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TitleMax

American Government Special Collections Reference Desk

TitleMax
Lending Company

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Official Site: TitleMax.com
Wikipedia: TitleMax

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A short-term car title lender founded in September 1998.

History

The following section is an excerpt from Wikipedia's TitleMax page on 14 August 2020, text available via the Creative Commons Attribution-ShareAlike 3.0 Unported License.

TitleMax, Inc. is a privately owned title lending business with corporate offices in Dallas, Texas and Savannah, Georgia. The company has more than 1,100 stores in sixteen states. TitleMax serves individuals who generally have limited access to consumer credit from banks, thrift institutions, credit card lenders, and other traditional sources of consumer credit. TitleMax offers title loan and title pawn products which allows customers to meet their liquidity needs by borrowing against the value of their vehicles while retaining use of their vehicle during the term of the loan.

On September 1, 1998, TitleMax opened the first location in Columbus, Georgia. In October 1998, TitleMax opened its second location in Savannah, Georgia. Many Savannah locations were then established, and later that year, TitleMax opened the first out-of-state store in Phenix City, Alabama. Over the next ten years, the company continued expanding, eventually growing to over 500 locations by the end of 2007, and surpassing $200,000,000 in account receivables. In 2008, TitleMax expanded into Virginia. In April 2009, TitleMax Holdings, LLC, filed for chapter 11 bankruptcy. According to TitleMax’s lawyer at the time, the cause of the default was attributed to “the maturity of an estimated $165 million loan from Merrill Lynch & Co.” In 2008, Bank of America acquired Merrill Lynch. The attorney of DLA Piper LLP in New York City was quoted in an interview conducted by Bloomberg as saying, “It’s a solvent company, there’s a significant amount of equity over the debt.” In April 2010, nearly one year after the bankruptcy filing, TitleMax Holdings LLC won court approval for reorganization and was able to exit bankruptcy status. Since reorganization, TitleMax continued expanding into other states.

On August 12, 2016, a judge in Nevada ordered over 6,000 TitleMax contracts to be voided.

In November 2019, the company announced the closure of all California locations by May 2020.


Article Index

DateArticleAuthor/Source
4 January 2013Title Lending Company Opens New Location in HoustonTitleMax
7 January 2013Two New TitleMax Locations Open in Phoenix, AZTitleMax Inc.
8 January 2013TitleMax Opens First Location in Rolling Meadows, ILTitleMax Inc.
10 January 2013TitleMax Opens Store in Greenville, ALTitleMax Inc.
11 January 2013TitleMax Opens 15th location in Tucson, AZTitleMax Inc.
12 January 2013TitleMax Opens New Store in Phoenix, AZTitleMax Inc.
14 January 2013TitleMax Opens New Location in Springfield, ILTitleMax Inc.
15 January 2013TitleMax Announces Opening of First Location in Waukegan, ILTitleMax Inc.
16 January 2013Title Lending Company Opens Store in Thomasville, ALTitleMax Inc.
17 January 2013TitleMax Opens 20th Store in Houston, TXTitleMax Inc.
18 January 2013New TitleMax Location Opens in El Paso, TXTitleMax Inc.
19 January 2013TitleMax Opens New Store in Alexandria, VATitleMax Inc.
21 January 2013TitleMax Opens Second Location in Roanoke, VATitleMax Inc.
1 February 2013Title Lending Company Opens Additional Store in Lexington, SCTitleMax Inc.
1 March 2013Title Lending Company Opens New Location in Phoenix, AZTitleMax Inc.
27 November 2013TitleMax Expands in Corpus Christi, TexasTitleMax Inc.
6 January 2014TitleMax Continues to Grow Throughout TexasTitleMax
8 January 2014TitleMax Focusing on Westward ExpansionTitleMax Inc.
14 January 2014TitleMax of Chester, VA Supports Muscular Dystrophy AssociationTitleMax Inc.
9 January 2015Car Title Loan Company Continues Expansion in CaliforniaTMX Finance LLC


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