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Refinanced...and can't make the first payment!


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I had a loan with Americredit at 22.5% and I have been a very good girl and making on-time payments for one year. I decided to refinance and roadloans was the only company willing to bite. I went from 22.5 to 18.5--not great, but I can refinance once more through them after paying on time for about a year. (Patelco turned me down; my credit union just laughed at my request...I had a bk discharged in 6/04)

Anyway, my loan papers were sent to me on 5/18, but I did not sign off and return them until 5/29. they are requiring my first payment by 7/3. Impossible, as I have rent and other big ticket items come out of the first of the month's paycheck. I emailed my cust. svc. person and apprised them of this dilemna....I can switch the due date after I make the first payment. Ok, but what if I can't make the first pymt when they want it?

Any suggestions?

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What does your loan agreement say?

You may get hit with a "Default Interest Rate" that is much higher than your agreed upon rate.

You may go directly into default and have the loan called and accelerated.

is there any way you can borrow the money from a family member or a friend until your second check comes in?

What type of loan is this?

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Ugh.....Roadloans (aka Triad Financial) Guilty of pulling unauthorized hard pulls, plus multiple complaints with the BBB. I would see if I could refinance with another sub-prime lender....maype Cap1 or oneof the others. While Cap 1 are no saints either, they have a better record than Roadloans (aka Triad Financial) (which I am preparing to file suit against for making an unauthorized inquiry on my TU). An intent to sue/offer of settlement without predjudice letter gets sent out this week to them--I hope that outs an end to it. If not, then I have to figure out the proper venue to bring suit against them in.

NYC small claims, will not take the claim unless the business has offices in NYC. However, while not having a physical location, they have an address for service notices to be sent to. So I'm basically at a standstill till I can figure out how this suit has to be filed.

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I had a loan with Americredit at 22.5% and I have been a very good girl and making on-time payments for one year. I decided to refinance and roadloans was the only company willing to bite. I went from 22.5 to 18.5--not great, but I can refinance once more through them after paying on time for about a year. (Patelco turned me down; my credit union just laughed at my request...I had a bk discharged in 6/04)

Anyway, my loan papers were sent to me on 5/18, but I did not sign off and return them until 5/29. they are requiring my first payment by 7/3. Impossible, as I have rent and other big ticket items come out of the first of the month's paycheck. I emailed my cust. svc. person and apprised them of this dilemna....I can switch the due date after I make the first payment. Ok, but what if I can't make the first pymt when they want it?

Any suggestions?

When did you make the last payment on the old loan??? They probably documented everything and entered it into their computers on 6/3, hence the 7/3 due date. Theoretically you should be able to come up with your car payment within 30 days. Did you blow your budget somehow?
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Is this a car loan???

If it is, then what a lot of companies do, especially sub-prime and if you have negative equity, is that they will repo your car right away.

And their logic is very simple. If you are already having problems with your first (or second or third) car payment, then what makes you think that you are going to be able to pay this off...

There is some truth in that logic...

I have personally known people who have had their cars repo'd because they could make the first or second or third payment.

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