CashPoint Title Loans

So as I looked at the screen, the computer said that my payment would be $189.00 a month. Which I thought fine. So we agreed. Well come to find out that this was not my monthly payment. Because the first time I went in there to pay my first payment I went to hand Nadine $200.00 and she said ,: I can't take any less then $240.00. I then said to her, I thought my payment was $189.00. Nadine then told me that that they say that is my monthly payment, but I can pay my bills any way that I want. And according to there computer my payment was late. Nadine then proceeded to say If I don't want this to happen again, pay the bill daily not monthly because that is not how they worked it. So I proceeded to pay $240.00. When I got the receipt that was the real surprise. The payment for $240.00 didn't come off the loan.

So I then asked Nadine about this. Her response was,: your payments don't come off the loan, this is all interest. This was at no point ever mentioned to me during the agreement. So after I left Nadine and the Cashpoint office. I came home and called a Cashpoint manager to talk about this situation. Letting the manager know that I was unaware of this interest payment and that nothing was coming off the loan and how this was not explained to me at the time of the deal the manager told me there was nothing they could do. This ends up being a 360% interest on a $600.00 loan. That is crazy. This can't, by any means be legal. So I am going to have to pay back $2200.00 on a $600.00 loan. In now knowing this, I called Cashpoint again and said that there is no way I can afford this. Can I work out some other arrangement so that I can pay this off and keep my car. My car that is not even worth $500.00. But I need it because I take care of my parents. My father in which has had 6 heart attacks and a pacemaker. And has to be on oxygen 24 hours a day. Not counting that he has to give blood twice a week.

This is the only transportation we have. So in knowing this and not wanting to get my car repossessed by Cashpoint I called them up and asked If we could work out a payment arrangement. They told me no. and said If I don't come in with $283.00 the are going to take my car. I think its crazy how they can get away with this. They hide all there fees in order to take advantage of people. 360% interest on a $600.00 loan has to be illegal. I have no problem paying of anything that I borrowed but to pay all this interest and to deal with a company that DOES NOT work with their customers is not right. If I was told about this interest payment there is no way I would have agreed to this deal. Cashpoint does everything in there power to hide these fees and to put people in a bigger hole then what they are already in. In doing some research I have noticed that the Cashpoints in NJ, PA., and NY. have lost their licenses because of not paying the state. And the Cashpoint in Washington, DC. has been sued do to this outrageous interest rate of 360%. So why is there being nothing done to the Cashpoints in Delaware.

Why are they aloud to get away with treating there customers like this. We are Americans too. Please don't let them get away with this. If the Cashpoints in NJ, PA, NY. and Washington DC. are running their business this way then they all are. Including the ones in Delaware. Like I said I have no problems paying back what I borrow, but to take advantage of people is wrong and it is even worse to take advantage of people who are struggling in todays economy. So please don't let them get away with this.

Had I been made knowledgeable of all the fine print contained within the contract I signed with Cashpoint, I would have gone to family members for some assistance rather then dig myself into a much deeper hole financially. The only thing I was sure of when I departed the Cashpoint office, was that my 1st repayment was due in 30 days. I had no idea that if after 30 days of the loan not being paid back in full, I would begin to incur a daily interest rate of $32.85 multiplied by the number of days in that particular month.

So I began to fall behind on my payments due to my lack of finances and the astronomical interest rate being applied. I actually found myself going to the very same family members for financial back-outs, who I failed to reach out to in the very beginning of this nightmare. Then Sunday May 3, I departed my nephews' apartment to be greeted with two repo guys in a tow truck. By all accounts, they were rather pleasant and I was given time to remove just some of my personal items but the majority of my items were still within the confines of my vehicle.

I handed over the remote-controlled keys to my vehicle (a 2000 Mercedes ML-430 which I had actually paid cash for in November of 2007). This entire fiasco has turned out to be the ultimate low-point in my life, due to what I now know was a poor choice to trying to help myself during a time of need. I made great gains in securing the funds necessary to redeem my vehicle (borrowing from family/friends) only to get a phone call last Friday (May 29, 2009) that my vehicle was no longer going to be available for redemption. This has left me and my 13-yr-old son (who also happens to be autistic) without any form of transportation.