Legal Question in Credit and Debt Law in Florida

I got a title loan over the phone and was sent to a notary's ofc where the loan company sent the paperwork for me to e-sign, and then the notary issued me a check. No one went over the terms of the loan, the fees or the monthly amount.
The notary said that the loan info would be emailed to me.
when I got home I went thru the email and the loan docs and found I was charged a debt cancellation fee of $1100 for a $2500 loan. I immediately called the title loan company and the rep said he covered it with me, which he did not, I would not have taken the loan. His supervisor came on the phone and said that they have a promo going and if I pay the full amount of the loan with fees within 30 days I would only have to pay $91 of the debt cancellation fee, but, if I pay it after 30 days I will owe the whole $1100. It appears the dcf is insurance in case I total my car, eventhough I have car insurance from Geico, they say it is needed if your insurance isn't paid up 6mos in advance, which it would never be unless you just paid a new 6mos premium. Is this debt cancellation fee legal, I live in Florida.

Asked on 1/14/13, 1:17 pm

Lucreita Becude Lucreita D. Becude, P.A.

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0 attorneys agreed

If you signed a contract before reading it - shame on you. I suggest you give them back their money immediately and be done with company.

Answered on 1/15/13, 11:40 am

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