Initial Complaint
Date:12/14/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I do not have an account/loan with titlemax yet was charged $3000 and want it backBusiness Response
Date: 12/18/2024
December 18,2024
Better Business Bureau
**************************************
RE: BBB Complaint ID ********
BBB Dispute Resolution Team:
Thank you for the opportunity to respond to the complaint filed by ******** ******* (Complainant).TitleMax, a member of Community Choice Financial family of brands,appreciates the role of the Better Business Bureau in resolving consumer concerns. We are happy to provide this response.
To summarize, the Complainant states they do not have an account with TitleMax,but they were charged $3,000.00. They are requesting a refund.
Based on the Complainants information provided within the Better Business Bureau complaint, we are unable to identify a customer account with TitleMax without obtaining further identifying information. If the Complainant believes they have an account with TitleMax, they are encouraged to contact TitleMax directly at ************** to provide further identification so that any existing account may be located, and an appropriate investigation can be conducted.
To resolve the issue of the unauthorized transaction, we urge the Complainant to initiate a dispute with their bank for the pending amount of $3,000.00.
We hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we may be reached at ************************************.
Sincerely,
BSG Consumer Complaints
PO Box 550
*******************Initial Complaint
Date:12/12/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Upon attempting to conduct business with titlemax representative who identified herself as "***" She collected my documents and went to the back to make copies which turned into her arguing on her cell phone and carrying on redneck antics, when I let her know I was here to conduct private business I did not want to discuss confidential finances or credit score or my documents with whoever she was on the phone with she became irate, threatened physical violence, I asked for my original documents back and she hesitated, but provided but refuse to return my copies. The next day I am getting alerts from credit karma that multiple store accounts had been applied to in my name from the day prior, that majority from ******* outlet stores located near this titlemax. I did not apply to multiple store cards I believe the unprofessional employee intentionally created accounts and submitted hard inquiries to bring my credit score down. Multiple calls to the store have been disconnected from ***, not allowing me to seek resolution from management.Business Response
Date: 12/18/2024
December 18, 2024
Better Business Bureau
*************************************
RE: BBB Complaint ID ********
BBB Dispute Resolution Team:
Thank you for the opportunity to respond to the complaint filed by ***** ******** (Complainant). TitleMax,a member of Community Choice Financial family of brands,appreciates the role of the Better Business Bureau in resolving consumer concerns. We are happy to provide this response.
To summarize, the Complainant states that they expressed concerns regarding privacy when store personnel used their phone while making copies of personal documents. The *********** alleged store personnel threatened physical violence when they asked for the documents to be returned. The Complainant further purports multiple credit inquiries have occurred at stores located in close proximity of the TitleMax.
Based on the information provided, there is not enough information to thoroughly investigate the Complainants allegations. Therefore, the Complainant is encouraged to submit and evidence of the credit inquiries along with the location of the alleged incident to ************************************. Upon receipt of the additional information, the company will investigate their claims.
Should the Better Business Bureau require further explanation, we may be reached at ************************************.
Sincerely,
BSG Consumer Complaints
PO Box 550
*******************Initial Complaint
Date:12/09/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
On December 3 i paud ONE payment to Title Max which i do EVERY month on the 3rd. I was charged Two payments of 358.51 INSTEAD of one! They will NOT credit mt account one payment. I never pay 2 at a time. Lots of excuses..the ITT wont ket the nanager!!! Called tge nain office. They ALWAYS put it back on the local store. Thus IS AL OBVIOUS HARDSHIP FIR ME AND CLEARLY WRONG. I AM 72 YES OLDBusiness Response
Date: 12/17/2024
***************
Thank
you for the opportunity to respond to the complaint filed by ********* ****** (Complainant). TMX Finance of Tennessee, Inc., DBA
TitleMax, a member of Community Choice Financial® family of brands,
appreciates the role of the Better Business Bureau in resolving consumer
concerns. We are happy to provide this response.To
summarize, the Complainant states they only make one payment each month, but a
double payment was taken. They want a refund back on one of the payments.
A
review of TitleMax records revealed that on September 19, 2018, the Complainant
obtained a line of credit with a credit limit of $1,850.00 at a storefront in
Cookeville, TN, with an initial advance of $250.00. The Complainant granted a
security interest in a 1999 Toyota Camry with a VIN ending in ******. The first
payment of $78.43 was due on October 20, 2018, and a second payment of $195.31
was due on November 20, 2018. Both payments were honored.
At origination, the Complainant acknowledged
the terms and conditions of the loan by signing the Line of Credit Account
Motor Vehicle Pledge and Security Agreement. The agreement clearly discloses
the interest rate in accordance with the Federal Truth in Lending Act and
Regulation.
In
response to the double payment, please note that the partial amount of $55.34
from the first payment and $59.99 from the second payment were applied directly
to the Complainant’s principal balance, resulting in an available credit. Unfortunately,
we are unable to void, refund, or reverse the payment as there has been a draw
of $115.61 on the account after the duplicate payment was made.
TitleMax
believes that the conditions of the loan were clearly disclosed and finds no
discrepancy or concern in how the transactions were processed. We encourage the
Complainant to contact their local TitleMax store at ###-###-#### with any
other questions regarding this account.
We
hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we
may be reached at *****************************
Sincerely,
***
– Consumer Complaints
** *** ***
********** ** *****Customer Answer
Date: 12/19/2024
I Specifically Told th3m immediately it was a mistake Have Never paid 2 s7ch large payment at once in 5 yrs!! THEY SHOULD AND WILP BE SHUT DOWN BY ***** FOR THIS TYPE OF PREDATORY LENDING AND REFUSAL TO LISTEN TO A CLEAR MISTAKE IMMEDIATELY
Regards,
********* ******Initial Complaint
Date:12/09/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
This business used to be great but last year there dm never did anything about there employees abusing customers I even had one chase me out the door trying to get physical.
Last year I had major surgery dun I had alot of metal removed from my right leg. I was told that it was a two year recover time. I couldn't drive walk or do basic things. The dm called me a drug addict because I told him I couldn't drive or make the money I needed. I still paid what I could up till they repo my daughter's vehicle I built for her.
I told him 10years of being a loyal customer and u can't do anything for me. Nope fu pay me was the response. I busted my **** to pay 100 here 160 there my payments were 214 a month. This dm had zero respect and didn't care about nothing or nobody. They never sent letters either when my phone was disconnected for non payment. I was abused by this business and I'm hopeing they all lose there jobs and go to jail for fraud.
I lost several debit cards because of them and they way they handled there online stuff for payments. Dude even laughed at me when I said I would be joining the class action. They refused to pay for the damages they caused when ripping the car out of my driveway they damaged my other vehicle and destroyed my new driveway that my landlord paid for.these people r leagl loan sharks there is no better word for it.
Between my bank cards info being stolen and my kids car I wish they lost everything so they know how it feels. These people hurt me and my family and laughed about it as if I was trash.
I really hope nobody ever uses this company because they do is steal money and cars. I'm glad I had 2 other cars and I had to buy my daughter another car because of they did. If u enjoy being kicked while u r down this is the place for u. All I want is my money back that I paid for my cavalier all of it they stole it and laughed. don't br a victim stay away from this place they really will *** u blind just like they did to me. 10 years for nada.
Business Response
Date: 12/18/2024
December 18, 2024
Better Business Bureau
****************
*****************
RE: BBB Complaint ID ********
BBB Dispute Resolution Team:
Thank you for the opportunity to respond to the complaint filed by ******** Dinegar (Complainant). TitleMax of Arizona****** DBA TitleMax, a member of the Community Choice Financial (the Company) family of brands, appreciates the role of the Better Business Bureau in resolving consumer concerns. We are happy to provide this response.
To summarize, the Complainant claims, among other things, that they never received correspondence regarding late payments. They further state they received unpleasant customer service, and the company refused to pay for damage to their driveway during repossession. They are requesting a $20,000.00 refund.
A review of TitleMax records reveals that on January 18, 2022, a loan was obtained in the principal amount of $700.00 in ****** AZ. The Complainant granted a security interest in a 2004 Chevrolet Cavalier with a VIN ending in ******. The loan was contracted to be repaid in twenty-three (23) payments of $114.09 due monthly beginning on March 04, 2022, and a final payment of $113.53 due on February 04, 2024. On February 09, 2022, the Complainant made a payment of $75.89 and refinanced their existing loan of $700.00, borrowing an additional $400.00. The loan was contracted to be repaid in twenty-three (23)payments of $173.80 due monthly beginning on March 15, 2022, and a final payment of $172.18 due on February 15, 2024.
Between October 19, 2022, and December 14, 2022, the Complainant refinanced their loan twice and borrowed an additional $475.00. According to the last refinance agreement, the Complainant was to make twenty-three (23) payments of $196.15 due monthly beginning on January 12, 2023, and a final payment of $194.43 due on December 12, 2024. A review of the payment history on the most recent refinance indicates seven (7) installment payments of $196.15 were made on the loan before defaulting on the loan. Due to continued nonpayment, on September *******, the vehicle was recovered and a Notice of Plan to Sale was sent to them. The Notice of Plan to Sale advised the customer the vehicle would be sold some time after September 30, 2023, unless the Complainant paid the total amount owed on the vehicle. No additional payments or attempts to refinance were made and the vehicle was sold on November 13, 2023.
Within the complaint, the Complainant stated that they never received a letter regarding late payments when their telephone number was disconnected. Please note that TitleMax always views recovery of a vehicle as a last resort. Please note, there is no statutory requirement in the state of Arizona to send late notices or rights to cure before recovery of a vehicle. In addition, the first page of the agreement has the payment schedule which sets forth the number of payments, the amount of each payment, and the due date of each payment. TitleMax personnel explained the terms and conditions to the Complainant, and they were provided with copies of the same. By signing the loan agreement, the *********** indicated that they understood and agreed to the terms of the loan including the payment and due dates.
In response to the Complaint stating that they have lost several debit cards based on how the company handle online payments. We are unaware of any incidents regarding the Complainant having to replace several debit cards due to our online payments. TitleMax take incidents as such seriously, and we asked that the Complainant provide any information regarding these supposed incidents to **************************** for a thorough investigation.
In response to the alleged damage to their driveway. It should be noted the damage that the Complainant alleges occurred when the vehicle was recovered by an unaffiliated third-party vendor; any recourse the Complainant may have will be with the recovery vendor. As such, the Complainant will need to contact the third-party repossession company **************************** of Arizona *** at *************.
TitleMax endeavors to assist our customers with all of their concerns and provide the best service possible. We sincerely apologize for any poor customer service and any frustration they may have experienced. We have forwarded the Complainants claim to the appropriate members of management.We hope that we have fully addressed the complaint. Should the Complainant or the Better Business Bureau require further explanation, we may be reached at ****************************
Sincerely,
BSG Consumer Complaints
**********************
******, ** 43017Initial Complaint
Date:12/09/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
In August 2023 I got a loan in the amount of 1200. In May of 2024 i refinanced and received another 800 making my total 2000. Since then I have been paying 434.00 a month. I have called and asked why i keep making payments and my balance never goes down and I was informed that I am also being charged 13 dollars per day. I am so confused by this because my balance never changes. There is no way that this loan should not be paid off by now. This company takes advantage of people daily and its ridiculous.Business Response
Date: 12/11/2024
*************
Thank
you for the opportunity to respond to the complaint filed by ****** ****** (Complainant).
TitleMax of Delaware, Inc., DBA TitleMax, a member of Community Choice
Financial® family of brands, appreciates the role of the Better
Business Bureau in resolving consumer concerns. We are happy to provide this
response.
To summarize, the
Complainant states their balance never goes down despite making payments of
$434.00 a month and they feel the loan should be paid off by now. They want
their payments directed to the account correctly and want to resolve this
situation.
A review of
TitleMax records revealed that on August 31, 2023, the Complainant obtained a
loan in the amount of $1,255.00 at a storefront in Dover, DE. The Complainant
granted a security interest in a 2008 Hyundai Entourage with a VIN ending in
******. The loan was contracted to be repaid in twenty-three (23) monthly
payments of $247.68, beginning October 6, 2023, and a final payment of $247.21,
due September 6, 2025. On May 7, 2024, the Complainant made a payment of $7.84
and refinanced their existing loan of $1,255.00, borrowing an additional
$800.00. The loan was contracted to be repaid in twenty-three (23) monthly
payments of $367.67, beginning June 14, 2024, and a final payment of $368.65,
due May 14, 2026.
The current
refinance was completed on July 2, 2024, in which the Complainant made a
payment of $275.14 and refinanced their existing loan of $2,055.00, borrowing
an additional $600.00. The loan was contracted to be repaid in thirty-five (35)
monthly payments of $434.56, beginning August 9, 2024, and a final payment of
$433.38, due July 9, 2027. Payment history on the most recent refinance
indicates there have been five (5) payments made on the loan. As of the date of
this response, the Complainant’s account is current with the next scheduled
payment due January 9, 2025.
At the time of
loan origination and each refinance, the Complainant signed a Loan Agreement,
Promissory Note and Security Agreement that clearly disclosed the annual
percentage rate, finance charge, amount financed, total of payments and the
repayment schedule in accordance with the Federal Truth in Lending Act and
Regulation Z. It is also important to note that a TitleMax employee explained
the terms and conditions to the Complainant. Furthermore, the Complainant has
completed their refinances using TitleMax’s online web application which allows
the customer to move at their own pace to ensure full understanding of any and
all documents presented to them prior to signing. By signing the agreements,
the Complainant acknowledged their understanding of the terms and conditions of
each agreement. In addition, due to requesting additional funds on the current
refinance which made the amount financed exceed $2,500.00, as a result the
length of their loan term was increased to thirty-six (36) months, but the
Complainant may make additional payments or elect to pay off at any time.
To address the
Complainant’s concern regarding the balance and interest charged as stated in
their signed agreement: Interest; Application of Payments; Prepayment:
“Interest will accrue daily on the outstanding principal balance. The interest
rate is 191.8800% per year. Interest accrues from the Loan Date until the Loan
is paid in full. Interest accrues based on the number of days elapsed over a
365-day year. Lender calculates and charges interest, including interest on
past due principal, under Delaware law. If any finance charge or other fee is
held invalid, the remainder shall remain in effect. Lender applies payments
first to unpaid interest, then to fees, and then to unpaid principal. The
Payment Schedule and Finance Charge above assume that I pay all installments in
full on the Payment Due Dates. I will owe less interest if I pay early or
prepay. If I pay late or do not pay in full, I will owe more interest. I may
prepay this Loan at any time without penalty.”
We believe that
the conditions of the loan were clearly disclosed and cannot find any evidence
of wrongdoing. The Complainant’s payments have been applied correctly according
to their signed agreements. We encourage the Complainant to contact the local
store front at ###-###-#### with any questions regarding their account.
We
hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we
may be reached at ****************************.
Sincerely,
***
– Consumer Complaints
** *** ***
********** ** *****Customer Answer
Date: 12/11/2024
This isn’t adding up and the pictures show that I have even more it wouldn’t let me add them all
Regards,
****** ******Business Response
Date: 12/17/2024
*************
Thank
you for the opportunity to respond to the rebuttal referencing the complaint
filed by ****** ****** (Complainant). TitleMax of
Delaware, Inc., DBA TitleMax, a member of Community Choice Financial® family
of brands, appreciates the role of the Better Business Bureau in resolving
consumer concerns. We are happy to provide this response.
To summarize, the
Complainant states they are rejecting the response because the pictures they
have do not add up to the previous response.
A review of
TitleMax records revealed that on August 31, 2023, the Complainant obtained a
loan in the amount of $1,255.00 at a storefront in Dover, DE. The Complainant
granted a security interest in a 2008 Hyundai Entourage with a VIN ending in
******. The loan was contracted to be repaid in twenty-three (23) monthly
payments of $247.68, beginning October 6, 2023, and a final payment of $247.21,
due September 6, 2025. On May 7, 2024, the Complainant made a payment of $7.84
and refinanced their existing loan of $1,255.00, borrowing an additional
$800.00. The loan was contracted to be repaid in twenty-three (23) monthly
payments of $367.67, beginning June 14, 2024, and a final payment of $368.65,
due May 14, 2026.
The current
refinance was completed on July 2, 2024, in which the Complainant made a
payment of $275.14 and refinanced their existing loan of $2,055.00, borrowing
an additional $600.00. The loan was contracted to be repaid in thirty-five (35)
monthly payments of $434.56, beginning August 9, 2024, and a final payment of
$433.38, due July 9, 2027. Payment history on the most recent refinance
indicates there have been five (5) payments made on the loan.
We do apologize
for any confusion that the previous response caused. The most recent payment of
$434.56 was made via debit card on December 10, 2024. As of the date of this
response, the Complainant’s account is current with the next scheduled payment
due January 9, 2025.
We believe that
the conditions of the loan were clearly disclosed and cannot find any evidence
of wrongdoing. The Complainant’s payments have been applied correctly according
to their signed loan agreement. We encourage the Complainant to contact Customer
Service directly at ###-###-#### with any other
questions regarding their account.
We
hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we
may be reached at *****************************
Sincerely,
*** – Consumer Complaints
** *** ***
********** ** *****Customer Answer
Date: 12/26/2024
It is ridiculous that this person is saying that i knew that i would be charged 13 dollars daily on top of paying monthly how do you suppose people ever get this paid off. I reject this response because its ridiculous. If this complaint is not taken seriously i will take it to another agency. This company is a rip off. If you are a day late they put you in repossession status from what the customer service girl told me. This loan should have been paid off.
Regards,
****** ******Initial Complaint
Date:12/02/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I received a loan rather problem is every time I pay I'm only paying to renew if I don't have the full amount I borrowed the 200.00 I'm paying monthly is just to renew the balance stays the same I'm paying 200.00 just for them to tell me I still owe nothing comes off the 200.00 they are just keeping this is robbery no one should be treated this wayBusiness Response
Date: 12/10/2024
Thank
you for the opportunity to respond to the complaint filed by ****** ****** (Complainant).
TMX Finance of Florida, INC DBA InstaLoan, a member of Community Choice
Financial® family of brands, appreciates the role of the Better
Business Bureau in resolving consumer concerns. We are happy to provide this
response.
To
summarize, the Complainant states every time they make a payment, they are only
paying to renew if they don’t pay the full amount. They further state after
payment the balance continues to stay the same. The Complainant’s desired
resolution is a refund.
A review
of InstaLoan records revealed that on November 11, 2023, a loan was obtained in
the principal amount financed of $1,033.60 at a storefront in Fort Lauderdale,
FL. The Complainant granted a security interest in a 2009 Volkswagen Tiguan
with a VIN ending in ******. The loan was contracted to be repaid in full in
the amount of $1,083.81 on December 11, 2023. However, to the extent they
chose not to repay the entire balance, they could, at a minimum, pay the minimum
refinance payment amount, satisfy the underwriting criteria, and enter into a
new loan for an additional thirty (30) days. On December 7, 2023, the Complainant made a
payment of $143.09 and refinanced their existing loan of $924.75. The loan was
contracted to be repaid in full in the amount of $1,080.58, on January 6, 2024.
Between January
6, 2024, and August 26, 2024, the Complainant refinanced their loan on six (6) occasions,
borrowing an additional $109.00 total. The final refinance was completed on
August 26, 2024, in which the Complainant made a payment of $189.56 and
refinanced the remaining balance of $1,032.78. The loan was contracted to be
repaid in full in the amount of $1,197.12, on September 25, 2024. A review of
the payment history on the most recent refinance indicates there have been no
payments made on the loan. When the payment was not made on September 25, 2024,
the account was placed in a past due status. The Complainant currently has a
past due balance of $1,163.48.At the time of loan origination and each
subsequent refinance, the Complainant signed a loan agreement that clearly discloses the annual
percentage rate, finance charge, amount financed, total of payments and the repayment schedule
in accordance with the Federal Truth-in-Lending Act and Regulation Z.InstaLoan encourages customers to use this
product as a short-term financial solution and whenever possible, pay off early to avoid
accruing interest. The balance may be paid back at any time with
no penalty for early payoff. The expectation is for the customer to pay in full
on or before the expiration of the thirty (30) day loan term. However, rather
than paying the balance in full, the Complainant elected to pay any outstanding
interest and fees, refinance the loan and enter into a new agreement for an
additional thirty (30) days on each occasion thereby accruing additional
charges. Further to the point, Section
2. Interest; Application of Payments; Prepayment of the loan agreement states,
in part:“Interest will accrue daily on the outstanding
principal balance. The interest rate is 35.9500% per year. Interest accrues
from the Loan Date until the Loan is paid in full. Interest accrues based on
the number of days elapsed over a 365-day year Lender calculates and charges
interest, including interest on past due principal, as permitted by Chapter 516
and applicable regulations. If any finance charge or other fee is held invalid,
the remainder shall remain in effect. To the extent permitted by law, for
purposes of determining Lender’s compliance with the law, Lender may calculate
charges by amortizing, prorating, allocating and spreading. Lender applies
payments first to unpaid interest, then to fees, and then to unpaid principal
The Payment Schedule and Finance Charge above assume that I make all payments
in full on the specified Payment Due Date. I will owe less interest to Lender
if I prepay the Loan or pay early. If I pay Lender late or do not pay in full,
I will owe more interest to Lender. I may prepay this Loan at any time without
penalty.”By signing the loan agreement, the Complainant
acknowledged their understanding of the terms and conditions of the loan.
As we believe that
the conditions of the loan were clearly disclosed and cannot find any evidence
of wrongdoing, a refund will not be provided at this time. InstaLoan strives
for excellent customer service and remains willing to work with the Complainant
to assist them in paying back their loan. We encourage the Complainant to
contact InstaLoan at ###-###-#### for additional
questions or concerns regarding their account.
We
hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we
may be reached at *****************************
Sincerely,
*** – Consumer Complaints
** *** ***
********** ** *****Customer Answer
Date: 12/11/2024
only received 400 or 690 at the beginning and I been paying almost 200 for a year and the balance is still as though I paid nothing this is robbery they are robbing people I'm paying almost 200 a month just for you to say I still owe the full balance this is wrong they are robbing people!
Regards,
****** ******Business Response
Date: 12/18/2024
***********
Thank
you for the opportunity to respond to the complaint filed by ****** ****** (Complainant).
TMX Finance of Florida, INC DBA InstaLoan, a member of Community Choice
Financial® family of brands, appreciates the role of the Better
Business Bureau in resolving consumer concerns. We are happy to provide this
response.
To
summarize, the Complainant rejects the company’s response to their original complaint
and further claim to have paid almost $200.00 a month for a year but still owe
the full balance. As indicated on the first page of each agreement bearing the
Complainant’s name:“THE LOAN REPRESENTED BY THIS NOTE IS AN
EXPENSIVE LOAN INTENDED TO MEET SHORT-TERM CASH NEEDS. IT IS NOT INTENDED TO
MEET LONG-TERM FINANCIAL NEEDS.”The
Complainant entered into a thirty (30) day loan where the expectation was for
the loan to be paid in full by the end of the term. However, instead of paying
the loan in full at the end of the thirty (30) day term, the Complainant
elected to pay the minimum refinance amount and enter into a new thirty (30)
day transaction. Prior to signing the agreement, InstaLoan personnel not only
advised of the Complainant of the terms and conditions of the loan, but they
were also provided with electronic access to copies of the same. These terms included
but were not limited to additional fees associated with refinancing the loan.We believe that
the conditions of the loan were clearly disclosed and cannot find any evidence
of wrongdoing. InstaLoan strives for excellent customer service and remains
willing to work with the Complainant to assist them in paying back their loan. As
of the date of this response, the Complainant has a past due balance of
$1,163.48. We encourage the Complainant to contact InstaLoan at ###-###-#### for additional questions or concerns
regarding their account.
We
hope that we have fully addressed the complaint. Should the Complainant or Better Business Bureau require further explanation, we
may be reached at *****************************
Sincerely,
*** – Consumer Complaints
** *** ***
********** ** *****Customer Answer
Date: 12/19/2024
They are just robbing people I have been paying almost $200 for over a year and the balance is still the same that I owe I was paying 163.00 and change just to receive a new paperwork stating I still owe the whole balance 163.00 for nothing this is robbery they keep doing it because nothing is being done this is wrong I'm not paying anymore this is wrong!
Regards,
****** ******
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