So three years ago I got an auto loan with Triad. It was a simple process, little paperwork and they sent you a check so you could go to the dealership and purchase the car.
Three years later my loan amount has only decreased by $4,000 and I have paid Triad over $13,000. If your late with your payment they apply the full payment to interest and keep your money.
The main investor is Goldman Sachs. So not only are they ripping me off, they are getting my tax dollars as TARP money to help them stay afloat.
Something has to give. These contracts they produce can not be legal in the sense of being fair to the consumer. This all works into the idea of keeping the poor down.
I realize my credit should have been better and then I would have qualified for a lower interest rate which in turn would allowed me to not get ripped off.
How is it a company like Triad/Goldman Sachs can receive money from the Federal Reserve with ZERO interest yet they can rip me off.
This makes me sick to my stomach and all I can do is try to teach my children how to stay away from crooks like this. I will do what I can and write who I can to expose lenders like this for the pathetic businesses they are.
A fed up consumer!
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