We are Passionate about our customers and our people, which helps drive our brand to excel and continuously improve our service standards. MoneyMax Financial Services Ltd. is a leading pawnbroker, retailer, trader of pre-owned luxury items and a service provider for car financing and insurance services. MoneyMax Leasing provides COE & Car Financing solutions to customers as well as car dealer companies. Texas has a substantial interest in adjudicating this dispute, which involves allegations of torts committed against Texas companies and the alleged misuse of identifying information of Texas customers. As a result of Mr. Young’s complete beneficial ownership and control of [TMX-Finance], his interests could conflict with the interests of our bondholders. For example, if we encounter financial difficulties or are unable to pay our debts as they mature, Mr. Young’s interests as the sole equity owner of our Parent [TMX-Holdings] might conflict with the interests of our bondholders. Mr. Young might also have an interest in pursuing transactions that, in his judgment, could enhance his equity investment, even though such transactions might involve risks to our bondholders.
Our service, Titlelns.com, is aiming to connect people who need a title loan with trusted direct lenders that can offer greater options on the market. Get started today with the auto title loan brand trusted across the United States. We also offer personal loans and a very popular signature loan with no auto title required. When it comes to pawning your car title, it’s best that you rely on reputable loan companies, such as Asialink Finance Corporation. Asialink’s OR/CR loan is definitely one of the best and most practical choices in the market today.
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Loanable amounts are usually based on your car’s present value. These days, you have many options for access to quick cash for your urgent needs. You can apply for a salary loan, borrow from a friend, or even sell personal items you’re not using anymore. Lawmakers and regulators should open an investigation into the Wellshire and Meadowwood loans to determine whether the loans were acquired in accordance with Federal Reserve regulations. Additionally, the Federal Reserve should release more detailed information on MSLP loans, including borrowers’ industry classifications and full loan addresses. After public outcry over the first $25 million MSLP loan to Wellshire, lawmakers questioned former Treasury Secretary Steve Mnuchin about Wellshire’s participation in the MSLP during a moneymax title loans congressional hearing on Dec. 2. Although Mnuchin conceded in the hearing that the loan to Wellshire “violates the spirit and the intent of the law,” Meadowwood still applied for a loan under the program just eight days later, on Dec. 10. The loans that Wellshire Financial Services and Meadowwood Financial Services received came from two different facilities – the MSNLF and the MSPLF – likely allowing Meadowood to apply for an MSLP loan without limiting its maximum loan size based on the leverage level of Wellshire. If the Eligible Borrower has an affiliate that has previously borrowed or has an application pending to borrow from a Main Street facility, then the entire affiliated group’s debt and EBITDA are relevant to the determining the Eligible Borrower’s maximum loan size.
- The MSLP is a Federal Reserve emergency lending program that aimed to support small and mid-sized businesses facing cash flow problems due to the economic downturn caused by the COVID-19 pandemic.
- You can get your Sangla OR/CR Loan application approved within 24 hours if complete requirements are submitted.
- Tracy Young is our founder, Chairman of the Board, Chief Executive Officer, President and the sole beneficial owner of our parent holding company, [TMX-Holdings].
- GDFI customizes its financial programs to suit the needs of its clients.
- Get started today with the auto title loan brand trusted across the United States.
The trial court denied the special appearance based on its finding that TMX-Holdings was an alter ego of a related entity—also a holding company—that had submitted to the court’s jurisdiction. There are many loan options when you’re looking to have quick cash. If you urgently need a big amount of cash, then applying for a GDFI car title loan online is a logical choice. You can use something you already own to address a financial emergency. This is a big deal, especially if you’re using it every day for work or business. The MSLP is a Federal Reserve emergency lending program that aimed to support small and mid-sized businesses facing cash flow problems due to the economic downturn caused by the COVID-19 pandemic. Aycox’s companies, Wellshire Financial Services and Meadowwood Financial Services, collectively received $35 million in MSLP loans at annual percentage rates below 3.25 percent, despite charging their customers rates of over 380 percent APR for auto title loans.
Prods., Inc., 222 S.W.3d 468, 482 (Tex. App.—Houston [1st Dist.] 2007, no pet.). When a plaintiff asserts jurisdiction over a nonresident defendant under an alter-ego theory, the plaintiff has the burden to overcome the presumption of separateness by proving its alter-ego allegation. BMC, 83 S.W.3d at 798 (“he party seeking to ascribe one corporation’s actions to another by disregarding their distinct corporate entities must prove this allegation.”); see Conner v. ContiCarriers & Terminals, Inc., 944 S.W.2d 405, 418 (Tex. App.—Houston [14th Dist.] 1997, no writ) (stating that burden is on plaintiff to prove existence of alter-ego relationship). In sum, the jurisdictional evidence clearly establishes the satisfaction of all of the PHC-Minden factors for determining that two corporation are “fused” as a single business enterprise for purposes of the exercise of personal jurisdiction over both on an alter-ego theory. It is undisputed that, in October 2012, Tracy Young, the president and CEO of TMX-Finance, transferred his 100% membership interest in TMX-Finance to the newly-formed TMX-Holdings. Young is the president, CEO, and sole shareholder of TMX-Holdings, and thus Young indirectly owns TMX-Finance. It is also undisputed that Christopher Kelly Wall is vice president of both TMX-Holdings and TMX-Finance.
Specifically, “to ‘fuse’ two corporations for jurisdictional purposes, a parent must ‘control the internal business operations and affairs of the subsidiary’ to an extent beyond its role as an investor.” Spir Star AG v. Kimich, 310 S.W.3d 868, 873–74 (Tex. 2010) (quoting PHC-Minden, 235 S.W.3d at 175). “The degree of control exercised by the parent must be greater than that normally associated with common ownership and directorship.” Cappuccitti, 222 S.W.3d at 482. Texas law presumes that two separate corporations are distinct entities. However, Texas courts may exercise personal jurisdiction over a nonresident parent corporation if the parent’s relationship with its subsidiary that does business in Texas is one that would allow the court to impute the subsidiary’s “doing business” in Texas to the parent.
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The original named plaintiffs were Wellshire Financial Services, LLC d/b/a LoanStar Title Loans d/b/a MoneyMax Title Loans and d/b/a LoanMax, Meadowwood Financial Services, LLC d/b/a LoanStar Title Loans and d/b/a MoneyMax Title Loans, and Integrity Texas Funding, LP (collectively, “Wellshire”). To qualify as CSOs, Wellshire and Meadowwood charge interest rates below 10%. That said, the loans still come at a high cost to customers – rather than profiting off of interest payments, the companies attach exorbitant fees to their loans. Although these fees are technically distinct from loan interest payments, Meadowwood and Wellshire‘s fees are the most burdensome part of loan repayments, often adding up to more than twice or three times the cost of the loan itself depending on how quickly the loan is repaid. That said, Meadowwood and Wellshire both received loans through the program, appearing to pull off exactly what MSLP rules seemed designed to prevent. The two companies received loans of $25 million and $10 million at 3.15 percent interest and 3.22 percent interest, respectively, yet the companies offer loans to customers at annual percentage rates of up to 382.8 percent. According to LoanStar Title Loans mandatory fee schedule disclosures, a customer who takes out a $600 loan and pays it back in five installments will be charged a total of $1,628.82 for the loan. The MSLP is broken up into five different facilities – three of which support loans to for-profit businesses.
Servs., 270 S.W.3d at 755–56; Cappuccitti, 222 S.W.3d at 487. Wall also testified in his deposition that Young, in his capacity as officer of TMX-Finance, does have reason to visit Texas on occasion, and he “visits sites and meets with the departments that are located in state.” See Spir Star AG, 310 S.W.3d at 879 (considering fact that parent company’s president and directors traveled to Houston on occasion); Cappuccitti, 222 S.W.3d at 486 . Wellshire’s claims against TMX-Holdings “will not require great additional burdens to try” beyond the claims that are already being properly litigated in this forum. Furthermore, Wellshire presented evidence that both TMX-Holdings and TMX-Finance are incorporated in Delaware, that Delaware law requires that “he business and affairs of every corporation organized shall be managed by or under the direction of a board of directors,” and that TMX Holdings does not have a board of directors and does not hold board meetings. CODE § 141; id. § 211 (“Unless directors are elected by written consent in lieu of an annual meeting as permitted by this subsection, an annual meeting of stockholders shall be held for the election of directors on a date and at a time designated by or in the manner provided in the bylaws.”). Defendant [TMX-Holdings] is a parent company which owns all ownership and membership interests in Defendant TMX Finance, and thus indirectly owns Defendants TMX Finance Texas and TMX Texas. This is a suit between competitors in the automobile title lending business.1 When the suit began, there were three named plaintiff entities—all of which are related—that were suing four named defendant entities—all of which are related—and two individual defendants.
And it presented evidence that TMX-Holdings likewise failed to produce any documentation concerning the $120,000 non-contractual liability to TMX-Finance that it claimed. This evidence is indeed, as Wellshire argued, “strong evidence of control” of TMX-Finance by TMX-Holdings. Defendants are part of a family of related companies operating under the name “TitleMax.” TitleMax is engaged in the business of automobile title lending, and is a competitor of Plaintiffs. Wellshire alleged, in its original petition, that the TMX entities “surreptitiously targeted and collected the license plate numbers of customers in parking lot, using that information to perform impermissible searches for customers‘ personal information” as part of a business-development plan to contact and solicit Wellshire’s customers. Wellshire sued the TMX entities for misappropriation of trade secrets and tortious interference with existing contracts and prospective business relations. If you need a loan in Singapore, MoneyMax Leasing is the one-stop solution to get a COE renewal loan for your car. A homegrown company with a reputation for excellent products and services in Singapore, you can depend on the team to offer a fast and hassle-free loan processing experience. While GDFI Sangla OR/CR Loan’s easy application process and minimal requirements may prove enticing, it’s still a financial commitment that you’ll need to fulfill within the agreed time frame. Compared to salary loans and other quick cash loans, you may get a bigger loan payout from GDFI Sangla OR/CR Loan. This is because your car is a valuable and expensive asset.