I took out a loan using my vehicle as collateral. I failed to look at the terms of the contract in great detail before I signed because of how bad I needed the money. After rereading the contract again after getting home, I notice the ridiculously high interest rate. The initial loan was only 2500.00 but the full length of the contract interest rate , brought the total repayment amount to over 8000.00! The killer came when I was told that around 48 dollars of every payment would be applied towards the principal, while 600.00 plus would cover interest! I made steady payments until running into personal problems. After being not able to afford future payments, I filed for bankruptcy and contacted Loanmax to turn my vehicle in. They immediately told me that they were not in the business of automobile repossession! I asked them why in that case was there a lien placed against the vehicle in the first place. They placed me on hold and never came back to the phone. I contacted my lawyer about my experience and he demanded that they take the vehicle and stop harassing me. Six months went by without me hearing anything else from them. During that time the transmission went out in the parking lot of a major food chain who had the vehicle impounded. After attempting to call Loanmax, the repossession company told me that they had tried several times to contact Loanmax to take possession of the vehicle, with no success. Close to one year later Loanmax is still calling my family and friends harassing them and me. I warn others about the true intentions (High interest money) and conduct( constant harassment) of this company and to steer clear if at all possible of their greedy and unethical business practices! read more