Aycox's firms Charged APR's more than 400per cent in which he Opposed price limits
  • 1997: Aycox with his organization Settled a Wrongful dying Suit After a Repo people Hired by providers Shot and slain a debtor While wanting to Seize their automobile. a€?In 1997, Aycox with his company comprise hit with a car title loans online in IA wrongful death lawsuit in Georgia after a repo guy chosen because of the company try and murdered some one while attempting to take their own vehicle. That instance is settled under private words, but court records for the fit given a window to the in private conducted business.a€? [St. Petersburg Occasions, 1/24/99]
  • Aycox's LoanMax shop submitted a max 500percent APR but Aycox stated a€?We Never run That higher.a€? a€?The manager on department told this reporter a€“ posing as a potential applicant a€“ your rates had been 35 percentage. Just after getting asked did the manager provide the information that the rate got a monthly one a€“ and translates into a 420 % yearly rate. The yearly APR was listed as 500 percentage on a yellow to remain the countertop, there have been no written materials, and an agreement was offered only once individuals rests as a result of take-out that loan. Aycox after stated the mortgage price had been 30 % per month. The 500 percent price was just the optimal, a€?but we never go that high,a€? the guy said. Aycox assured to fax a LoanMax contract, but nothing had been given by due date. Disclosure components aren't into the community file at state Banking division. Condition and federal guidelines only require created disclosure regarding the contracts to a borrower.a€? [New Hampshire Business Overview, 2/22/02]
  • Aycox: 36% rates Cap Would a€?Force Our Company out from the Businessa€? and people who Oppose Title debts a€?Do Not understanding the fundamental Economics of our own sector.a€? Aycox, in a statement through his company, states unnaturally capping interest levels at actually an increased 36percent would a€?force the company from the companies and thereby prevent a needed credit option for hundreds of thousands of buyers.a€? a€?regrettably, special interest organizations just who oppose the concept of concept financing getting made available to buyers do not grasp the basic business economics your industry,a€? the Aycox declaration stated. [American Nowadays, 12/27/06]

Aycox and His Providers Being Sued because of their Extreme Interest Rates

  • Aycox and his awesome providers Were Defendants in a Federal lessons activity Lawsuit That Accused Them of a€?Victimizing clients by obtaining prohibited Debts at interest levels That Violate Both Georgia's Criminal Usury Statute and Federal Truth-In-Lending statutes.a€? a€?Aycox and his awesome businesses are now defendants in a national course action suit that accuses pawnbrokers of victimizing customers by accumulating illegal credit at rates of interest that violate both Georgia's violent usury law and national truth-in-lending rules.a€? [Atlanta Diary Structure, 2/22/98]
  • Mortgage Max ended up being Sued by DC Attorney standard for Charging interest levels of More Than 300percent And Settled regarding Court by Refunding subscribers and going back Repossessed Cars. Choose control is one of a number of enterprises possessed by pole Aycox. Another Aycox-owned title lender, Loan Max, was sued in 2009 by District of Columbia Attorney General Peter Nickles for charging interest rates of more than 300 pct a year, according to a press release from the attorney general's office. Mortgage maximum settled of judge by agreeing to present refunds to visitors exactly who stayed in the nation's money and return automobiles that the organization have repossessed, according to a D.C. authorities release. [Bloomberg, 3/21/12]

Aycox Has Made Hundreds Of Thousands through the Title-loan Companies

  • Aycox's money Was $505,000 In 1994 And risen up to almost $2.76 Million in 1995 After Florida's Legislature Established the Doors for lots of subject Loan Companies had by Aycox's business. a€?Aycox, including, reported $ 505,000 money on their 1994 tax returns. The following year, after Fl's Legislature exposed the gates for lots of title loan stores owned by Aycox's organization, their income rose to nearly $ 2.76-million.a€? [St. Petersburg Circumstances, 1/24/99]