Stay away from “Loanmax”
And Rod Aycox!!!
In an effort to save my truck, I visited the Seabrook New Hampshire office of LoanMax asking to talk to the Manager, Michelle. But the clerk there informed me that she doesn’t come by but 3 times a week. So I asked to speak with the manager’s boss. The district manager. But I was told this lady “ELISA” doesn’t make an appearance but once every two weeks or so.
A fine practice for a company that will only give its “Victims” 15 days to recoup there property. Perhaps they stay away knowing that face-to-face Negotiations are impossible if they never come into the office and do all their work by Phone. But I digress…
the cashier managed to get ELISA on the phone and I told her the story of how Lori had made a bonehead move in using my truck as collateral for a loan, and now that I was aware of it, I could make an effort to repay that loan. ELISA told me that if I gave her $400.00 then she could hold the car for 5 extra days after the mandatory 15 days expired.
This was a lie on her behalf and an attempt to extort $400.00 dollars from me based on my ignorance of the “Car Title Loan” industry. In massachuttes, You get 21 days. She knew this, but was ready to take my money from me anyway.
When I asked for the name of her boss, She hung up on me. The more I learn about this company and its owner, Rod Aycox the less stupid I feel about how I got hoodwinked. In someways, I feel kindred with others that have been scammed by this guy. To bad there isn't a support group.
Cash-strapped consumers are being pushed into expensive, high-risk loans, using their automobiles as collateral, according to a new report by the Consumer Federation of America. CFA says car title lenders charge consumers 300 percent annual interest for small cash loans secured by the title to cars owned free and clear.
Loans are for a fraction of the car’s value, but failure to pay in full at the end of the month can lead to late-night repossessions by lenders holding a duplicate set of keys.
Title loans trap borrowers in perpetual debt through unaffordable balloon payments, high interest costs, and the threat of repossession, said Jean Ann Fox, director of consumer protection for Consumer Federation of America.
Title loans for up to half the value of the consumer’s car cost ten times more than it would to get an auto loan to finance the purchase of the same car.
Yep, that pretty much sums up what happened to me, only I never knew I had a loan until after my car was gone! Here is some links to consumer sites based on the bad behavior of these guys.
http://www.consumeraffairs.com/news04/2005/cfa_car_title_loans.html
http://www.consumerfed.org/releases2.cfm?filename=car_title_loans.txt
http://www.responsiblelending.org/issues/cartitle/
