Complaint Review: Triad Financial Corporation RoadLoans

I bought a car in April of 2001 for $20,000 and was placed with Triad for the note, a 66 month note that is @ $505.00 a month. All went well until I lost my job due to cut backs. Then I asked to defer a couple of payments. Then all was well again when I finally got them to do this.

In dealing with this company I learned very quickly to make payments over the phone. So on my second to last payment they (Triad) stated that your next payment is the last one and the loan is done Wow great feeling to have paid this off.

But wait, a couple of weeks after making that last payment they send me a bill for $1,200.00 So I call them and ask what it is for and they tell me it's for late payment interes. The payments that I had deferred were tallying interest all along with out me even knowing anything about this. When I asked why I had not seen this any were on my statement or why I was told your next payment is the last one and the loan is done. they could not give me any other explanation other then This is a simple interest loan.

So we talked to at least 10 people there and they said that they would convert the Interest balanc to payment and invoice then to us. Something they never did and now the interest went up to $2,400 and they repod the car because they stated it was 152 days past due. On a loan that had matured. The only way I am going to get this car back is to pay this $2,400 all at one time.

When I call them to ask how much I would have to pay to get the car back I was place on hold with there Recovery department for 20 minutes. When they finally answered the phone the women was rude to me and said to me I do not feel like arguing today so I responded back with I guess that you would not as I was on hold for 20 minutes so you must be doing this kind of thing to allot of people. at that point she hung up on me. Must be nice to think that you could do this to your customers.

p.s.
I heard that there is a Class action suit against them. Can any body tell me how I would join that suit?


Andrew
Derby, New York
U.S.A.