Car title loans

[omoodua]

What is the name of your state (only U.S. law)? Maryland

I got an auto title loan for $3000.00. I paid back $4,600.00. From original loan documents this should have paid off the loan. All my payment coupons were exhausted and I was confident the loan was paid off. I then got a notice in the mail to the effect that I owed two months payment, I went to the lender and was told I owe a total of six more payments of $152.00 each or that I could pay off the loan for $1400.00. Outraged I demanded records. I compared their records with mine and it matched theirs payment for payment. I however realized that because some of the payments were late additional charges were incurred; I still didn’t trust their accounting and told them to give me time to figure out the amortization. Due to this lousy economy I realized the stupid debt needed to be retired, it was a foolish mistake on my part to deal with a loan shack. I called the lender and offered $1000.00 to settle the debt, I was told they do not negotiate, “you can come and pay the $1000, but we wouldn’t release your lien”: the conversation took place late in the day, I meant to go to their office in the morning to pay the $1000.00 but before I woke up my car was gone. This didn’t make any sense because according to them only $300+ was currently due and I was offering to come in and pay $1000, so at first I thought the car was stolen, but I called them anyway and they said they have my car and that if I want it back I had to pay they $1,420 plus repo fees of $450! If not I will incur $50.00 per day storage. I scrambled in this bad economy and found a friend to loan me what I needed to collect my car. I feel taken advantage of, do I have a case in the state of Maryland?

[Antigone*of*Greece]

Originally Posted by omoodua

What is the name of your state (only U.S. law)? Maryland

I got an auto title loan for $3000.00. I paid back $4,600.00. From original loan documents this should have paid off the loan. All my payment coupons were exhausted and I was confident the loan was paid off. I then got a notice in the mail to the effect that I owed two months payment, I went to the lender and was told I owe a total of six more payments of $152.00 each or that I could pay off the loan for $1400.00. Outraged I demanded records. I compared their records with mine and it matched theirs payment for payment. I however realized that because some of the payments were late additional charges were incurred; I still didn’t trust their accounting and told them to give me time to figure out the amortization. Due to this lousy economy I realized the stupid debt needed to be retired, it was a foolish mistake on my part to deal with a loan shack. I called the lender and offered $1000.00 to settle the debt, I was told they do not negotiate, “you can come and pay the $1000, but we wouldn’t release your lien”: the conversation took place late in the day, I meant to go to their office in the morning to pay the $1000.00 but before I woke up my car was gone. This didn’t make any sense because according to them only $300+ was currently due and I was offering to come in and pay $1000, so at first I thought the car was stolen, but I called them anyway and they said they have my car and that if I want it back I had to pay they $1,420 plus repo fees of $450! If not I will incur $50.00 per day storage. I scrambled in this bad economy and found a friend to loan me what I needed to collect my car. I feel taken advantage of, do I have a case in the state of Maryland?

How dare that shady dealer take back the car. It's outrageous to think that they would inconvenience you in such a manner. I'm shocked...just plain shocked.

Please....if you would have paid your debt as agreed, you wouldn't have put the dealer in the situation you find yourself in. The dealer has every right to protect themself.

[ecmst12]

This is why car title loans are a rip off. But you agreed to be ripped off, so don't act all surprised about it now.