Do I have to pay higher interest rate.

Asked 9 months ago - 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. Teri A. Walter

    Contributor Level 19

    4

    Lawyers agree

    Answered . 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. John R. Bonica

    Pro

    Contributor Level 13

    3

    Lawyers agree

    Answered . 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... more
  3. Shane Michael Boasberg

    Pro

    Contributor Level 12

    Answered . 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... more

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