Overhaulin'

I have car title loan.They're charging astronomical fees, & It's impossible to pay the loan off. What can I do

I live in cola, sc and I can't seem to get any help with my problem. I took a loan out on my car, due to I was unemployed for 2 months, and I had to pay my rent. I'm now gainfully employed ,and I need my car. It seems that all the Car Title Loan company is trying to do is take my car. They charged me $169.00 late fee, making it impossible for me to pay them. My payments are $214.00 a month on an $800.00 loan. I've already paid them $600.00 but nothing has been applied to my principal. I'm not trying to get out of paying the loan, it's just that it seems that I'm never going to be able to pay it off. I never knew that they were allowed to charge such a high percentage on the loans (360%). I'm never going to be able to pay this off, and everytime I'm late I run a risk of getting my car repossessed. Any information, comment, assistance that anybody might be able to provide will be greatly appreaciate. Thanks! jam

Public Comments

1. Sorry to hear you got taken in by these low lifes. From what you've written, they're not only greedy, but charging illegal interest.. How long is your loan for? It won't hurt to make an appointment with the Attorney General's office and run this down for them, and ask advice. Might be smart to keep the car somewhere else until this is sorted out.
2. this is probably an ILLEGAL loan. as long as these folks think you believe it is legitimate, they will keep preying on you. find out what the USURY law is in your state. call a lawyer! these folks may OWE YOU lots of money for violating FAIR BUSINESS PRACTICES. check it out before you pay another dime. remember - just because it's written on a legal form and you sign it, doesn't mean it's not FRAUD. it sounds like a classic case to me, and i was in the car biz for many years...
3. Call the attorney Generals office for your state.