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Report: #745013

Complaint Review: Road Triad Financial - Internet California

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  • Reported By: Tc gift store Craig — Independence Missouri U.S.A.
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  • Road Triad Financial Internet, California United States of America

Road Triad Financial Repoed vehicle, paid off vehicle and they are still chasing me for the money. Internet, California

*Consumer Comment: Some suggestions for the future

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Way back in 2002, I went on line and was approved for a loan from RoadLoans,com (Owned by Triad Financial at the time) and all though the interest was a little high, I got a great deal on a 1999 Ford Pickup truck. After the first 30 days of a sweet deal, a nightmare creeped in and has never left after 9 long years.

I have read all of the complaints against and I can believe all of them. I made payments and got behind, so my business partners wife sent in a check for the 2 payments that I was behind. One month they would say that the check had been applied and then the next it had not been applied, BUT they sure did cash the check. In 2006, they still wanted those additional payments, so I advised them to send me a full account of all payments received and applied to the loan. They said they would but never did. They still continued to call wanting money and threating to repo the truck. I finally told them I would not make any further payments untill I received the requested information and if they wanted the truck to come and get it.

A couple of weeks later a man named "Rocky" (talked like he was from Boston) called me and said he had an order to pickup the truck. I told him fine and he picked up the truck on March 16, 2007. I called him on March 17, 2007 and he said he had the truck and it would be sold at acution.

About six months later I got a letter from Triad stating that they had sold the truck for all but $370.00 of what I owed them. When I asked if they had applied the missing funds they said they had not. Ever since then the loan keeps getting sold to different collection agency and every 2 or 3 months some other Repo person calls me wanting to pick up the vehicle.  Traid could not come up with the truck or the title when I agreed to pay off the $370.00 and they report that I owe them over $9800.00 on my credit report. They go to my ex-wifes house that I have not been married to since 1992 and even call her work.

If we as citizens ran our business as they have, we'd be in JAIL! Some Attorney should get a class action suit against them, but triad has sold Road Loans to Santander in Tx and according to some of the other complaints the same practices are still going on.

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#1 Consumer Comment

Some suggestions for the future

AUTHOR: Tagurit - (USA)

POSTED: Sunday, January 29, 2012

There are things you must do as a responsible consumer.  Never trust the finance company to provide you with records.  If you are making payments on anything financed whether it is a vehicle, a house, electronics, or furniture, YOU must keep accurate records of every payment made AND when it cleared your bank account.  When you sent payment is not as important as when it cleared your account as proof of when it was paid.  If you paid in person or via Western Union, keep the dated receipts.  You must do this until the loan is paid in full and you have received documentation of this.  Without detailed records you leave yourself open to be taken advantage of by any finance company that is not above board (I don't know Triad so I've no idea if they are above board or not).   Additionally, without detailed records you cannot defend yourself in civil court when the finance company files suit to get a judgement for what they believe are any amounts still owing - so they can report it to the credit companies and given the type of loan potentially place a lien on other assets you own.

Make sure to read all the details on any loan or finance documents you are asked to sign.  Bear in mind almost all of these will have language that states if you are late in paying any future payments are first applied to late fees and interest and then to the principle on the loan.   Meaning it can be easy to get even further behind if you miss payments.   Bottom line, best to not buy things you can't afford or either find a way to make the payments on time or sell or turn in the asset being financed.   If you return the asset (auto, furniture, electronic equipment, house, etc.) be prepared to have to pay the difference between what they are able to resell the asset for and the amount you still owed.  

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