San Antonio—May, 2020
As a Disabled Veteran who was unemployed unfortunately for nearly 3 years, I took out a title loan for around $1,500. I was really down and out, suffering from PTSD… [A Texas auto title lender was] more than willing to help me with a loan, I walked out with a $10,000 line of credit for my 2009 Toyota Tundra. They called me at least twice weekly urging me to take on more and more, to which naively I did. When I couldn’t pay, in the middle of the night, like thieves, they repossessed my truck…
These lenders are predators, they realize you’re having money problems and they continue to prey upon you. I had never been in this situation before. I ended up losing my wife and was nearly homeless as a side effect of their predatory practices. I ask lawmakers, Consumer Protection Agency and possibly law enforcement please act and control these loan sharks from preying upon people who are down and out. I served my country in combat and have lost nearly everything I care about. I can understand 15%—20% APR loans but 150%-200% is really criminal.
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