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I made the mistake of getting an auto loan for 800 bucks earlier this year from a pawn shop based out of Georgia. I am only 1.5 months behind on paying the min interest which comes to a total of 180.00. They keep calling me and leaving threating message of towing my SUV, however they don't know that I moved from my previous address almost 6 months ago. My biggest problem is that I have paid them more than 3x borrowed on the truck, and I am unemployed at the current moment. I should know something regarding a 3rd job interview with a company tomorrow on whether they want to bring me on, and I have been already approved to buy another vehicle pending on me getting a job. To make a long story short I called the pawn shop today in Georgia and spoke with the branch manager, and she pretty much cut me up over the phone and told me how stupid I was. She than said she was going down to the court house to take legal action. I'm gonna drop the truck off very soon. Should I be worried ?
Poster numbe one is correct so take his advise!!!
So you are paying 20% interest per month? What they are doing is illegal. Any loan under 3000$ in South Dakota has a maximum usury rate of 16% per YEAR. (on loans above 3,000 its 5% per month or about 60% per year) It sounds like you are paying 240% interest per year. Congress has opted to put a federal criminal limit on interest rates by the RICO definitions of "unlawful debt" which make it a federal felony to lend money at an interest rate more than two times the local state usury rate and then try to collect that "unlawful debt" See Racketeer Influenced and Corrupt Organizations Act for more information. That person could face 20 years in prison and a 25,000 dollar fine for each count of racketeering. There is a good chance you can get all that money back that you paid them. You need to talk to a few lawyers, (maybe one will take your case pro-bono if they think they can get alot of money out of the pawn shop.) Dont give them anything, and seriously file a suit or something against them as its very likely you will win. I say to file a suit because im sure they have done this before to others and they need to be stopped. If you are paying that much in interest that person IS definately going to jail as soon as someone takes them to court about it..