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Dwayne B.
Dwayne B., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 33784
Experience:  Practicing for over 20 years and handled many cases and trials for consumers.
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I took a title loan out with Titlemax and was lied to and not

Customer Question

I took a title loan out with Titlemax and was lied to and not disclosed the real terms of their program. The person who did this is no longer with the company. I brought it to the new manager's attention and I was told that there isn't anything that can be done. There is a firm that they have that I should have signed but didn't because I believe she just missed it. The form states that I read and understand the terms. I borrowed $7,000 and I have paid over $3,300 and my balance owed is still $6,800. What can I do?
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  Dwayne B. replied 2 years ago.
Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.
Expert:  Dwayne B. replied 2 years ago.
Please read this next paragraph carefully.I need you to be more specific in your question(s) if you could. When we answer general ones like "what can I do" "what are my rights" or "what are my options" we have to give general answers and, invariably, the customer responds with "I already knew that". This type of forum works better if you ask specific questions so we know exactly what you are looking for.
Customer: replied 2 years ago.
I was lied to and I feel purposely lied to about a loan with titlemax. What are my legal rights and what us my next move here?
Expert:  Dwayne B. replied 2 years ago.
As I said above, "what are my rights" is too general to answer. You need to be as specific as possible. What are you wanting to accomplish?
Customer: replied 2 years ago.
I want the loan to not be valid on account of the misrepresented contract. I want to pay back the $7,000 and no more.
Expert:  Dwayne B. replied 2 years ago.
Let me ask a few questions to see if I can get you pointed in the right direction.What part of the contract was misrepresented?
Customer: replied 2 years ago.
I was told that I had a loan at an 7.99% interest rate. As it turns out the loan is at 107.95%. I specifically asked the lady if this was just like a vehicle purchase and she specifically told me yes.
Expert:  Dwayne B. replied 2 years ago.
Do the loan documents that you have state that it is a 7.99% loan or a 107.95% or does it use some other figure per day, week, month, etc?
Customer: replied 2 years ago.
I'm not exactly sure. I have a minimum payment that I have to pay every month. The payment was originally $825. If i only pay that payment monthly the balance never goes down. This is ridiculous. I would have never agreed to that. My truck is valued at $18,000.
Expert:  Dwayne B. replied 2 years ago.
Your problem is that you are bound by what the documents say and what the person at the company told you likely will not even be admissible in court due to what is known as the "Four Corners Rule". That rule states that a contract or agreement will only be interpreted and its validity only determined based on the language and terms contained within the four corners of the document.What you can do is take the document to a local lawyer and have them review it and see if there are any holes in it you can take advantage of. You can then hire them to represent you or, if you like, I can give you a general explanation of how a lawsuit works and you can sue the company yourself but it is going to be a difficult lawsuit and they are going to fight it tooth and nail.If you do hire a lawyer then your attorney's fees can be recovered if you win.
Expert:  Dwayne B. replied 2 years ago.
My guess is that the documents will have the interest rate set at something like 7% every couple of weeks as opposed to 7% a year.
Customer: replied 2 years ago.
I have found out since that the 7.99% is on the $7000 borrowed and the 107.95% is the apr. The lady TOLD ME MULTIPLE TIMES that it was a traditional loan at the 7%
Expert:  Dwayne B. replied 2 years ago.
I understand what you are saying but the issue is what the documents state versus what she told you. The court is not even going to consider what she told you if the documents that you signed state it is 107.95%.To win you have to show that there is an ambiguity or something in the contract documents themselves that misled you.