Triad Financial - Collector Patrick Johnson Harrasment By Triad Representatives Richland Hills Texas

You borrowed $30K, and that's what you promised to repay, plus interest (I was amazed that Kia even sells a car for $30K). The only way you're going to get out of this obligation is to either pay the remaining balance or declare bankruptcy. Anything else and they'll be chasing you for the balance, minus what they get at auction, for years to come. Everyone has reasons why they can't pay, but if banks wrote off car loans for a fraction of their value (as you propose), they'd be in worse shape than they are today.

Just so that everyone truly understands what I am trying to do. Someone has to stand up to these banks. No one should have to be disrespected at any time because they were unable to pay their bill. Now ask me if I had known I was going to take a big lost with my job and income. No of course not I never thought this was going to happen.

I truly believe these banks can help by looking at their loss if they choose to repo the vehicle or what their loss will be if they would refinance the vehicle.

Now since I posted my last response I received another nine more calls even after I stated my intentions. So what do you do now. Just keep allowing people to harrass you. I know that there is a law to prevent this kind of behavior.

"..Why can't I pay $5000.00 to settle especially with the current market industry.."
- Because you made a legal obligation to pay what you BORROWED not what the CURRENT VALUE of the car is. A car is not an investment and will loose value. If every lender did what you are asking there would be NO loans because no lender do this when they are guaranteed to loose money.

Now, if you actually had done some research you would have found that KIA's are one of the worst cars to hold their value. For $30,000 you could have gotten a car from another company that still would have lost value, but not nearly as much.

If they Repo and sell it at auction, because KIA's don't have a lot of value you would be lucky to get $3,000 let alone the $5,000. But as you said you are still going to owe not only the balance, but any fees associated with the Repo and sale of the car, because it is a legal agreement you entered into. There is no incentive for the bank(and I mean any bank) to settle for a small fraction of the amount.

As to being able to refiance your loan. To be straight with you the dealer lied to make the deal. No bank(at least none I have ever seen) will refinance their own loan. Now, there is nothing that keeps you from trying to go to another lender but it by no means is guaranteed that you can refinance.