Last updated
TitleMax, Inc.
Type Private/Employee Owned
IndustryConsumer Lending
FoundedSeptember 1998 [1] Columbus, Georgia, United States
FounderTracy Young
United States
Number of locations
900+ Stores [2]
Area served
Alabama, Arizona, Delaware, Florida, Georgia, Idaho, Kansas, Mississippi, Missouri, New Mexico, Nevada, South Carolina, Tennessee, Texas, Utah, Wisconsin.
Key people
President and COO: Theodore Helgesen
Products Title Loan
ServicesAlternative Financial Services
Website www.titlemax.com

TitleMax, Inc. is an American 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. [3] 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. [3]



On September 1, 1998, TitleMax opened the first location in Columbus, Georgia. [1] 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. [4] In 2008, TitleMax expanded into Virginia. In April 2009, TitleMax Holdings, LLC, filed for chapter 11 bankruptcy. [5] 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.” [5] In 2008, Bank of America acquired Merrill Lynch. [6] 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.” [5] 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. [7] Since reorganization, TitleMax continued expanding into other states. [8]

A TitleMax location in Savannah, GA, where the company is based TitleMaxSavannah2.jpeg
A TitleMax location in Savannah, GA, where the company is based

On August 12, 2016, a judge in Nevada ordered over 6,000 TitleMax contracts to be voided. [9]

In November 2019, the company announced the closure of all California locations by May 2020. [10]

Sister companies

TitleMax’s parent company, TMX Finance, changed its name from TitleMax Holdings, LLC to TMX Finance LLC as of June 21, 2010. [11] TMX Finance controls over 900 stores and employs over 3,000 people nationwide. TitleBucks and InstaLoan are the sister companies to TitleMax.


TitleMax has received criticism for predatory lending. [12]

TitleMax was subject to a fine of $9 Million by the Consumer Financial Protection Bureau for unlawful debt collection practices and for luring consumers into expensive renewals of their existing loans. A Nevada Court Judge ordered TMX Finance to void over 6,000 loans due to these unlawful practices. [13] In 2019, TitleMax was subject to a fine of $25,000 [14] and a $700,000 refund to more than 21,000 customers to resolve allegations of excessive interest and fee charges. [15]

Related Research Articles

Chapter 11 of the United States Bankruptcy Code permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals.

<span class="mw-page-title-main">Bank of America</span> American multinational banking and financial services corporation

The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

GE Capital is the financial services division of General Electric.

Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of the United States GDP, a proportion greater than any other single mortgage lender.

<span class="mw-page-title-main">Belk</span> American retail chain

Belk, Inc. is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina, with nearly 300 locations in 16 states. Belk stores and Belk.com offer apparel, shoes, accessories, cosmetics, home furnishings, and wedding registry.

Banc of America Securities LLC (BAS), was the investment banking subsidiary of Bank of America until it was merged with Merrill Lynch after that firm's acquisition in 2008 to become Bank of America Merrill Lynch. Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets.

<span class="mw-page-title-main">CIT Group</span> American banking and financial services company

CIT Group (CIT), a subsidiary of First Citizens BancShares, is an American financial services company. It provides financing, including factoring, cash management, treasury management, mortgage loans, Small Business Administration loans, leasing, and advisory services principally to individuals, middle-market companies and small businesses, primarily in North America. Under the reporting mark CEFX, it leases locomotives and railroad cars to rail transport and shipping companies in North America. It also operates a direct bank.

MyRichUncle was a loan product that was marketed to students by the American company MRU Holdings, Inc.. Incorporated March 2, 2000 in Delaware, MyRichUncle entered the student lending market as an originator and holder of private student loans. By 2007, the company was listed on the Naqdaq composite and expanded into holding Federal Family Education Loan Program (FFELP) loans.

<span class="mw-page-title-main">Peer-to-peer lending</span> Practice of lending money

Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. Peer-to-peer lending companies often offer their services online, and attempt to operate with lower overhead and provide their services more cheaply than traditional financial institutions. As a result, lenders can earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower. There is the risk of the borrower defaulting on the loans taken out from peer-lending websites.

<span class="mw-page-title-main">Town Sports International Holdings</span> U.S. fitness center company

Town Sports International Holdings is an operator of fitness centers in Florida and in Puerto Rico. Its current brands include Liv Fitness Clubs, Palm Beach Sports Clubs, and Christi's Fitness. Former brands include New York Sports Clubs, Boston Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs, Lucille Roberts, TMPL Gym and Total Woman Gym and Spa.

The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see Financial crisis of 2007–2008.

LendingClub is a financial services company headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. At its height, LendingClub was the world's largest peer-to-peer lending platform. The company reported that $15.98 billion in loans had been originated through its platform up to December 31, 2015.

The J.G. Wentworth Company is an American financial services company that purchases structured settlements, annuities, and lottery payments in exchange for a lump-sum cash settlement. They also offer debt counseling and negotiation services.

The government interventions during the subprime mortgage crisis were a response to the 2007–2009 subprime mortgage crisis and resulted in a variety of government bailouts that were implemented to stabilize the financial system during late 2007 and early 2008.

First Franklin Financial Corp., not to be confused with 1st Franklin Financial Corporation, was a San Jose, California-based home mortgage lender that specialized in subprime loans. It had been owned by two of the biggest casualties of the subprime mortgage crisis, National City Corp. in Cleveland and Merrill Lynch.

Merrill, previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial advisors and manages $2.8 trillion in client assets. The company also operates Merrill Edge, a division for investment and related services, including call center counsultancy.

TMX Finance is the parent company to the brands TitleMax, TitleBucks, EquityAuto Loan, and InstaLoan. The company holds more than 900 stores in over fourteen states including Alabama, Arizona, Delaware, Florida, Georgia, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, Utah, and Wisconsin, and an online presence in Idaho. TMX Finance’s brands serve individuals who generally have limited access to consumer credit from banks, thrift institutions, credit card lenders, and other traditional sources of consumer credit.

Navient Corporation is an American student loan servicer based in Wilmington, Delaware. Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient. Navient employs 6,000 people at offices across the U.S. As of 2018, Navient services 25% of student loans in the United States.

<span class="mw-page-title-main">Digital Currency Group</span> American venture capital company

Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. It is located in Stamford, Connecticut. The company has five subsidiaries: CoinDesk, Foundry, Genesis, Grayscale Investments, and Luno.

Genesis is a digital assets focused financial services firm for institutional investors. It is a subsidiary of Digital Currency Group (DCG).


  1. 1 2 "Form 10-Q". www.sec.gov. Retrieved 17 June 2019.
  2. "Apply for Cash Loans Online with TitleMax - Same Day Title Loans". TitleMax. Retrieved 17 June 2019.
  3. 1 2 "Amendment No. 2 to S-4". www.sec.gov. Retrieved 17 June 2019.
  4. "Form 10-Q". www.sec.gov. Retrieved 17 June 2019.
  5. 1 2 3 Larson, Eric. “Titlemax Seeks Bankruptcy Protection in Georgia (Update2)”, “Bloomberg,” April 20, 2009, accessed August 3, 2011.
  6. Bruno, Joe (September 15, 2008). "Bank of America buys Merrill Lynch". The Washington Times . Retrieved August 3, 2011.
  7. Jeffrey, Donald. “TitleMax Reorganization Plan Confirmed by Bankruptcy Judge, Attorney Says”, "Bloomberg," April 12, 2010, accessed August 3, 2011.
  8. "Form 10-Q". www.sec.gov. Retrieved 17 June 2019.
  9. Chen, Adelaide (August 15, 2016). "Judge orders thousands of TitleMax contracts be voided". Las Vegas Review-Journal . Retrieved August 23, 2016.
  10. "KGET - TitleMax to close all California stores next year, including one in Bakersfield". 14 November 2019.{{cite web}}: CS1 maint: url-status (link)
  11. "Form 10-Q". www.sec.gov. Retrieved 17 June 2019.
  12. Pope, Michael (28 November 2015). "Car Title Loan Borrowers Should Be Wary Of Requirements". NPR . Retrieved 7 April 2016.
  13. "CFPB Fines Titlemax Parent Company $9 Million for Luring Consumers Into More Costly Loans". Consumer Financial Protection Bureau. Retrieved 17 June 2019.
  14. "California fines title lender, says its pricing violated state law". American Banker. 2019-12-16. Retrieved 2020-04-30.
  15. "DBO Continues Crackdown on Illegal Loans in Settlement with Auto Title Lender TitleMax of California, Inc". The Department of Business Oversight. 2019-12-16. Retrieved 2020-04-30.