• 1997: Aycox along with his providers established a Wrongful passing Suit After a Repo Man Hired by The business try and Killed a debtor While attempting to take their Vehicle. a€?In 1997, Aycox and his awesome team were struck with a wrongful passing suit in Georgia after a repo guy chose from the organization shot and murdered someone while wanting to take their own vehicle. That instance had been decided under confidential terms, but court records during the match supplied a window to the in private used business.a€? [St. Petersburg Occasions, 1/24/99]

• Aycox’s LoanMax shop uploaded an optimum 500% APR but Aycox Said a€?anyone Never Go That great.a€? a€?The manager on branch told this reporter a€“ posing as a prospective candidate a€“ that the rates was 35 per cent. Merely after being expected performed the manager provide the facts that rates got a monthly one a€“ and means a 420 percent yearly rates. The annual APR is actually indexed as 500 percent on a yellow sign up the table, there had been no written supplies, and a binding agreement are provided only once individuals sits as a result of sign up for that loan. Aycox afterwards mentioned the mortgage rate is 30 % four weeks. The 500 % price was exactly the optimum, a€?but we never get that higher,a€? the guy mentioned. Aycox assured to fax a LoanMax contract, but not one is supplied by due date. Disclosure supplies commonly when you look at the public document from the condition financial division. State and national legislation simply need created disclosure from the agreements to a borrower.a€? [Brand New Hampshire Business Overview, 2/22/02]

• Aycox: 36per cent price limit Would a€?Force All of our team out from the Businessa€? and people who Oppose Title Loans a€?Do Not understanding the fundamental business economics of Our markets.a€? Aycox, in an announcement through his company, claims unnaturally capping interest levels at even a greater 36per cent would a€?force all of our business from the businesses and therefore eradicate a needed credit choice for thousands of customers.a€? a€?sadly, special interest teams whom oppose the idea of subject loans becoming made available to customers don’t understand the essential business economics of your field,a€? the Aycox statement stated. [United States Of America Today, 12/27/06]

Aycox and His Providers Were Sued with regards to their Extreme Interest Levels

• Aycox and his awesome Companies are Defendants in a government lessons Action suit That implicated consumers of a€?Victimizing subscribers by Collecting illicit credit at Interest Rates That Violate Both Georgia’s illegal Usury Statute and government Truth-In-Lending Laws.a€? a€?Aycox with his companies have become defendants in a national lessons actions suit that accuses pawnbrokers of victimizing visitors by accumulating unlawful debts at rates that violate both Georgia’s violent usury law and federal truth-in-lending rules.a€? [Atlanta Journal Constitution, https://pdqtitleloans.com/payday-loans-sc/ 2/22/98]

• Financing maximum had been Sued by The DC attorneys General for Charging Interest Rates of greater than 300percent And Settled Of legal by Refunding clientele and coming back Repossessed autos. Choose Management is one of a few businesses had by Rod Aycox. Another Aycox-owned title lender, Loan Max, was sued in 2009 by District of Columbia Attorney General Peter Nickles for charging interest prices of more than 300 per cent a year, according to a press release from the attorney general’s office. Loan maximum settled away from judge by agreeing to provide refunds to consumers whom lived in the country’s funds and return vehicles that the organization got repossessed, based on a D.C. national launch. [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 to almost $2.76 Million in 1995 After Fl’s Legislature Established the doorways for a large number of subject Loan Companies Owned by Aycox’s Company. a€?Aycox, by way of example, reported $ 505,000 earnings on their 1994 tax returns. The following year, after Fl’s Legislature unsealed the doors for a lot of title loan stores owned by Aycox’s business, their money rose to almost $ 2.76-million.a€? [St. Petersburg Days, 1/24/99]