Public Mediation

FAST AUTO & PAYDAY LOANS-Dispute-#5177789

G. A. vs. Fast Auto & Payday Loans
601 Scenic Drive, Modesto, California, 95350, United States
Amount Involved: $25,000.00
    • Status: In Negotiation
      This claim has posted for public comment and negotiation. It will remain posted until resolved to the claimant's satisfaction. Suggest a resolution to help these parties reach a settlement.
       (seeking public comment)
    • Claimant Seeks: View.
    • Claim #: 5177789
    • Amount Involved: 25,000.00
    • Filed On: Jul 27, 2012
    • Posted On: Aug 07, 2012
    • Complaint(s):
      • Bad business practices
      • Contract / Agreement / Promise dispute
      • Preying upon and abusing a uninformed public
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Statement of Claim
Complaints Involved (3) - View
Claimant says:
"In applying for a title loan with this company, we were told over the phone that our collateral, a 1998 Dodge Ram Extended Cab 4X4's blue book value qualified for a $3500 loan. When we arrived at the company's office the following day, a representative "Nick" informed us that our truck now qualified for a different odd amount of $2501.00. ( the one dollar over $2500 allows this company to charge unlimited interest rates, under $2501 limits them to a 10% max rate) They advertise that title loan amounts are based on a percentage of the Kelley Blue Book market values. Having no other financial options, we had to agree to this loan. Being unemployed at the time, the loan was approved solely on my wife's $1600 per month verified income with a house rental payment of $1000. The loan agreement was drawn in her name only and we were appalled when they presented this agreement with a interest rate of 160%! Needing cash at that time, we were forced to sign and accept. The agreement had (has) clauses stating that we had to arbitrate any disputes but they could use a court of law to sue us if we default. With the loan money due in immediate bills, it wasn't long before we were short on finances once again and the company repossessed the truck. They would not let us renew the loan, wanting over $8000 before they would even let us know where the truck was to retrieve our personal items, as to this day. When we threatened the company with a lawsuit, they offered the truck back to us for $3500 admitting no wrongdoing."
...
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Exhibits View
What Claimant Wants Hide
1. Compensation: loss of truck Aug 09, 2012 $5,000.00
2. Damages: not being able to start new job Aug 09, 2012 $10,000.00
3. Pay me for my time: investigating and persuing company Aug 09, 2012 $5,000.00
4. pain and suffering Aug 09, 2012 $5,000.00
5. Other – Copy claim to regulators Aug 09, 2012 $14.95
6. Other – Pay for claim posting cost Aug 09, 2012 $7.95
7. Other – Physical delivery charges Aug 09, 2012 $11.94
Cash total : $25,034.84
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Respondent's Counteroffer

There has been no response to this claim from FAST AUTO & PAYDAY LOANS. This claim will remain posted until resolved
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