In 2004, I cosigned for a friend in order for her to get a new Kia. The car cost around $12,000 and she was to pay $371 a month for 5 years which would mean she would pay $22,260 for that car. That was a very high interest rate, but her credit was bad due to a divorce so it was all she could get. At first, there was not any problems with Triad, but that was short lived.
She lost her job and it became harder to make the payments and they would start calling both our phones if the payment was one day late. They would call 5-10 times a day leaving voice mails demanding that I call to make arrangements. In being one day late, they would add on late fees that started at over $100. She would call them and let them know she was running a couple days late, but they would still harass both of us. There was also problems with the online payment system where even though she scheduled the payment well before the due date, it wouldn't post till after and she would be assessed late fees. They would also claim they never received the payment even though her bank account was debited the amount. They always wanted her to use the pay by phone which cost $8.95.
Sometimes she couldn't make the payment and they would send letters threatening to repo the car and that they want to "work" with her. Everytime she called them, they demanded payment plus interest. For a few months it went so far as they had someone call me posing as a detective for the Dallas Police Department and that he wants to know where my friend is because failing to pay a debt is a crime. I told him that posing as a police officer is a crime and hung up. He would keep calling leaving messaages with a fake case number and his "badge" number telling me that unless I give him info about my friend, I can be in trouble. Funny thing is when I called the number that showed up on my caller ID it went to TRIAD.
They went so far as to call my parents number asking where I was and even left post it notes on my parent's front door demanding that I call them. Earlier this year they finally found and repossessed the car even though my friend was still making payments. We figured with all the late fees that she paid about $20,000 for a car worth far less than that. They then had the nerve to send a letter demanding an additional $3800 after they sold the car for $2800. I called them and told them that it is not my responsibility because I was a co-signer, they told me that in their records we are co-owners.... never heard of that before. Anyway, I told them I have no incentive to pay them because my friend won't get the car back so basically would be paying for NOTHING.
Triad is a bad company. Yes, my friend was late with some of her payments, but instead of realizing she was in a difficult financial situation, they kept adding on more penalties and interest. We would be happy to join any class action lawsuit against Triad.