• Report: #335659

Complaint Review: Triad Financial

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  • Submitted: Thu, May 29, 2008
  • Updated: Sun, February 22, 2009

  • Reported By:Portage Michigan
Triad Financial
7711 Center Avenue Street Huntington Beach, California U.S.A.

Triad Financial Yet another dissatisfied customer. Huntington Beach California

*Consumer Comment: Car loan, Repo

*Consumer Comment: What to do..

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My husband and I would definitely love to be involved with a class action lawsuit against Triad. They have caused us quite a number of problems. I have searched the web and can find very few class action suits against Triad and none current.

Our trouble with Triad started right away. The payments were $100 higher than we were told they would be, but we could still make them so we did it anyway. Triad then took over two months to pay off the balance on our trade in vehicle, which had been rolled into Triads loan for the new van.

(Before I become a target of the holier than thous out there, we ended up with Triad as financing because Triad was the main financer for the dealership where we bought our van. This dealership went out of business less than a year later with multiple lawsuits filed against it. One of the main complaints was a finance bait and switch. They would set up a contract with their bank and then after the customers had already taken the new vehicle home (and in many cases after their trade in had been sold), switched the loan to Triad by telling the customer that the bank had found a problem and wouldnt finance the vehicle, but that they found a different bank to finance and had them come in and sign new paperwork, usually at higher interest rates. Since the customers already had the vehicle, their choices were to sign the new loan or return the vehicle, leaving them with no vehicle as their trade in had already been sold. Yes, this is what happened to us, and we were too young and inexperienced to know better.)

No matter when we sent in payments, miraculously they were always late. Even when we sent them in 3 weeks early! Each month we received phone calls that our payments were late. Sometimes, our bank showed the payments cleared before the due date, but Triad insisted that they did not receive the payment until after. Triad called our relatives and friends, supposedly looking for us. They knew where we were. They were harassing us at home and work at the same time they were calling our relatives and friends. Mind, these are people for whom we had never given contact information to Triad.

At one point, when my husband lost his job, we requested and were granted a 3-month extension, for which we paid a fee and accumulated interest in advance for them to set up. Soon thereafter, my husband got a new job. We returned to making our payments on time or early. Triad returned to denying they received them until after the due date and then adding the late fees.

I have a degenerative medical condition that now prevents me from working, but was just beginning to manifest about the time we were 4 years into our 66 month contract. We fell behind by one payment, but made a payment arrangement with Triad. Three days later they repossessed our van anyway. They came and took it from my work parking lot without even notifying me. A co-worker came in and asked if I had called a tow truck because one was out in the lot hooking up to my van.

Triad kept harassing us even after the repossession. They never gave us the option to redeem our van. Never even told us we had the right to. We did not find that out until after they had sold the van.

We received harassing phone calls at home two to three times daily, sometimes more, starting as early as 6am, and continuing as late as 9:30pm. They made phone calls to both of us at work. Even after we told them we could not receive personal calls at work, they would not end the call or stop calling. Even after we notified them in writing to not call, they kept harassing us. My employer took advantage of Triads harassing phone calls and I was fired from my job due to excessive personal phone calls and handling personal business on company time.

Triad sold the van after they repossessed it and, by the contract, we were responsible for the balance still owed. When Triad told us what we owed we discovered that additional was added on to our total for interest from the extension, above what was paid at the time. Now here is the fun math. Our original balance was $23,277 in a 6 year loan. We paid on the van for 4 years at $595 per month, for a total of $32,130 in payments (not counting the extension fee and advanced interest we already paid) before Triad repossessed it. They sold the van for over $18,000. Yet somehow, after adding the $18,000 to the $32,130 we had already paid (totaling over $50,000), Triad claimed that we still owed $13,878!!

We were forced to declare bankruptcy in December of 2005 due to this and medical bills from my disability. When an account is included in a Chapter 7 bankruptcy, it is supposed to be removed from the credit reports as it is no longer a valid debt. Triad never removed their report from our credit reports. Currently one of my reports shows $23,227 as a high balance, no current balance, and notes Chapter 7 bankruptcy. Another one shows $0 as a high balance, no current balance, and notes Chapter 7. My husbands one report shows $23,227 as a high balance, $13,878 current balance, and is marked as Charged off! His other reports dont show the account at all. Tell me that is not a screwed up reporting situation. So even after we have nothing more owed to Triad, they are still destroying our credit.

We would love to be involved with a class action. At this point, we are not even looking for any compensation, just to have them remove the old information from our credit reports so we can actually move ahead with our lives again.

M. Jordan
Portage, Michigan
U.S.A.

This report was posted on Ripoff Report on 05/29/2008 11:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/Triad-Financial/Huntington-Beach-California-92647/Triad-Financial-Yet-another-dissatisfied-customer-Huntington-Beach-California-335659. 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 Comment

Car loan, Repo

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

Robert,
I have a car loan through a different financial company,and was on here just trying to get information on what will happen if I surrender car. I co signed or so I thought for my son. I am actually primary. Due to divorce and being the victim of a loan scam, my son got behind, I was layed off from my job and unable to make up payments. This company is very much like Triad. Numerous phone calls a day from mean, rude people. I hear they will sell the car and then harass me for the deficiency. They say things to make you feel like you're a criminal and threaten to sue and garnish wages. I am stressed and considering bankruptcy. I noticed in your post, that you stated there were things that could be done before filing bankruptcy. Could you please tell me what other options there are.

Thanks,
Dee
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#2 Consumer Comment

What to do..

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

There was several things you could have done before you declared bankruptcy, but since you did you need to continue from that point.

First on your credit reports. Having a debt discharged in a Chapter 7 DOES NOT remove it from your credit report. But it must have the current status. This would be a 0 balance and a notation similar to the following "Included in Chapter 7 Bankruptcy". If it is listed as such it is a valid listing, if it is not you have a legitimate dispute. This is not forever, it will still come off when it regularly would have which is 7 years from the date they charged-off the account.

Triad is out of it once you declared Bankruptcy. So you need to dispute it with the Credit Reporting Agency(ies) listing the incorrect information. You need to state that this debt was included in the Bankruptcy and needs to be corrected. If they refuse to do that you have a good case against the Credit Bureau for violations of the Fair Credit Reporitng Act(FCRA) and can seek damages against them. The fact that it does not appear on one of them could just be a case of them not reporting to that one when you did have the loan. There is no requirement that a company MUST report to all 3. They can report to none,1,2 or all 3 of them.

Now, if Triad ever comes after you again for this debt you can then go after them for violation of Bankruptcy laws. If this happens just about any BK lawyer would jump at the chance to take it on because it is usually a "slam dunk" for you to prevail.
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