Complaint Review: Triad Financial Corporation

Brenda,

My comment is not meant to sound trifling, but having been through both a bankruptcy (1999) and repossession (2003) I think its time you face reality, if your that far behind its not -if- but -when- they repossess your vehicle.

Although bankruptcy rules are tighter now then in 1999, I strongly urge you to seek legal advice. Having a bankruptcy is taboo, but, having experienced both I can honestly say the repossession effected my credit score more - and still continues to do so. The reason why is because I am still legally responsible for the difference owed to what it was sold at auction for. So, it still shows on my credit report as delinquent and amount owed. Whereas, a bankruptcy would have discharged the debt.

I have been reading some of this site about the legality of repossessions and ones duty to pay, outside my personal opinion, any attorney will tell you - you owe the debt. What a person owed the lender to what they sold it for is not relevant. The difference is a valid debt. Anyone that says its not is either retarded or just stupid.

My only grace so far has been I have not had collectors come after me. I still owe about 12k. If they do, I will declare bankruptcy a 2rd time. For me anyways, another bankruptcy is the lesser of two evils. Plus, when I go that route I will have federal courts overseeing the collections.

Also, bear in mind that any time you are faulted on a credit card or payment, -ANY- agreement you make restarts the statue of limitations. I thought I would be a smartalic in 2004 and mail my car lender 1c. I found out later it restarted the statute of limitations again. So, my take is if your going to fault - fault, don't keep the stress on your shoulders, which is why I highly recommend you seek legal advice about bankruptcy options.

Just my two cents worth, because at the moment, that is all I have. :) - Marty

Brenda,

My comment is not meant to sound trifling, but having been through both a bankruptcy (1999) and repossession (2003) I think its time you face reality, if your that far behind its not -if- but -when- they repossess your vehicle.

Although bankruptcy rules are tighter now then in 1999, I strongly urge you to seek legal advice. Having a bankruptcy is taboo, but, having experienced both I can honestly say the repossession effected my credit score more - and still continues to do so. The reason why is because I am still legally responsible for the difference owed to what it was sold at auction for. So, it still shows on my credit report as delinquent and amount owed. Whereas, a bankruptcy would have discharged the debt.

I have been reading some of this site about the legality of repossessions and ones duty to pay, outside my personal opinion, any attorney will tell you - you owe the debt. What a person owed the lender to what they sold it for is not relevant. The difference is a valid debt. Anyone that says its not is either retarded or just stupid.

My only grace so far has been I have not had collectors come after me. I still owe about 12k. If they do, I will declare bankruptcy a 2rd time. For me anyways, another bankruptcy is the lesser of two evils. Plus, when I go that route I will have federal courts overseeing the collections.

Also, bear in mind that any time you are faulted on a credit card or payment, -ANY- agreement you make restarts the statue of limitations. I thought I would be a smartalic in 2004 and mail my car lender 1c. I found out later it restarted the statute of limitations again. So, my take is if your going to fault - fault, don't keep the stress on your shoulders, which is why I highly recommend you seek legal advice about bankruptcy options.

Just my two cents worth, because at the moment, that is all I have. :) - Marty

Brenda,

My comment is not meant to sound trifling, but having been through both a bankruptcy (1999) and repossession (2003) I think its time you face reality, if your that far behind its not -if- but -when- they repossess your vehicle.

Although bankruptcy rules are tighter now then in 1999, I strongly urge you to seek legal advice. Having a bankruptcy is taboo, but, having experienced both I can honestly say the repossession effected my credit score more - and still continues to do so. The reason why is because I am still legally responsible for the difference owed to what it was sold at auction for. So, it still shows on my credit report as delinquent and amount owed. Whereas, a bankruptcy would have discharged the debt.

I have been reading some of this site about the legality of repossessions and ones duty to pay, outside my personal opinion, any attorney will tell you - you owe the debt. What a person owed the lender to what they sold it for is not relevant. The difference is a valid debt. Anyone that says its not is either retarded or just stupid.

My only grace so far has been I have not had collectors come after me. I still owe about 12k. If they do, I will declare bankruptcy a 2rd time. For me anyways, another bankruptcy is the lesser of two evils. Plus, when I go that route I will have federal courts overseeing the collections.

Also, bear in mind that any time you are faulted on a credit card or payment, -ANY- agreement you make restarts the statue of limitations. I thought I would be a smartalic in 2004 and mail my car lender 1c. I found out later it restarted the statute of limitations again. So, my take is if your going to fault - fault, don't keep the stress on your shoulders, which is why I highly recommend you seek legal advice about bankruptcy options.

Just my two cents worth, because at the moment, that is all I have. :) - Marty

Brenda,

My comment is not meant to sound trifling, but having been through both a bankruptcy (1999) and repossession (2003) I think its time you face reality, if your that far behind its not -if- but -when- they repossess your vehicle.

Although bankruptcy rules are tighter now then in 1999, I strongly urge you to seek legal advice. Having a bankruptcy is taboo, but, having experienced both I can honestly say the repossession effected my credit score more - and still continues to do so. The reason why is because I am still legally responsible for the difference owed to what it was sold at auction for. So, it still shows on my credit report as delinquent and amount owed. Whereas, a bankruptcy would have discharged the debt.

I have been reading some of this site about the legality of repossessions and ones duty to pay, outside my personal opinion, any attorney will tell you - you owe the debt. What a person owed the lender to what they sold it for is not relevant. The difference is a valid debt. Anyone that says its not is either retarded or just stupid.

My only grace so far has been I have not had collectors come after me. I still owe about 12k. If they do, I will declare bankruptcy a 2rd time. For me anyways, another bankruptcy is the lesser of two evils. Plus, when I go that route I will have federal courts overseeing the collections.

Also, bear in mind that any time you are faulted on a credit card or payment, -ANY- agreement you make restarts the statue of limitations. I thought I would be a smartalic in 2004 and mail my car lender 1c. I found out later it restarted the statute of limitations again. So, my take is if your going to fault - fault, don't keep the stress on your shoulders, which is why I highly recommend you seek legal advice about bankruptcy options.

Just my two cents worth, because at the moment, that is all I have. :) - Marty

So you are telling me that the recovery place cannot take your car if you 'orally' ask them not too? Because I'm here to tell you that didn't work in my case. Actually I was showing him a CLEARED TITLE and the letter I have FROM TRIAD saying my lien is satisfied and they STILL took it. And screwed up the front end of my car because he drove away so fast that my car was dragging on the pavement as he sped away. So that is just another bill added to the mounting amount of money I WILL get back from Triad in my lawsuit against them.

Everyone has told us that there is no way Triad could take our car since we had the lien satisfied letter and a cleared title. Well they did and I'm here to tell you that they will pay dearly. And to add too all this , I checked my credit report yesterday and Triad IS STILL SAYING WE OWE THEM MONEY!!!!! Past due amount of $373 since April 2006. What in the hell do these people think they are doing? Lets see , I paid off the car, I have a letter sent to me saying the lien is satisfied and a cleared title as of October 11, 2005 , they come take our car in April 2006 , we pay them $1328 to get our car back because I would not let the bastards have my car , so this is TWICE we've paid off the car , and now they are saying we owe them ANOTHER $373??? So now in another 6 months they are going to take my car AGAIN and say we owe a thousand or two AGAIN??? When will be rid of these PEOPLE???

God almighty I swear to you and everyone that reads this my MISSION in life now is to see these people DO NOT DO THIS TO ANOTHER LIVING SOLE ON THE FACE OF THIS EARTH!
P.S. If I REALLY sound angry now it's because I've completely HAD IT!

It is true that Triad and many lenders, will restructure a loan, adding payments on the back end of the loan to the contract. It occurs on a case by case basis and takes criteria into play such as how many payments you have already made on time, your current income and likelihood you can meet your payments, the value of the car and the likelihood they can recover their interest in the value of the loan upon repossession and resale.

In your case Brenda, it does not sound like a viable option. You seemed to believe your payment was too high, and if so, it is likely you cannot really afford this car. Your best option would be to try and sell the car yourself for the amount you owe on the loan or get someone to take over the payments on the loan in exchange for the car.

Don't "Hide" the car as one poster recommended. This is illegal in all states and will only lead to more trouble. Do know, however that they can repossess the car at any time. In Illinois, by giving the creditor a security interest in the car, you are giving him the right to repossess the car if you default.

A repo-man can enter your property (not a garage) and break into the car to repossess it at any time without notice to you or your consent. He cannot however "breach the peace". It is against the law for a repo man to "breach the peace" when seizing a car. Breach of the peace is a technical term, but basically it means that the repossessor cannot use bodily force or threats and cannot take property over your oral objections. Your objection should not involve force and does not have to be loud. Just politely but firmly tell the repo man not to take the car. Of course, if you are not there when the repo man shows up, you won't be able to object. It is perfectly all right for the creditor to come in the middle of the night and enter your car on the street or even on a driveway. (But, they cannot lawfully break open a locked garage).

Repossession usually occurs at night or at a time when the repo-man knows you are away from the car. It is common for them to find your place of business and take the car while you are at work. They have also been known to scout local grocery store parking lots etc. to find your car if it is not at home.

We had Triad debit our account by "mistake" one week before they were supposed to in June of 2005. We had to borrow money to get our bills paid and then when we asked for an extension (ahead of time) because of what they did, they told us we could not have one because we were not behind.So we waited until a week into July and then they told us we could not have an extension because they were not allowed to give any out and to wait until August. In August they told me to make the July payment and they would give me one for August and September.

The whole time they knew they were wrong, yet they did not care that they had caused us to get in a bind and wanted us to jump through hoops to get what they did wrong fixed. They told me they would cover any checks we bounced. However that was of no use to us, because those checks were utility bills, we could not allow them to bounce. Then the extra $5 bank fee (at the time) went through and did cause other bills to bounce a few days later and they denied the claim saying it was not their fee. To which I wrote a letter stating that had they not breached the contract the money would have been there.

They did the same thing to us again in November.A rep told me that you always want to pay them on time because for each day you are late (and there is no grace period) you are charged $6 per day. Not only that you should check your interest rates and make sure they are legal in your state. A lot of companies will put a bait and switch when you sign and certain states have a cap for what they are allowed to charge. Anyway you put it, this company is a rip off. I would love to join a class action suit against them.

Keep on carrying that bucket Marie.....your like the spider talking to the fly. You people have no desire to do anything other than to intimidate people into forking over money they don't have.... that's your "solution". I've seen it first hand. You people try to bully customers into arrangements they cannot keep thinking you've scared them into operating on YOUR terms. You also threaten people with things cencering accounts. Holding things over peoples' head and making threats. It's logical that Triad would have one of their stooges post these polite little "we're here to help" posts. Looks to me like Triad is getting a little nervous at the bad publicity. Wait until you people get slapped with the class actions. You should start looking for another job. With any luck, Triad is going down.

It's amusing to me how angry you get when someone offers alternate solutions.

My suggestion is a legitimate solution to her issue. How long do you think "hiding her car" will help her? Beyond being illegal to intentionally hide mortgaged property when one is aware the finance company has the right to repossess it -- it won't HELP her.

She can't hide something she needs. Her point was she needs the vehicle. If she has a job, a verifiable income, an extension would actually help her.

Do you want people to get help? Or just see them hurt -- so you can laugh and be happy to add more "victims"? Do you care about anyone else beyond yourselves? Are you too blinded by your own bitterness to allow any other suggestions?

Well, I hope she ignores *you*. I hope she calls and asks about what I have suggested and follows through with it. I hope she keeps her car and has a good experience.

D & Angie. Stick to what you know, but don't tell me not to give people advice. I will offer help to those that want to know what they can do.

She is a Triad shill trying to take the attention off of her company.

She is a Triad shill trying to take the attention off of her company.

She is a Triad shill trying to take the attention off of her company.

She is a Triad shill trying to take the attention off of her company.

Kiss our A**. Oh holier than thou Triad freak. We can wish in one had and crap in the other and see which one fills up faster. Go preach your glory to someone who gives a d**n. As far as we victims are concerned, we could care less about how much you preach up Triad; it's not going to change our minds. You may as well sign off and maybe if Triad is lucky they will have you as a witness for the defense when we all see them in court. Good Day to you.

Keep in mind Triad has millions of accounts.

Contrary to what some people on here say, they do offer extensions/deferred payments if you're working and have a hardship.

They helped Katrina victims, people during divorces, funerals, etc.

The way an extension works - if you currently owe 3 payments, they may ask you to make one + an extension fee. They will submit your situation for *approval* and if approved they will send you paperwork to sign. This aggreement moves the payments you still owe to the back of your loan, changing your maturity date.

For instance:
You owe - March, April, and May. You pay May, request an extension. They approve you, based on a hardship. They defer your April/May and your next payment is due in June. Your maturity date that was Sept 2007 is now Nov. 2007. You will have an agreement to sign and turn back in before they will finish the extension.

** Keep in mind extensions can be denied. They may need more info. They may not have any left to give for that month. I would suggest requesting again next month.

I hope some consumers keep in mind that these reports are the worst experiences, and no one is on the rip off report singing ANYONEs praise. Before you make a choice that could get your car repo'ed, yourself sued for a balance, or your credit damaged for the next seven years.. you should educate yourself on what all of your options are.

Auto loan companies makes money off of keeping customers. Not repo'ing the cars. They *want* you to pay. Granted, some collectors may forget that -- I've seen that too. Ultimately, you need to push for some help and get someone that will help you. They are out there!

And, to be fair - though you're upset about your personal situation, honestly - what do you expect your car company to do? Give you a free car? Half of America gets divorced, unfortunately. Businesses don't coddle people that are going through hard times. Its not heartless - it's business. Chances are several collectors you have spoken to have been divorced, cheated on, single parents, abused, had medical issues.. They are people too. Miss too much work - you get fired. Miss too many house payments - they foreclose. Regardless of why.. thats life. Not a rip-off. Just life.

I suggest being proactive and looking for solutions, ask them about alternatives like the extension and the steps it takes.

Good luck!

Hide your vehicle. They aren't in the business to "help" nor will they. I almost lost my 40 year old husband due to a heart attack, and they were calling non stop while he was in the hospital having heart surgery!!!!!!!!!!!!!! They are scum. Join the rest of us if you like. In the mean time contact your State Attorney General's Office and the FTC about the harassing phone calls you are getting several times a day. That my dear is concidered harassment. I sure hope things brighten up for you. Good Luck, and read the other posts about this horse's a*s company. They have had over 530 some complaints in 36 months!!! So, we're not alone.