HELP - car title loan problem - Posted by Pete (tampa)

Posted by Steve Meiners on January 29, 1999 at 16:54:52:

Can anyone tell me what people who bounce checks and leg irons have in common?

HELP - car title loan problem - Posted by Pete (tampa)

Posted by Pete (tampa) on January 28, 1999 at 16:16:13:

I was wondering if you could help me with something. I have
been reading here a long time and finally got the
nerve to
buy a house. I borrowed against my car to fix it up. and now
am having trouble selling the property, now i
know made a
mistake with this title loan. The payments are $350 a month
until I pay it off ($3500). I plan to pay it off as soon as
I sell the house. my question is
this, last month my check
to the title loan company bounced and when they redeposited
it, it cleared. They claim that since it took the extra time to clear, they are able to charge me a late fee, which is 100% of the payment, in other words the late fee is $350. Is this legal?
Also they said if I couldn’t pay the late fee right then, they would add it to my balance. now they are saying that my current
payment is being used as the late fee for last month, so I still owe for January. And since I still owe for January they are tacking on
another $350 late fee. I know I have messed up, I am in trouble, if all this is
legal for them to do. If
this is wrong can I call someone in government
in Florida to straighten it out, thanks for any help you can give

HELP - car title loan problem STATE Attorney - Posted by Steve

Posted by Steve on January 29, 1999 at 20:17:52:

If I were you I would contact the State Attorney in your area. I live in Florida and I work for a judge and they would love to have this one.


Re: HELP - car title loan problem - Posted by Rob FL

Posted by Rob FL on January 29, 1999 at 17:56:13:

Unfortunately car title loans have caused lots of problems with uninformed people. Many of these car loans border on usurius. Read your paperwork on the loan and see what you signed (I sure hope you read it before you actually signed it).

Focus on selling the house and getting out of the car loan once and for all.

And lastely, I hate to agree with Steve Meiners, but don’t bounce any more checks. Besides being a criminal offense it is plain bad business and messes up your credit. I charge my tenants very stiff late fees for bouncing checks, and if worse comes to worse I would have them prosecuted in order to get my money if necessary.

Re: HELP - car title loan problem - Posted by Brett

Posted by Brett on January 29, 1999 at 17:07:26:

Pete, I own a car title loan co. in Jacksonville, FL.

We can only charge 22% per month. Nothing else including late fees!

The Florida state statute that governs Title Loans is


E) A secondhand dealer who accepts a motor vehicle title in a title loan transaction may charge a maximum fee of 22 percent per month.

F) No CHarges other than those charges permitted in paragraph E) shall be allowed, and said charges shall be fully disclosed, conspicuously in writing, and initialed by the motor vehicle at the initiation of the transaction.

Read this to the company. This is the law.

If you need more help please call.

Brett J. Isaac