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((Short description|American title lending business))
((Multiple issues|
((notability|companies|date = January 2013))
((primary sources|date = January 2013))
))

((Infobox company
| name                = TitleMax, Inc.
| logo                = TitleMax Generic Logo.gif
| type                = [[Private company|Private/Employee Owned]]
| founder             = Tracy Young
| key_people          = President and COO: Theodore Helgesen
| foundation          = September 1998<ref name=autogenerated3>((cite web|url=https://www.sec.gov/Archives/edgar/data/1511967/000119312511153313/d10q.htm|title=Form 10-Q|website=www.sec.gov|accessdate=17 June 2019))</ref> [[Columbus, Georgia]], United States
| location_city       = [[Savannah, Georgia]]
| location_country    = United States
| locations           = 900+ Stores <ref>((cite web|url=https://www.titlemax.com/|title=Apply for Cash Loans Online with TitleMax - Same Day Title Loans|website=TitleMax|accessdate=17 June 2019))</ref>
| area_served         = Alabama, Arizona, Delaware, Florida, Georgia, Idaho, Kansas, Mississippi, Missouri, New Mexico, Nevada, South Carolina, Tennessee, Texas, Utah, Wisconsin.
| industry            = Consumer Lending
| products            = [[Title Loan]]
| services            = Alternative Financial Services
| homepage            = [http://www.titlemax.com/ 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.<ref name=autogenerated1>((cite web|url=https://www.sec.gov/Archives/edgar/data/1511966/000119312511102503/ds4a.htm|title=Amendment No. 2 to S-4|website=www.sec.gov|accessdate=17 June 2019))</ref> 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.<ref name=autogenerated1 />

== History ==
On September 1, 1998, TitleMax opened the first location in [[Columbus, Georgia]].<ref name=autogenerated3 /> 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 receivable]]s.<ref>((cite web|url=https://www.sec.gov/Archives/edgar/data/1511967/000119312511153313/d10q.htm|title=Form 10-Q|website=www.sec.gov|accessdate=17 June 2019))</ref> In 2008, TitleMax expanded into [[Virginia]]. In April 2009, TitleMax Holdings, LLC, filed for [[chapter 11]] [[bankruptcy]].<ref name=autogenerated4>Larson, Eric. [https://www.bloomberg.com/apps/news?pid=newsarchive&sid=akIBg67gt6pw “Titlemax Seeks Bankruptcy Protection in Georgia (Update2)”], “Bloomberg,” April 20, 2009, accessed August 3, 2011.</ref> 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.”<ref name=autogenerated4 /> In 2008, [[Bank of America]] acquired [[Merrill Lynch]].<ref>((cite news|last= Bruno|first = Joe| url=http://www.washingtontimes.com/news/2008/sep/15/bank-america-acquire-merrill-lynch|title=Bank of America buys Merrill Lynch|newspaper=[[The Washington Times]]|date =  September 15, 2008|accessdate= August 3, 2011))</ref> The attorney of [[DLA Piper]] LLP in New York City was quoted in an interview conducted by [[Bloomberg L.P.|Bloomberg]] as saying, “It’s a solvent company, there’s a significant amount of equity over the debt.”<ref name=autogenerated4 /> 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.<ref>Jeffrey, Donald. [https://www.bloomberg.com/news/2010-04-12/titlemax-reorganization-plan-confirmed-by-bankruptcy-judge-attorney-says.html “TitleMax Reorganization Plan Confirmed by Bankruptcy Judge, Attorney Says”], "Bloomberg," April 12, 2010, accessed August 3, 2011.</ref> Since [[reorganization]], TitleMax continued expanding into other states.<ref>((cite web|url=https://www.sec.gov/Archives/edgar/data/1511967/000119312511153313/d10q.htm|title=Form 10-Q|website=www.sec.gov|accessdate=17 June 2019))</ref> 
[[Image:TitleMaxSavannah2.jpeg|left|thumb|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.<ref>((cite news|last= Chen|first = Adelaide| url=http://www.reviewjournal.com/business/economy/judge-orders-thousands-titlemax-contracts-be-voided|title=Judge orders thousands of TitleMax contracts be voided|newspaper=[[Las Vegas Review-Journal]]|date =  August 15, 2016|accessdate= August 23, 2016))</ref>

In November 2019, the company announced the closure of all California locations by May 2020.<ref>((Cite web|title=KGET - TitleMax to close all California stores next year, including one in Bakersfield|url=https://www.kget.com/news/local-news/titlemax-to-close-all-california-stores-next-year-including-one-in-bakersfield/|last=|first=|date=14 November 2019|website=|archive-url=|archive-date=|access-date=))</ref>

== Sister companies ==
TitleMax’s [[parent company]], [[TMX Finance]], changed its name from TitleMax Holdings, LLC to [[TMX Finance|TMX Finance LLC]] as of June 21, 2010.<ref>((cite web|url=https://www.sec.gov/Archives/edgar/data/1511967/000119312511153313/d10q.htm|title=Form 10-Q|website=www.sec.gov|accessdate=17 June 2019))</ref> TMX Finance controls over 900 stores and employs over 3,000 people nationwide. TitleBucks and InstaLoan are the sister companies to TitleMax.

== Criticisms ==
TitleMax has received criticism for [[predatory lending]].<ref>((cite news |last=Pope|first=Michael|date=28 November 2015|title=Car Title Loan Borrowers Should Be Wary Of Requirements|url=https://www.npr.org/2015/11/28/457672543/car-title-loan-borrowers-should-be-wary-of-requirements|newspaper=[[NPR]]|access-date=7 April 2016))</ref> 

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.<ref>((cite web|url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-fines-titlemax-parent-company-9-million-luring-consumers-more-costly-loans/|title=CFPB Fines Titlemax Parent Company $9 Million for Luring Consumers Into More Costly Loans|website=Consumer Financial Protection Bureau|accessdate=17 June 2019))</ref> In 2019, TitleMax was subject to a fine of $25,000<ref>((Cite web|url=https://www.americanbanker.com/news/california-fines-title-lender-says-its-pricing-violated-state-law|title=California fines title lender, says its pricing violated state law|date=2019-12-16|website=American Banker|language=en|access-date=2020-04-30))</ref> and a $700,000 refund to more than 21,000 customers to resolve allegations of excessive interest and fee charges.<ref>((Cite web|url=https://dbo.ca.gov/2019/12/16/dbo-continues-crackdown-on-illegal-loans-in-settlement-with-auto-title-lender-titlemax-of-california-inc/|title=DBO Continues Crackdown on Illegal Loans in Settlement with Auto Title Lender TitleMax of California, Inc.|date=2019-12-16|website=The Department of Business Oversight|language=en|access-date=2020-04-30))</ref>

== References ==
((reflist|2))

[[Category:Companies based in Savannah, Georgia]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2009]]
[[Category:American companies established in 1998]]
[[Category:1998 establishments in Georgia (U.S. state)]]

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