• Report: #458255

Complaint Review: Triad Financial - Roadloans

  • Submitted: Wed, June 03, 2009
  • Updated: Sun, July 26, 2009

  • Reported By:Plano Texas
Triad Financial - Roadloans
5201 Rufe Snow Drive North Richland Hills, Texas U.S.A.

Triad Financial - Roadloans Auto loan ripoff repo excessive late fees North Richland Hills Texas

*Consumer Suggestion: You fooled me!

*Author of original report: I know what a co-signer is you morons

*Consumer Comment: You are absolutely wrong. 100% wrong.

*Consumer Suggestion: What's a co-signer?

*Consumer Suggestion: What's a co-signer?

*Consumer Comment: There still isn't a problem with Triad.

*Consumer Comment: What do you think a co-signer is?

*Consumer Comment: What do you think a co-signer is?

*Consumer Comment: What do you think a co-signer is?

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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.

Derek
Plano, Texas
U.S.A.

This report was posted on Ripoff Report on 06/03/2009 03:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/Triad-Financial-Roadloans/North-Richland-Hills-Texas-76180/Triad-Financial-Roadloans-Auto-loan-ripoff-repo-excessive-late-fees-North-Richland-Hills-458255. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Suggestion

You fooled me!

AUTHOR: Robert - (U.S.A.)

""I know what a co-signer is you morons""

Well, you certainly fooled me.

""The point of this complaint was not about trying to get out of a debt.""

It isn't? So you're gonna pay them the money YOU OWE THEM? Your own remark about not being responsible because you're a co-signer pretty well sums it up.

""The problem was the outrageous late fees and how they would claim to not receive the payment on time even when I witnessed her make the payment three days before it was due.""

""Her credit is shot as it is so it doesn't matter if they put it on her credit. Triad made plenty of money off that loan.""

What about YOUR credit, eh? I suspect that they have probably tossed this account on credit reports about you.

Outrageous fees and a high interest rate and yet YOU signed the loan agreement? Didn't you read the entire agreement before you signed it? If you didn't read and comprehend the agreement before you signed it, that sort of makes you the moron.

""They loaned out $12,000 and received almost $20,000 in payments and proceeds off of selling the car. There are too many complaints about this company for this to be an isolated incident""

It's not an isolated incident at all and it's not unique to this lender. Many folks get credit to buy a car only to have it repossessed, auctioned off, and then still have to pay for the remaining BALANCE of the loan.

I normally attribute this behavior as to a lack of education and understanding of how credit works. The other possible explanation is that they are morons.
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#2 Author of original report

I know what a co-signer is you morons

AUTHOR: Derek - (U.S.A.)

The point of this complaint was not about trying to get out of a debt. It is about how even though my friend was still paying on the car, they still repossessed it. The problem was the outrageous late fees and how they would claim to not receive the payment on time even when I witnessed her make the payment three days before it was due. We do not have any incentive to pay the remaining balance they claim we owe because they sold the car and she would get nothing in return for paying it. Her credit is shot as it is so it doesn't matter if they put it on her credit. Triad made plenty of money off that loan. They loaned out $12,000 and received almost $20,000 in payments and proceeds off of selling the car. There are too many complaints about this company for this to be an isolated incident
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#3 Consumer Comment

You are absolutely wrong. 100% wrong.

AUTHOR: Phil - (U.S.A.)

First off, we need to clear up this idea that as a cosigner, you have no responsibility. So here it is. When you cosign a loan, for anyone, for anything, you aren't just saying "hey, look people... it's all good!". No. When you cosign, you are taking out a loan. You took out a loan for a Kia. You were an EQUAL partner with the other person who signed the loan. This means that you are an equal partner for any crap that comes up as a result of the other person not keeping their end of the deal.
I know it sounds horrible, but when you take out a loan, the lending institution tends to want their money back, and on their terms. Crazy system, huh?
I'm guessing you didn't have a "what happens if you lose your job" clause in the loan that said if one of the two equally responsible parties who sign this loan loses their job and it gets tough to pay, then the loan is forgiven and you don't owe any more money.
If this were a house, she'd have been foreclosed on, if it were a credit card, what do you think would have happened? A student loan? Etc...

She had bad credit, wanted apparently a brand new Kia Rio (that's about the price of one...) to look cool - because she wants that new car so she can say "look everyone, my money problems are gone! I'm in a BRAND NEW CAR!!" Well that was stupid. She obviously couldn't afford it, and you should have asked all of those questions before you became an equal partner with her on the loan with the lending company that services people with bad credit.

You have no right to fault the lending company for anything. ANYTHING. You are wrong and should have your post taken down. You're complaining that a bank did exactly what any bank would do in the same situation.

Shame on you for trying to make a company look bad for doing their job.
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#4 Consumer Suggestion

What's a co-signer?

AUTHOR: Robert - (U.S.A.)

""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.""

You cosign for an auto loan and then you claim it's not your responsibility to pay if the primary debtor doesn't pay? What planet are you on?

""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.""

The incentive for you to pay is simple: The can sue and WIN a judgment against you for the remaining balance of the loan which will likely include the remaining balance of the loan, plus court costs and legal fees-in other words, the judgment will likely be for an amount that is significantly greater than the current balance of the loan. If they win a judgment against you they can then request enforcement orders from the court to compell you to pay the judgment. Enforcement orders may include any or all of the following:

1. Garnishment of wages.

2. Levy against real property.

3. Levy against bank/credit union accounts.

4. Lien against any property of value; auto, boat, RV, etc.

5. Levy against any State tax refunds.

6. Levy against any State lottery winnings.

Further, the court may order a payment schedule for you to pay the judgment. Failure on your part to follow any said payment schedule could result in you being fined and/or jailed for CONTEMPT OF COURT.

And of course, they may have this debt or judgment listed on credit reports about you. This will hamper your ability to acquire credit at a reasonable interest rate and in some cases, may cause your auto insurance premiums to increase.

In the future, I suggest you do NOT cosign on any credit/loan for anyone else.
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#5 Consumer Suggestion

What's a co-signer?

AUTHOR: Robert - (U.S.A.)

""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.""

You cosign for an auto loan and then you claim it's not your responsibility to pay if the primary debtor doesn't pay? What planet are you on?

""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.""

The incentive for you to pay is simple: The can sue and WIN a judgment against you for the remaining balance of the loan which will likely include the remaining balance of the loan, plus court costs and legal fees-in other words, the judgment will likely be for an amount that is significantly greater than the current balance of the loan. If they win a judgment against you they can then request enforcement orders from the court to compell you to pay the judgment. Enforcement orders may include any or all of the following:

1. Garnishment of wages.

2. Levy against real property.

3. Levy against bank/credit union accounts.

4. Lien against any property of value; auto, boat, RV, etc.

5. Levy against any State tax refunds.

6. Levy against any State lottery winnings.

Further, the court may order a payment schedule for you to pay the judgment. Failure on your part to follow any said payment schedule could result in you being fined and/or jailed for CONTEMPT OF COURT.

And of course, they may have this debt or judgment listed on credit reports about you. This will hamper your ability to acquire credit at a reasonable interest rate and in some cases, may cause your auto insurance premiums to increase.

In the future, I suggest you do NOT cosign on any credit/loan for anyone else.
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#6 Consumer Comment

There still isn't a problem with Triad.

AUTHOR: John - (U.S.A.)

It's with who you co-signed for. Late payments = phone calls looking for the money owed to them. It's pretty simple. Any financial institution would do the same thing. This is nothing new when you borrow money.
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#7 Consumer Comment

What do you think a co-signer is?

AUTHOR: Flynrider - (U.S.A.)

" I called them and told them that it is not my responsibility because I was a co-signer,"

When you co-sign on a loan, you are assuming responsibility for paying off the loan if the primary borrower defaults. Co-signers are required when the person borrowing the money does not have sufficient credit to borrow on their own. In other words, they want someone who is creditworthy to go after if the primary doesn't pay.

Think about it. If you were not going to be held responsible for the loan, what would be the point in having you as a co-signer?

Co-signing on a loan is a serious business. You are staking your credit on the ability of the primary borrower to make good on the loan. It's usually not a good idea because the common reason that someone needs a co-signer is that they have not been financially responsible in the past.

"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."

Bottom line is that you signed up for this disaster and if the outstanding part of the loan isn't paid, it will impact your credit. THAT is your incentive to pay.
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#8 Consumer Comment

What do you think a co-signer is?

AUTHOR: Flynrider - (U.S.A.)

" I called them and told them that it is not my responsibility because I was a co-signer,"

When you co-sign on a loan, you are assuming responsibility for paying off the loan if the primary borrower defaults. Co-signers are required when the person borrowing the money does not have sufficient credit to borrow on their own. In other words, they want someone who is creditworthy to go after if the primary doesn't pay.

Think about it. If you were not going to be held responsible for the loan, what would be the point in having you as a co-signer?

Co-signing on a loan is a serious business. You are staking your credit on the ability of the primary borrower to make good on the loan. It's usually not a good idea because the common reason that someone needs a co-signer is that they have not been financially responsible in the past.

"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."

Bottom line is that you signed up for this disaster and if the outstanding part of the loan isn't paid, it will impact your credit. THAT is your incentive to pay.
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#9 Consumer Comment

What do you think a co-signer is?

AUTHOR: Flynrider - (U.S.A.)

" I called them and told them that it is not my responsibility because I was a co-signer,"

When you co-sign on a loan, you are assuming responsibility for paying off the loan if the primary borrower defaults. Co-signers are required when the person borrowing the money does not have sufficient credit to borrow on their own. In other words, they want someone who is creditworthy to go after if the primary doesn't pay.

Think about it. If you were not going to be held responsible for the loan, what would be the point in having you as a co-signer?

Co-signing on a loan is a serious business. You are staking your credit on the ability of the primary borrower to make good on the loan. It's usually not a good idea because the common reason that someone needs a co-signer is that they have not been financially responsible in the past.

"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."

Bottom line is that you signed up for this disaster and if the outstanding part of the loan isn't paid, it will impact your credit. THAT is your incentive to pay.
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