Aycox’s agencies Charged APR’s higher than 400% in which he Opposed speed Caps

• 1997: Aycox and His business satisfied a Wrongful passing fit After a Repo Man Hired by team try and murdered a debtor While wanting to Seize His car. a€?In 1997, Aycox along with his business are struck with a wrongful demise suit in Georgia after a repo guy chose from the providers chance and murdered people while wanting to take their vehicle. That instance had been satisfied under confidential terms and conditions, but court records from inside the suit given a window inside independently conducted providers.a€? [St. Petersburg Circumstances, 1/24/99]

• Aycox’s LoanMax Store published a Maximum 500% APR but Aycox stated a€?We Never Go That higher.a€? a€?The management from the part advised this reporter a€“ posing as a potential candidate a€“ that the speed had been 35 percentage. Just after getting questioned did the manager offer details that speed was a monthly one a€“ and results in a 420 per cent annual price. The annual APR is noted as 500 percentage on a yellow to remain the table, there had been no written content, and a contract try offered only when a person sits right down to sign up for that loan. Aycox later on stated the loan speed was actually 30 % 30 days. The 500 percent price had been just the max, a€?but we never ever run that higher,a€? he stated. Aycox guaranteed to fax a LoanMax deal, but not one ended up being provided by due date. Disclosure components aren’t during the community file within state Banking division. Condition and national regulations simply need created disclosure regarding the agreements to a borrower.a€? [New Hampshire Businesses Overview, 2/22/02]

• Aycox: 36per cent Rate cover Would a€?Force All of our Company Out of the Businessa€ best title loan company in New York? and people who Oppose Title financing a€?Do maybe not understanding the fundamental business economics in our sector.a€? Aycox, in an announcement through his firm, says artificially capping interest rates at even a higher 36percent would a€?force all of our providers out of the businesses and thus get rid of a needed credit choice for hundreds of thousands of customers.a€? a€?Unfortunately, special-interest teams exactly who oppose the thought of name financing are distributed around people cannot grasp the fundamental business economics of one’s market,a€? the Aycox report said. [USA Today, 12/27/06]

Aycox with his Agencies Have-been Sued for Extreme Rates Of Interest

• Aycox along with his businesses had been Defendants in a Federal lessons Action Lawsuit That Accused Them of a€?Victimizing consumers by Collecting prohibited Debts at interest levels That Violate Both Georgia’s illegal Usury Statute and government Truth-In-Lending regulations.a€? a€?Aycox with his agencies are actually defendants in a federal course activity suit that accuses pawnbrokers of victimizing subscribers by gathering illegal credit at interest levels that violate both Georgia’s unlawful usury statute and national truth-in-lending laws.a€? [Atlanta Log Constitution, 2/22/98]

• Mortgage Max is Sued of the DC attorneys General for Charging rates of greater than 300% And Settled away from Court by Refunding clientele and coming back Repossessed Cars. Select administration is among several providers had 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 speeds of more than 300 percentage a year, according to a press release from the attorney general’s office. Financing maximum settled away from judge by agreeing to present refunds to subscribers just who lived in the country’s funds and return trucks that the organization have repossessed, relating to a D.C. authorities launch. [Bloomberg, 3/21/12]

Aycox Made Millions from Title-loan Companies

• Aycox’s money was actually $505,000 In 1994 And risen up to Nearly $2.76 Million in 1995 After Florida’s Legislature launched the gates for a large number of concept creditors had by Aycox’s Company. a€?Aycox, for example, reported $ 505,000 income on their 1994 tax statements. The following year, after Florida’s Legislature unsealed the gates for dozens of title loan retailers possessed by Aycox’s company, their money increased to nearly $ 2.76-million.a€? [St. Petersburg Instances, 1/24/99]