Hi, I pawned my car for 9,000 at an interest fee of 3% a month. I am a Michigan resident and the pawn slip states" if interest or charges in excess of 3% per month, plus storage charges provided in this document are asked or received , this loan , or any charges or any part of the charges , and the pawn broker loses all right to possession of the goods , article , or thing pawned , and shall surrender the item to the borrower or pawner upon due demand for the item"
Now each time I paid an interest fee of 843.00 for three months, the pawn agreement says the finance charge is 813.00 finance charge per three months yet they collected 843.00 and they wrote that I paid 843.00 on the pawn slip and 225.00 for car storage. Also on my copies the pledgor's signature is not signed, is it valid?
I just want my car back and not pay any more monies, I have paid a total of 6 months interest and storage fees.. will I have to go to court or can I approach the pawn shop and demand for car as slip states. Basically they charged me more than 3% and the pawn agreement states this that they must return my car if done so, am I fighting an uphill battle?
I need to see all of the agreement to form a valid opinion, and, in fact, nmore informationto understand your question. Shooting from the hip, to get your car back you will need to pay the amount lent you, the interest and the storage charges. What do you think is not valid, and what relief are you looking for?
To the PROSPECTIVE client, please call myself or another attorney for your choice with more detaiils and an appointment. My PRELIMINARY answer to your question(s) is for general purposes and based upon what little information you have conveyed. It is based on such limited information that the general answer should never be relied as a reason for your action or inaction. My response does NOT establish an attorney-client relationship and such may only be established by mutual agreement, and the signing of a written retainer agreement, which will generally require payment for our services, as this is what we do for a living and, just like you, we must get paid for our work.. .
Estate Planning Attorney
You would be best served by retaining an attorney to review the entire pawn agreement. I speculate that the portion you have included is part of a "paid in full" provision within the pawn agreement; the limited excerpt, by itself, does not make sense due to being incomplete. It is also very unlikely that the lack of signature on your copy of the agreement has any legal significance at this stage of the transaction. For any meaningful advise, you must seek legal counsel.
The pawn shops have a great deal of latitude within the law and are able to legally charge exorbitant interest, so you really have to make sure that you are reading all the charges properly. You may be able to bring the documentation to a consumer rights group for review as well which they may do for free. Otherwise, having a lawyer look it over is always a good idea.
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