Skip to main content

Do I have to pay higher interest rate.

Austin, TX |

I went into Title Max and got a title loan and was offered 0% interest for first 30 days. at the end of the 30 days I would bring in whatever I could and the balance would have an interest rate between 7 to 10 %. When I made my first payment they sent me to another location to sign paperwork there because that is where I would be making my monthly payments from then on. The 2nd location told me I would have to pay 13.99 % and not the 7 to 10% I was originally quoted. I called back the original location and they were at a loss as to why someone may have quoted me that and wont honor it.

Attorney Answers 3


  1. Unless you have something in writing about the rate you agreed to pay, you may be stuck. I suggest looking into financing with a bank to see if they'll give you a better rate.


  2. You don't say whether you signed the paperwork at the 2nd location. If you did not sign any paperwork, don't do it until you visit with a lawyer. If you did sign the paperwork at the second location agreeing to pay the 13.99%, there's probably not much that can be done about that now.

    Legal disclaimer: John Bonica is licensed to practice law only in Texas. His response is not legal advice and does not create an attorney/client relationship. The response is only intended to provide general information. The question may not include significant and important facts that would change the response. You should confer with a local attorney for competent legal advice.


  3. See the attorneys answers above... You may be stuck. Always look at the language of the contract before signing anything,

    SMB

    This email (including attachments) is covered by the Electronic Communications Privacy Act, 18 U.S.C. §§2510-2521 and is confidential. If you are not the intended recipient, you are hereby notified that any retention, dissemination, distribution, or copying of this communication is strictly prohibited. This email (including attachments) is intended for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If you have received this communication in error, please immediately notify the sender by return email and delete this email from your system

Car loan topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics