ComplaintsforLoanmax

• Initial Complaint

  04/18/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  In 2018 I had a 1996 ***** Suburban that ********************* pawned my title to Loan Max at ****************************************** ********, ****. *****. With me as the lien holder. I never signed off on this seeing as the vehicle still was not paid off. I was contacted by an employee that I needed to sign off on it but I told them I would not do so seeing as the vehicle was still not paid off. The car was parked at ******************. About a month after I was called, I went back to retrieve the vehicle and I was informed that the vehicle had been repossessed by Source One. When the vehicle was repossessed I still had all of my belongings in the vehicle, including items that had sentimental value. I am trying to get my vehicle back or at least be compensated for the vehicle and the items that were inside. To this day I still have the title and I am the only lien holder of the vehicle. And the reason it has been a while and I'm just now seeking out about this is because I was incarcerated. When I was released and went to Loan Max, I discovered they were closed down.

  Business response

  04/19/2024

  We believe that ********************** complaint was directed to the wrong company.  ******** Financial Services, LLC d/b/a LoanMax does not have a customer by the name of "*******************************" or "Seconi *******" in our records.  Should ****************** like to discuss this matter further, he can contact the company's Assistant General Counsel, ******* at ************. 

• Initial Complaint

  04/13/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have been making payments towards my title loan and then received a phone call from LoanMax Title Loans that my loan is past due. I brought my current receipt in and they inform me that their system made a mistake on my account and now it's past due and I am responsible for the late fees. They are not willing to adjust the fees though it was their error.

  Business response

  04/17/2024

  Thank you for notifying us of ******************** complaint.  We appreciate this opportunity to respond. 

  The company operates in strict compliance with state and federal laws and an investigation of the grievance proved it committed no wrongdoing doing.  On November 30, 2023, **************** borrowed $1,004.00.  Because of the lower interest rate on the company's loans, the company does require that all borrowers maintain physical damage insurance on the vehicle they pledge as collateral.  The requirement to maintain such physical damage insurance, and Ms. ******* right to secure such insurance from any third-party insurance company she wished, were fully explained to her by the Company personnel and fully disclosed in the loan agreement.  The disclosure of this insurance requirement,and ******************** right to use any insurance provider of her choice, were provided in no less than three ways in the contract.  A review of Ms. ******* account reveals that she failed to provide proof of her own insurance coverage and has not been submitted her payments in a timely manner.  As a result, late fees and fees for the ************************* ("***") have been added to her account.  The *** fees is an amount that simply reimburses the Company for the amount it paid to the insurance company to add ****************** vehicle to the *** policy. 

  In closing, the company has committed no wrongdoing.  Nonetheless, should **************** want to discuss her account further, she can contact the company's Assistant General Counsel, ******* at ************.

• Initial Complaint

  04/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I received a loan for $1200, for the past year and a half I've been paying $516. Every time I'm close to paying it off,I have to refinance and it starts over.

  Business response

  04/09/2024

  Thank you for notifying us of **************' complaint.  *********** operates in strict compliance with state and federal laws and an investigation proved it committed no wrongdoing.  Nonetheless, the company is sorry that ************** is upset.  With that said, the company is willing to settle her account for a reduced amount.  We tried to reach ************** to discuss a mutually beneficial settlement arrangement, but were unsuccessful.  With that said, if ************** is interested in settling her account for a reduced amount, she should call us at ************ by April 15, 2024.  Thank you for your assistance. 

  Customer response

  04/15/2024

   
  Complaint: 21507807
  
  I am rejecting this response because:
  
  Sincerely,
  
  *********************

  Business response

  04/16/2024

  As previously stated, although the company committed no wrongdoing it is sorry that
  ************** is upset and therefore is willing to settle her account for a reduced amount. We tried
  to reach ************** to discuss a mutually beneficial settlement arrangement, but were unsuccessful. With that
  said, if ************** is interested in settling her account for a reduced amount, she should call us at ************
  by April 19, 2024. Thank you for your assistance.

• Initial Complaint

  03/25/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Loan Max claims to give you a title loan based off of your car title and no credit check. I told them I didnt want credit check several times and they kept saying they wouldnt check credit because didnt want to lower credit score. Then come to find out they ran my credit score twice when they were not authorized to do so. They talk over you and bully me if I have any question and concerns and dont let me communicate.

  Business response

  03/27/2024

  We can not locate a "Jameson ****** in our records.  With that said, please have ************** provide the address to the LoanMax office where he submitted his application, as well as the date he did so. 

  Thank you for your assistance. 

• Initial Complaint

  03/14/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  In March of 2023 I received a letter from LoanMax that stated my truck was sold at auction and the remaining money left after the company has been paid for everything that they were owed was entitled to me. The remaining money is nearly five thousand dollars. Since about August of 2023 I've called at least once a week inquiring about the status of the remaining funds that were said to be left to me. I have been told that a "email" was sent to a supervisor every time that i have called. But almost a year later not ONE email has been answered. When i ask to speak to the call centers supervisor i get transferred to a voicemail EVERY TIME and all my messages have NEVER been answered, and when i ask for a direct number to a different department such as the accounting department I am ALWAYS denied of my request and told that an "email" has been submitted. When i request to speak to the employee (******) that is over my account, it takes WEEKS if ever to get a call back and NO progress has ever happened to the account. Since about September of 2023, I've been calling at least two times a week inquiring about the money that was said to be owed to me and I feel like I am CONSTANTLY getting the "run around" and am given vague answers about the status of the money. Its been a few months shy of a YEAR and its all still in limbo!!! They were EXTREMELY QUICK to claim what was owed to the company (LoanMax) but they are dragging *&*& and prolonging time to give me what was stated that was owed to me!!! Its ***** IOULS that this is taking SOOOOO LONG!!!!!

  Business response

  03/18/2024

  Thank you for notifying us of ******************** complaint.  *********** operates in strict compliance with state and federal laws and has committed no wrong doing.  *********** has recently mailed a check to **************** via US Certified Mail.  (tracking: 7020 3160 0001 1126 7588)

• Initial Complaint

  03/08/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I took out the title loan for the amount of $700 I've been paying on it $170 a month they did not tell me none of that goes towards the principal only the interest so right now I am being financed or ***** 53 I made a payment this month for $252 $126 I paid towards the principal and that's all I paid apparently none of that money I've been paying every month since October didn't go towards the Jeep right now it is 1, 049 right now that I owe. By the time I go in and pay on the 27th it's going to be 1152. And I've been paying this since October the amount I paid was a little bit over $700 so far on the loan so basically I'm not getting anywhere except paying the interest rate every month and nothing is going towards the actual loan

  Business response

  03/13/2024

  Thank you for notifying the company of **************** complaint, we appreciate this opportunity to respond.    
  
              *********** operates in strict compliance with federal and states laws and an investigation into **************** grievance proved that the company committed no wrongdoing.  On July 20, 2023, ************** borrowed $500.00.  She agreed to pay her loan off in full on August 20, 2023. 
  The annual percentage rate and finance charge were fully disclosed to ************** by the companys personnel, and clearly disclosed in large, bold print at the top of her contract in compliance with the Federal Truth in Lending Act.  Further, based on the monthly income and expense information that ************** entered on her application, the loans scheduled monthly payment was within her ability to repay.  At no time did ************** indicate that she was confused about the terms of her loans. 
  
              A review of **************** account reveals that instead of paying her loan off in full when due, she elected to submit the minimum amounts needed to renew her contract for additional one-month terms.  Moreover, on October 28, 2023, she refinanced her contract and borrowed an additional $700.00.  Thereafter, ************** has only been submitting the minimum amounts needed to renew her contract instead of paying the loan off in full.  Despite **************** statements, a proper portion of her payments were properly applied to the principal balance.  As explained to *************, she can always submit more than the minimum amount needed to renew so that she lowers her outstanding principal balance.  Most of the companys customers pay off their loans in a short period of time, which significantly reduces the amount of interest and fees the borrower pays. 
  
              Notwithstanding the above, the company is a customer-focused lender and always tries to work with customers.  Therefore, in a good faith effort to resolve this matter, the company is willing to settle her account for a reduced amount, payable over time.  ***********s Assistant General Counsel,******* tried to reach ************** but was unsuccessful.  With that said, if ************** would like to take advantage of the companys offer, she should call ******* at ************,by March 19, 2024. 
  
              Thank you again for your assistance in this matter, as well as the opportunity to respond

• Initial Complaint

  02/26/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I took a loan out in 2018, Short story I was misled about charges. Payment amount due dates. Etc was sent a repossession letter and I requested within the 15 days that they proceed in court and long story short. I have not heard anything in 6 years. I have contacted our local office and requested to speak with a manager which she did call me back one time. Didn't leave return phone number. I reached back out to her and she still hasn't reached out again which has been almost a week. I have called corporate number twice and have been told I will be called back within 24 to 48 hours. Have never received one single call at all. I would like a call from corporate otherwise I will have to proceed with a lawyer.

  Business response

  03/04/2024

  Thank you for notifying the ******* of Ms. ******** complaint, we appreciate this opportunity to respond.    
  
              An investigation into Ms. ******** grievance proved the ******* committed no wrongdoing.  On March 22, 2018, ****************** borrowed $4,010.00.  ******************** contentions, the annual percentage rate and finance charge were fully disclosed to her by the *******s personnel, and moreover, clearly disclosed in large, bold print at the top of her contract in compliance with the Federal Truth in Lending Act.   Based on the monthly income and expense information that ****************** entered on her application, the loans scheduled monthly payment was within her ability to repay.  At no time did ****************** indicate that she was confused about the terms of her loans. 
  
              A review of Ms. ******** account reveals that she never submitted a payment. The ******* made every effort to work with her, but ****************** was uncooperative, broke several promises to pay and had limited communication with the *******.  Nonetheless, in a good faith effort to resolve this matter, the ******* is willing to settle her account for simply the principal amount borrowed, $4,010.00.  If ****************** would like to take advantage of this offer, she can contact the LoanMax office where she obtained her loan at ************, by March 13, 2024. 
  
              Thank you again for your assistance in this matter, as well as the opportunity to respond. 
  

• Initial Complaint

  02/19/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I took out a title loan from Loanstar Title Loans in August 2023. My car (2020 **** Ecosport) was repossessed on 11/2/23, due to my inability to make payments on the loan. The car was sold at auction in late November or early December of 2023. The car sold for more than what I owed on the loan and, I am due a refund of $3,917.90. Company representatives have stated to me several times since 12/27/23 that they have had the funds since December 13, 2023; however, they continue to give sketchy, unbelievable, and often inconsistent reasons/excuses as to why they still have not issued the refund to me. Therefore, I am requesting assistance from the BBB to hopefully expedite this matter.

  Business response

  02/26/2024

  An investigation proved the company committed no wrongdoing.  *********** has recently sent ************** a check via certified mail to the address in her complaint

  Customer response

  02/28/2024

   
  Complaint: 21312585

  
  Given my experiences with the companys dishonest actions and statements to me over the last few months (including but not limited to mailings they supposedly sent but I never received), I am rejecting this response.  The company has not provided a tracking number for nor have they provided a date as to when this check was allegedly mailed.  Furthermore, I cannot accept their response until I actually receive the alleged mailing with an actual check inside written for the correct amount, and successfully cash it at my bank.  
  

  
  
  Sincerely,
  
  ***************************

  Business response

  03/06/2024

  ************** received her check via certified mail on March 1, 2024.

• Initial Complaint

  02/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This is the 2nd title loan on this vehicle. This is a synopsis of the issue. I am attaching my full statement in a document. I have paid way more than what this car is worth. They offered me a settlement for $500 via text. They called corporate and corporate said they could settle for $1000. They said I could pay it in 4 equal payments but did not tell me an expiration date for the settlement. I paid half of the settlement amount ($500).They repoed my vehicle today. It still has front end and undercarriage damage. I told them that the repo company had to have damaged the car more. I was initially told it'd be $1660.26 to get my car back today ($453 for repo and $1207.26 - refinance). I told them (*******), that I could pay the rest of the $500 today just to be done dealing with them. She called her Area Manager, ****', and waited for him to call her back. They then had the audacity to say, I could pay $2500 to close my account completely out. Apparently, they revoked my settlement (without telling me) and then charged me interest for the past year making my balance over $3500. It should not have been repoed today. I spoke with someone in corporate and said I would pay at least $250 of the settlement on the 15th. This company is a scam. I asked to speak to corporate and was told she could send an email. I said, you just talked to someone in corporate on the phone. Allegedly they were going to call me today but I was told that wasn't likely because they close 30mins from my request. ******* also told me that I didn't make an effort to make a payment or partial payments. NOT TRUE. Someone in her office told me I couldn't make partial payments and the amount I wanted to pay wasn't worth it so not to call until I could make a full installment payment. Title loans are based on what the car is worth so how is a loan now going to be way more than a car's worth?

  Business response

  02/19/2024

  The company operates in strict compliance with state and federal laws and has committed no wrongdoing.  **************** had not submitted a payment toward her loan since May.  The settlement agreement had expired and she was aware of that fact.  After **************** defaulted on her settlement agreement, she eventually stopped communicating with the company altogether.  Therefore, after exhausting all available means of reaching ****************, the company was left with no other choice but to repossess its collateral.  However, the company is a customer focused business and always tries to work with customers as opposed to settling a vehicle.  With that said, in a good faith effort to assist ****************, the company settled her account and let her redeem the vehicle for a reduced amount.  **************** was satisfied with the resolution and on February 13, ****, submitted the reduced payment and retrieved her vehicle.  With that said, the company considers ******************** account closed and will assume the same with regards to this matter unless you should need anything further for your files. 

• Initial Complaint

  01/30/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I got a loan of One thousand dollars. I was told I have to pay an additional one hundred dollars on top of my monthly payment because its insurance for my car. I got the loan on April 28, 2023. I was informed somewhere in the country the same LoanMax company was doing the same thing but there was no insurance and possible it was a scam to get more money from the company. I have no way of checking if the insurance is true or not.

  Business response

  02/07/2024

  Please see attached 

*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. ↩