When I origianlly started this 61 month loan agreement on my Honda Civic, I was informed that the interest would be 18.500 percent on the principle outstanding balance. I knew this was high interest, but at the time my credit was not so great so I signed the agreement and moved forward with loan for my car.
What I did not know was this loan that TRIAD offers is called a simple interst loan. This is a basic equation you take the principle balance multiply by the interest and divid number by the amount of days in the year, and that is the interst you are paying daily. For example my principle is $13,000 and multiply the interst rate of 18.500% divide that number by 365, and that is what you are paying in interest. For a 61 month loan I have paid $8,000.00. This should not be legal. If you do not have great credit and you are trying to build up you credit, then how does this help the consumer???
Triad is not in the market to help their lessees. If you call Triad they have about 50 different department such as: Loan adminstration, customer service, records management, reinstatement department, research department. They basically bounce you around to different department, noone can give you answers.
I had a specific problem where they said I had deffered 3 payments, and now that my loan is coming to and end this is now surfacing. I recall the one defferment because I had to fill out form, but the other deffered payments, Triad has no record of the form, and still they say I need to pay them. They sent me a copy of my payment history that Triad can not even make sense of. I had spoken with three different supervisors who each told me that would look into it and get back to me. Still no return call. I finally spoke with a supervisor who said they were going to do a complete analysis of my payment history, and still no call.
In addition, Triad came an repossed my car while it was getting repaired from an accident and repossed my car. I was not even over 90 days, but since it was in the shop they had someone come and pick up my vehicle. FYI triad states that even if you are 1 day late they have the right to pick up your car at any time. I had to pay amount $2,000 to get my car back. I have since then requested a breakdown of what the repo fees included to have my loan reinstated. No one know exactly what the breakdown is, but 4 years ago they surehad the breakdown.in addition they included 2 repo fees that I was billed for in addition to the deductible fee from my accident that they paid the mechanic who was fixing my car. (I HAD ALREADY PAID THE DEDUCTIBLE AND NEVER RECIEVED A CHECK FOR THE DOUBLE REPO FEE) I had 10 days to pay all these fees and they had already switched over the title into their name. (Talk about quick turn around) I had to have the title switched back into my name.in addition they totally screwed my credit and it shows a reposession on my credit. Yet I still have the car and and still have a few remaining payments.
Triad has also taken out more than they should have on two occasions from my account when I have done the speed pay. They do not put the money back in your account, they just credit it towards your next payment. (Sneaky!)
Triad has also repeatedly called my phone number 10-50 times a day when a payment was not yet received. Even after I posted a payment with them, but since it was not posted on that day, but the following Friday, they continue to call and let you know that that is their right.
Please help the individuals that were taken advantage of from Triad Financial. Triad is a Crook!
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