Company Response
6/21/2021
I have reviewed the complaint and Ms. Owens' account(s) and find the following:
Ms. Owens' complaint states that, among other things, her account was cancelled and/or charged off because she "could never get [TitleMax] to work with [her] on a due date when [she] got paid and the interest just kept building." She further alleges that she "was never [sic] notified" or "given the necessary paperwork" before her truck was subsequently repossessed. Ms. Owens claims TitleMax "took advantage [sic] of [her]" by "taking [sic] [her] truck and $1,040 and did nothing to earn it."
Ms. Owens originally entered into a twenty-four (24) month transaction with TitleMax of South Carolina, Inc. ("TitleMax"), evidenced by a Supervised Loan Agreement, Promissory Note and Security Agreement dated July 1, 2019 (the "Agreement") in the amount of $1,038.15 (the "Loan") and pledged her 1995 Chevrolet S10 (the "Vehicle") as collateral. Pursuant to the terms of the Agreement, Ms. Owens was required to make twenty-three (23) monthly payments of $ 163.37 beginning on August 3, 2019, and one (1) final payment of $162.06 on July 3, 2021, to satisfy and discharge her obligations under the Agreement.
Review of Ms. Owens' account shows that she only made two payments, both of which were late, causing her account to enter default. Notably, Ms. Owens did not make her first payment until nearly two (2) months after entering into the transaction. As such, contrary to Ms. Owens' allegations, TitleMax mailed a Notice of Default and Right to Cure ("Right to Cure") on August 15, 2019 to her address on record, which requested payment of $163.37 by no later than September 4, 2019. Ms. Owens made the (first) required payment on August 30, 2019. Thereafter, Ms. Owens only made one additional payment on October 1, 2019. Ms. Owens failed to make any further payments and her account again entered default, which she acknowledges in her complaint. Accordingly, on or around May 18, 2021, TitleMax ultimately exercised its right under the Agreement and recovered Ms. Owens' vehicle.
Please note that TitleMax always views recovery of a vehicle as a last resort and therefore will work with its customers to remain in and/or redeem possession of a vehicle. Indeed, TitleMax records show that prior to exercising its rights under the Agreement to recover the vehicle, TitleMax employees attempted to work with and communicate with Ms. Owens on numerous occasions for nearly two (2) years, to no avail. Following the recovery, TitleMax mailed Ms. Owens a Notice of Our Plan to Sell dated May 19, 2021 ("Notice to Sell"), which stated the amount required to redeem the vehicle prior to a potential sale date of May 29, 2021 or later. On May 28, 2021, Ms. Owens made a commitment to make a reduced one-time payment to satisfy her account and redeem the vehicle.
Ms. Owens' desired resolution is a "refund of $1,040.00." Based on the above, however, I find no wrongdoing on the part of TitleMax. Further, as outlined above, TitleMax and Ms. Owens reached a mutually agreeable resolution wherein she redeemed her vehicle on May 28, 2021. As of the date of this response, Ms. Owens is in possession of her vehicle and her account is considered settled. Importantly, it is also worth noting that Ms. Owens has been a customer of TitleMax since March of 2013, and she previously paid off a nearly identical loan and received her vehicle title back on that occasion as well. Nevertheless, TitleMax prides itself on excellent customer service and encourages Ms. Owens to contact the TitleMax store where she originated her loan and its employees will be happy to assist her, should she have any further questions.
Read More