• 1997: Aycox and his awesome Company satisfied a Wrongful demise fit After a Repo people Hired because of the business chance and murdered a debtor While wanting to take His Vehicle. a€?In 1997, Aycox and his organization are struck with a wrongful passing lawsuit in Georgia after a repo guy employed from the organization chance and killed anybody while wanting to take her vehicle. That instance was actually settled under private words, but court records within the fit offered a window inside independently held team.a€? [St. Petersburg Era, 1/24/99]

• Aycox’s LoanMax shop published a max 500percent APR but Aycox Said a€?We Never run That great.a€? a€?The supervisor within part told this reporter a€“ posing as a prospective candidate a€“ your price was 35 %. Just after getting requested did the manager offer facts the speed ended up being a monthly one a€“ and translates into a 420 per cent annual price. The yearly APR are indexed as 500 % on a yellow sign on the counter, there are no penned content, and a binding agreement try provided only when individuals rests right down to take-out a loan. Aycox after said the loan rate ended up being 30 percent per month. The 500 percentage speed was actually exactly the maximum, a€?but we never ever get that large,a€? he said. Aycox guaranteed to fax a LoanMax deal, but not one got offered by deadline. Disclosure stuff aren’t in general public file at condition Banking section. State and national legislation simply need composed disclosure on agreements to a borrower.a€? [Brand-new Hampshire Businesses Analysis, 2/22/02]

• Aycox: 36% price Cap Would a€?Force All of our Company from the Businessa€? And Those Who Oppose Title financing a€?Do perhaps not understanding the essential business economics of one’s Industry.a€? Aycox, in a statement through their company, states artificially capping rates at actually a greater 36% would a€?force our very own providers out of the companies and thus relieve a needed credit choice for hundreds of thousands of people.a€? a€?unfortuitously, special-interest communities exactly who oppose the thought of name debts getting distributed around buyers try not to grasp the essential business economics of your business,a€? the Aycox statement mentioned. [USA Nowadays, 12/27/06]

Aycox and His Providers Were Sued due to their Extreme Rates Of Interest

• Aycox and his awesome organizations had been Defendants in a Federal Class Action suit That Accused Them of a€?Victimizing people by accumulating prohibited Debts at rates That Violate Both Georgia’s Criminal Usury Statute and government Truth-In-Lending legislation.a€? a€?Aycox and his awesome agencies are now actually defendants in a federal class activity match that accuses pawnbrokers of victimizing people by gathering unlawful bills at rates that violate both Georgia’s criminal usury law and federal truth-in-lending laws and regulations.a€? [Atlanta Journal Constitution, 2/22/98]

• Loan maximum was actually Sued by DC attorneys standard for Charging interest levels in excess of 300per cent And Settled Of courtroom by Refunding consumers and Returning Repossessed trucks. Select control is among several firms possessed by Rod 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 % a year car title loan AK, according to a press release from the attorney general’s office. Financing maximum established off court by agreeing to deliver refunds to clientele just who lived in the country’s investment and return trucks your team got repossessed, relating to a D.C. government launch. [Bloomberg, 3/21/12]

Aycox Made Many from Title-loan Business

• Aycox’s Income was actually $505,000 In 1994 And risen up to almost $2.76 Million in 1995 After Florida’s Legislature open the gates for a lot of Title creditors had by Aycox’s Company. a€?Aycox, for-instance, reported $ 505,000 money on his 1994 tax returns. A year later, after Florida’s Legislature opened the gates for a large number of title loan shops had by Aycox’s providers, his income rose to nearly $ 2.76-million.a€? [St. Petersburg Occasions, 1/24/99]