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Car Note Problem w/Triad...HELP PLEASECar Note Problem w/Triad...HELP PLEASE
MJM said: "[FONT=Arial Narrow]I have a problem with my car loan with Triad. Over the past few months, I got behind on my car note. I requested an extension and they told me that I needed to make a payment and the fee for processing. At that time, I was already two notes behind and approaching three. Well when I did so and called back this other person tells me that your approaching another pay period (almost two weeks away) and that you need to do another payment. I go back and forth with them and end up at the next payment – now its three behind. I make another payment then its two and I keep having problems with consistency from Triad reps. I get laid off and so fast forward to now………I am three notes behind, approaching four!
The last guy said ok, you make another payment and send the fee for the extension, along with the letter requesting the extension. Then I don’t hear back from them for about 1 ˝ and call them. He tells me the manager said I didn’t sign the letter (which I did and had copy of confirmation). So then he says send again. Now they’re telling me that I have to do another payment and that since the life of the loan (August 2001), I’ve had four extensions. They further stated that because of the extensions, my car won’t be paid off until 2013 instead of 2007 (72 month loan).
Don’t know what to do at this point. I was considering one of the following:
1.) Let them come get it – I got screwed on this deal and right now I owe almost 17,000 for a 2001 car.
2.) Try to refinance with my CU for 3 years, keeping payment about where it is now. After two years, get rid of it. The thing with this is that I have some baddies on report. Do I dispute all baddies and then apply for loan?
3.) Try to get another car with lower payments and then give this thing back to Triad.
:confused: :confused: :confused: [/FONT]"
anchorbob said: "Hello,
I would try for option 2. Try to get out of the current deal without causing a collection on yourself. You can probably not pay them, but it will kill your credit.
If you can re-finance or get another car, you can probably save yourself a lot of heartache."
MJM said: "I tried to refinance, but they declined. I was able to come up with $1,000 and called Triad this morning. I then faxed a letter to cover myself and they still haven't responded. Guess either they don't want to take it or are playing hard ball. :rolleyes:"
JoshJohnson said: "Good luck and keep us updated. It's not usually that smart when they practice "hard ball"."
CreditGuru said: "It all depends on your rates and how long you plan to keep your car. If your one that has mediocore credit and plans to refinance in a few years then, yes go with a lease. It will give you an interest free car loan for the duration of your lease. (your points are at the end of the lease used to calculate your return value). Ruff calculations - see the below.
Purchase: 10% interest on a $20,000 car over 5 years = a total paid of $30,000(including the $10,000. in interest).
Lease: $20,000 car, Monthly payments=$309/36 months, $11000 ~ amount paid by end of lease. Refinance the Residual Value= $9000 at 10% for 24months gives you total interest of $1,800. In five years I have just paid around $22,000. for my car instead of $30,000. Isn't it wonderful!!
So, yes, if you know how to use leasing in your favor then by all means...lease then purchase. It has been the most feasible thing for me to do. BTW - I paid TTL down and first month payment at delivery."