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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.

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Attorney answers 3


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.


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.


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


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