My name is Steve Hurdle and I am writing regarding a friend who got a car title loan from ARI Investments. My friend Lublin Dominguez does not speak fluent English. He signed over the title on his car to get an $800 loan on his car for his wife. She was to pay the bill. Unfortunately she did not and last Friday the car was repossessed. I work in the finance industry so I went with him to reclaim his vehicle and pay the fees necessary to get the title back on his car. When I entered the ARI offices and spoke with Jorge Clemente, I let him know that we had the money to settle the debt, but that I wanted to review a copy of the loan documents that my friend had signed. He became very rude and declined all requests to review, interest rate, terms, remaining balance, fees charged etc....Based on what I can tell so far, the interest rate charged was close to 100% annual interest rate, if not higher. This business clearly takes advantage of borrowers in their community that do not understand the entire lending process. Jorge Clemente refused to talk to me even though my friend authorized him to do so. He claimed to not have any documents on site, although the Title to the car was readily available. He would not break down the the total payoff for us, yet he said "either you give us $1136 or you don't get the car. It is ashame that companies like this can so easily take advantage of consumers in their communities. I completely understand associating interest rate with risk, but the practices of companies like this are obscene and truly border predatory lending.
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