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Triad Financial / Road Loans Harrassing Calls, Bad Attitude, Horrible Loan Huntington Beach California
So while my complaint isn't anywhere near as bad as some of the others, I thought I would go ahead and speak my peace anyway. My situation was this, I didn't have horrible credit but I didn't have the greatest. I had just bought a brand new 2007 Caliber when I got a new job about 30 miles away. Since the Caliber was a lease I needed something else to drive because of the miles and I could leave the Caliber at home with my G/F and kids. I tried my local bank but since I had not started my new job my debt to income was to high. I was in the process of buying a house and had used Lending Tree, this worked pretty well, so I used the same type of website to buy my car. Well I got my packet from Road Loans, read it, checked to make sure it was legit, and proceeded to buy my car. My interest rate was 15.9 which sucked, but I didn't plan on keeping this car or this financing for long, maybe a year then i would refinance or trade it in. This was in April of this year. Everything was ok until about 2 months ago when I had to have some dental work done. This was an unexpected cost and it made my bill paying schedule off. I have been late two months but no more than about 10 days. The first time I was late a lady called me at my work. I told her I would be making the payment on that Friday when I got paid. Not more than 20 mins later I received another call, at my work, asking about the payment. I told this person that same thing and also told her I had just received a call. She told me the calls would keep coming until payment was made. Fortunately for me I work in a very secure business and all the conversations are recorded. So her statement about the reaccuring calls is on tape and at my disposal. I received another call today this time at my house, I am officially 6 days late with my pay check coming on Friday. I proceeded to tell this lady that she is allowed to call me once to attempt collection and informed her of my knowledge of lawsuits against her company. I have yet to receive another phone call today, but it is only 6:45. Although there collection efforts are questionable if not illegal, my main complaint is with the "terms" of this loan. I am now 7 months into my loan and have paid a little over 1600 in payments, but my principle is only 340 less, so I have paid so far 1300 in interest, which is making it impossible for me to refinance or to sell this car. Im thinking about just trading it in on a lease and taking the hit on the carry over, just so this joke of a company doesn't get anymore of my money. Good Luck to all that have been deceived by these people, and don't let them push you around. Buy a little recorder from Radio-Shack and record your conversations, be sure to tell them first that you are recording or it will not be available for evidence. Also just to reiterate what has previously been said, inform the BBB in both CA and TX about there horrible business practices, and also let your Attorney General know.
Tinco design
east alton, Illinois
U.S.A.
12 Updates & Rebuttals
John
Califon,New Jersey,
U.S.A.
Uh, you never directly answered the question
#13Consumer Comment
Thu, December 06, 2007
but your response was heard loud and clear. There really was no reason to yell at me. I am just a person posting on a messageboard. I, personally, owe you nothing.
Tinco design
east alton,Illinois,
U.S.A.
Don't be mad at me
#13Author of original report
Wed, December 05, 2007
Hey Billcoll, don't be mad at me because you make minimum wage and probably can't get a loan for a candy bar. I never threatened legal action, I never threatened them at all. I told them that "Ok, I know I'm late, I'm telling you I'll pay on Friday, and don't harrass me about it." Guess what Billcoll, they never called again not Wednesday, not Thursday, and not Friday. You want to know something else, I paid my payment on Friday. The only time i ever mentioned legal action was when I told her that I was aware that people had a class action against your shitty company. I never said I was going to join and I never said I was going to sue. So go sit back at your cubicle and lead your miserable life, and stop leaving negaitive post because your just making your company look worse and worse. Also to Nikki, I appologize for shooting off at the mouth, thank you for the help.
Billcoll01
MESA,Arizona,
U.S.A.
BAD REP?
#13UPDATE Employee
Wed, December 05, 2007
WE HAVE A BAD REP CAUSE PEOPLE BITE OFF MORE THAN THEY CAN CHEW & WANT TO BLAME EVERYBODY ELSE THEN WHEN SOMEONE TRIES TO HELP, THEY ACT LIKE BRATTY LITTLE KIDS THAT KNOW IT ALL & DONT WANT CALLS. ALL IM SAYING IS THAT WE AS A COUNTRY NEED TO START BEING MORE RESPONIBLE FOR OUR ACTIONS. THIS GUY NEEDS TO TRY & WORK WITH THE FINANCE COMPANY & STOP TAKING A NEGATIVE ADDITUDE. HE GOT HIMSELF INTO THE CREDIT SITUATION, SO HE NEEDS TO BE HAPPY THAT SOMEBODY TRUSTED HIM TO LEND HIM MONEY WHEN NO ONE ELSE WOULD
John
Califon,New Jersey,
U.S.A.
Is that all you do
#13Consumer Comment
Wed, December 05, 2007
is yell at people all day long? And you wonder why you guys have the rep that you do?
Billcoll01
MESA,Arizona,
U.S.A.
PAY ONTIME
#13Consumer Comment
Wed, December 05, 2007
AND STOP WITH THE EXCUSES & THREATS. THE FACT THAT YOU IMMEDIATLY WANT TO THREATEN LEGAL ACTION AFTER A FEW PHONE CALLS TELLS ME WHY YOU HAD TO FINANCE THROUGH THEM, BECAUSE YOU HAVENT YET GROWN UP!
Nikki
Coconut Creek,Florida,
U.S.A.
Big OOPS!
#13Consumer Comment
Tue, December 04, 2007
I see where you would have thought I posted negatively about you (my last paragraph). Sometimes my typing goes faster than my brain. I really meant that is how they look at it. Since the CSR's do not see your credit history on their computer, they assume you have financed with them because you have questionable credit and that is why they keep that eye on you.
And though you weren't even 10 days late with the two payments that were late, to them that's too late.
Pull out your auto loan paperwork when you run your amortization calculators (if you haven't already). Does the payment they list jive with the amortization calculator? Does the amount of money to be paid over the years jive between your paperwork and the amortization calculators? Print out the amortization and find out where you should be in the loan compared to where your statements put you (amt still owed). If it is off by a couple of hundred, that is due to the late payments on a simple interest loan. If it is off by a couple of thousand, you might want to find out why.
To give an example (I'm not using real numbers since I don't know your loan amt, etc). Say your payment is $400 per month, Say $300 is supposed to go towards interest (according to amortization calculator) and $100 towards principal. Say you are 10 days late this month. The $300 interest divided by 30 days is $10 per day times 10 days late is $100. So, if you are 10 days late, your entire $400 payment goes towards interest and nothing to principal. It catches up when you start paying ontime, but that is the general gist.
Nikki
Coconut Creek,Florida,
U.S.A.
Big OOPS!
#13Consumer Comment
Tue, December 04, 2007
I see where you would have thought I posted negatively about you (my last paragraph). Sometimes my typing goes faster than my brain. I really meant that is how they look at it. Since the CSR's do not see your credit history on their computer, they assume you have financed with them because you have questionable credit and that is why they keep that eye on you.
And though you weren't even 10 days late with the two payments that were late, to them that's too late.
Pull out your auto loan paperwork when you run your amortization calculators (if you haven't already). Does the payment they list jive with the amortization calculator? Does the amount of money to be paid over the years jive between your paperwork and the amortization calculators? Print out the amortization and find out where you should be in the loan compared to where your statements put you (amt still owed). If it is off by a couple of hundred, that is due to the late payments on a simple interest loan. If it is off by a couple of thousand, you might want to find out why.
To give an example (I'm not using real numbers since I don't know your loan amt, etc). Say your payment is $400 per month, Say $300 is supposed to go towards interest (according to amortization calculator) and $100 towards principal. Say you are 10 days late this month. The $300 interest divided by 30 days is $10 per day times 10 days late is $100. So, if you are 10 days late, your entire $400 payment goes towards interest and nothing to principal. It catches up when you start paying ontime, but that is the general gist.
Nikki
Coconut Creek,Florida,
U.S.A.
Big OOPS!
#13Consumer Comment
Tue, December 04, 2007
I see where you would have thought I posted negatively about you (my last paragraph). Sometimes my typing goes faster than my brain. I really meant that is how they look at it. Since the CSR's do not see your credit history on their computer, they assume you have financed with them because you have questionable credit and that is why they keep that eye on you.
And though you weren't even 10 days late with the two payments that were late, to them that's too late.
Pull out your auto loan paperwork when you run your amortization calculators (if you haven't already). Does the payment they list jive with the amortization calculator? Does the amount of money to be paid over the years jive between your paperwork and the amortization calculators? Print out the amortization and find out where you should be in the loan compared to where your statements put you (amt still owed). If it is off by a couple of hundred, that is due to the late payments on a simple interest loan. If it is off by a couple of thousand, you might want to find out why.
To give an example (I'm not using real numbers since I don't know your loan amt, etc). Say your payment is $400 per month, Say $300 is supposed to go towards interest (according to amortization calculator) and $100 towards principal. Say you are 10 days late this month. The $300 interest divided by 30 days is $10 per day times 10 days late is $100. So, if you are 10 days late, your entire $400 payment goes towards interest and nothing to principal. It catches up when you start paying ontime, but that is the general gist.
Nikki
Coconut Creek,Florida,
U.S.A.
Big OOPS!
#13Consumer Comment
Tue, December 04, 2007
I see where you would have thought I posted negatively about you (my last paragraph). Sometimes my typing goes faster than my brain. I really meant that is how they look at it. Since the CSR's do not see your credit history on their computer, they assume you have financed with them because you have questionable credit and that is why they keep that eye on you.
And though you weren't even 10 days late with the two payments that were late, to them that's too late.
Pull out your auto loan paperwork when you run your amortization calculators (if you haven't already). Does the payment they list jive with the amortization calculator? Does the amount of money to be paid over the years jive between your paperwork and the amortization calculators? Print out the amortization and find out where you should be in the loan compared to where your statements put you (amt still owed). If it is off by a couple of hundred, that is due to the late payments on a simple interest loan. If it is off by a couple of thousand, you might want to find out why.
To give an example (I'm not using real numbers since I don't know your loan amt, etc). Say your payment is $400 per month, Say $300 is supposed to go towards interest (according to amortization calculator) and $100 towards principal. Say you are 10 days late this month. The $300 interest divided by 30 days is $10 per day times 10 days late is $100. So, if you are 10 days late, your entire $400 payment goes towards interest and nothing to principal. It catches up when you start paying ontime, but that is the general gist.
Nikki
Coconut Creek,Florida,
U.S.A.
Please pay attention back.
#13Consumer Suggestion
Tue, December 04, 2007
At no time did I ever say you have bad payment history. I merely said you financed with a "bad credit" lender and repeatedly calling for payment is what they do.
In addition, there are many people on this site who do not understand simple interest loans, as most auto loans are. I was only trying to give you an idea of how to figure them out since they are not like the loans you can check with a regular amortization calculator unless you make each and every payment EXACTLY on the due date (never late and never early).
I'm not saying they are not trying to rape you either. Just trying to explain how it works so you can better figure it out.
Tinco design
east alton,Illinois,
U.S.A.
Pay Attention
#13Author of original report
Tue, December 04, 2007
Nikki, if you would read the comment more carefully you would see that nowhere does it mention that I have bad payment history. My problem with my credit was that I didn't have enough and when I bought the car had a low paying job. So do not judge me on assumption. Yes, it was my bad judgment to buy the car at this interest rate, but at no time have I been thirty days late on a payment leading to a dent in my credit. For your information, I could get this car refinanced at a lower interest rate now, but unfortunately the car is upside down to much for my bank to justify the loan. The whole reason I left this report was not to make myself out to be a victim but to warn other people of there gustapo (sp?) type collection practices. I don't claim to be a math wiz, but I have checked with numerous financial websites and used their simple interest calculator and they all come up with about the same number, which over the life of my loan would be about 6-7 thousand in interest.
At the rate I am going now I will be paying over $2000 a year and $12000 over the life of the loan. Thats double what the calculators predict. I even did some monthly interest calculators and the highest I seen on those was $140 a month interest, which still only comes out to $1600 a year. Can someone explain this to me because it is very frustrating.
Nikki
Coconut Creek,Florida,
U.S.A.
Read some info
#13Consumer Suggestion
Tue, November 27, 2007
The amounts you have paid towards interest and principal are probably correct due to the amount of times you were late. Most auto loans are simple interest loans, and if you are even 1 day late, you owe an extra day of interest. Do an online search for simple interest loans and you will get an explanation. Each time you are late, you should pay the payment plus interest for each additional day late to keep your loan where it should be. If you don't, you will find you'll owe thousands of dollars at the end of the loan to actually pay off the car.
This isn't only Triad, it is the way most auto loans work.
Also, if you purchase a car, you cannot simply trade it in within 1 year or you will be upside down at least $5000. That means you will owe at least $5000, if not more than you would get for a trade in and the dealer would tack that onto the price of your new car.
Keep in mind, whenever you purchase a car through a "bad credit" car company, you will be called numerous times the minute your payment is late. Yes, even 1 day late. They are keeping tabs on you to make sure you pay because if you had to finance with them, your payment history tells them they need to "keep an eye on you". Especially if you have already made 2 late payments in the 7 months you have had the car. And, since they have heard many lies, they simply don't believe you will make the payment on Friday until it is Friday and they have their payment.