siaan Posted November 24, 2007 Report Share Posted November 24, 2007 I had a vehicle financed thru Triad Financial 3/2007. I have been experiencing some financial disparity since I obtained this car. They have called and called, sent letters of past due payments. And this point I just realized they have stopped sending me statements. Thru my own investigation I Pulled my credit reports and found out that they have charged off this installment loan as of 10/2007. Is it possible to have a charge off reverse if I get these payments caught up. It seems as though 9 months into this is a bit extreme to declare this a charge off when I have made some large payments hear recently too. Is it custom for finance company not to notify you that they are going to charge off the balance? If they can reverse it what do I need from them to make sure they honor their word? Or should i just expect the worse and expect this to become a repo? How long will it be before they declare this a repossession and take the vehicle?What to do. Link to comment Share on other sites More sharing options...
pandmel Posted November 25, 2007 Report Share Posted November 25, 2007 They dont want your car back. Many times sub prime lenders like Triad will actually work harder with you to reestablish an account versus taking the vehicle back. Just escalate higher than the phone drones and you should be ok.Paul Link to comment Share on other sites More sharing options...
Ahntara Posted November 25, 2007 Report Share Posted November 25, 2007 * Link to comment Share on other sites More sharing options...
Ahntara Posted November 25, 2007 Report Share Posted November 25, 2007 "...charge off reverse..."Yes, it's possible, if the lender agrees. From your post I doubt it's likely..."...financial disparity...They called and called, sent letters..."Sounds like they tried to get you to keep the account current so they wouldn't have to CO. The fact that you allowed it to happen anyway doesn't bode well for re-establishing this account."...9 months into this is a bit extreme..."The terms of your loan called for monthly payments. The contract also contains an 'accleration clause' that basically says IF you don't make any payment on time, the terms can be acclerated and the loan declared 'due in full'. This is standard for all loan contracts. That's what happened here. It CAN happen after one missed payment, but probably didn't happen until 4 -6."...I have made some large payments hear recently..."On all defaulted accounts, the balance is due and payable in full. If these 'large payments' were made after default, or didn't catch the loan up completely, they are simply paying down the deficiency balance you now owe. Link to comment Share on other sites More sharing options...
BMN Posted November 25, 2007 Report Share Posted November 25, 2007 Call the Triad legal department or loss mitigation and put on a goodwill conversation with them and you might get transfered to the right person. Talking to the mentally challenged robots that answer phones at the Texas call center will get you nowhere. The vehicle manufacturer is buying back my vehicle under the lemon law and paying off Triad, I am absolutely ecstatic about getting away from Triad forever. Link to comment Share on other sites More sharing options...
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