triad financial corparation

Validation is probably the wrong way to go. How long were you behind before they repo'd the car? What state are you in? Did you recieve a notice of where the car was, how much was due and if your state allows, a notice that you can reclaim the car? Did they send you a notice after the car was sold telling you what they sold it for?

More than likely, they will probably eventually sue for the balance, unless of course your already judgement proof, in which case if they see or figure that out, they may decide it's not worth it.

Car Finance companies almost always keep copies of original contracts, with original signatures. What was the main reason they repo'd it? Did you break the contract or just get behind in your payments?

Questions, Questions, Questions. Cannot help without more information.

 

Re: Re: triad financial corparation

Not to be mean, but you and that co-signer signed the paperwork, perpetuating the lie. If it could be used, it would be against you.

 

Re: Re: triad financial corparation

The balance reported on your credit report is probably incorrect. The notice you received regarding the sale in the amount of $11452.43 is probably the correct amount.

Your contract probably states that they can continue to add interest to the unpaid balance until paid.

You might be able to negoitate a smaller settlement with them, but validation is the wrong approach. You and the dealership struck a deal. The dealership can claim that they put what you told them to put on the paperwork. It will only look bad for you, if you pursue this option. However, it might also backfire and the dealer might want to make it go away. However, I suspect this will not be the case as dealers are known to do this all the time to sell a car.

Personally, if you have the cash or the ability to, make a payment or pay off the balance. Try to negotiate with Triad to remove the reposession from your credit reports.

You can probably force the CA to validate the account, but be prepared to recieve a copy of the original contract and promissory note.

There isn't much you can do at this point. It looks like Triad followed the law, and reposessed the car legally and was within their rights to do so.

They have until the statue of limitations runs out in your state to sue you (written contract SOL), I would double check and see what that is. You might be best served, if you don't have the cash to offer a decent settlement, to let this one go and remain low key, at least until the SOL for your state runs out.

 

Re: Re: Re: triad financial corparation

You can get a copy of the contract from Triad. However until you have enough money to offer a settlement and counter settlement offers, I would hold off. Let me make this clear from the beginning, you have less than a 10% chance of getting lucky with validation. There is a 90-95% chance that they will validate immediately and you may end up stirring the pot or making someone at the CA or Triad mad and force them to look at your file and sue you. LET SLEEPING DOGS LIE ON VALIDATION AT THIS POINT.

The dealer no longer owns the car, Triad purchased it on your behalf. Regardless of weather or not the initial application was improperly doctored or not, your still going to be on the hook because you didn't question it in the beginning and are now a part to fraud. So now on top of that, you could possibly be charged with conspiracy to commit fraud.

Car Dealers who lie on paper to make you look good are committing fraud, however they do it all the time. Ususally they expect that you will pay the finance company and people usually do. However, in this case it back fired on the finance company and they were forced to reclaim their property to secure the loan.

The whole issue is mute. If you bring it up or even bring it to light, you COULD be looking as a co-conspirator in fraud, making it much worse, or even possibly something along the lines of grand theft. The dealership is going to say that they put whatever financial information you told them to, and they will stick to the statement that they can only rely on the documents that you present to them, when obtaining financing. This might put you in a bad spot with Triad. They may see it a different way, IE: You made a serious effort to get a car you couldn't afford by doctoring financial information to make yourself look better on paper. Triad could say that if the they were originally told the truth, they would not have financed you. This would put you on the hot seat. Dealers are very good at deflecting the heat on these types of issues. Don't play the blame game, it will probably backfire.

You put your co-signer in a huge hole as well here. People don't seem to realize or are just beginning to realize that when you co-sign for anything, your making yourself a part of the deal and if the other person doesn't want to pay or something tragic happens, the co-signer is left holdling part or all of the stick too!

I notice your reference to a 50% settlement, which is a good starting point. However, realize that Triad is out a lot of money, and while chasing bad money with good money is a bad idea, they will probably want to settle for more. I would say look for settlements (on car loans anyway) in the neighborhood of 50-90%, depending on the circumstances. They have the original contract and promissory notes, that's just about a 90% guarantee.

How long were you paying on time before the car was past due and eventually reposessed? IE: How many full payments did you make and what were the terms of the loan.

You can request validation from the Collection Agency, but all that does is really buy you some time, which you seem to already have. They cannot continue collection until validation is provided, however Triad can pull the account back from the Collection Agency, sue you directly. By requesting validation, you are always risking that happening.

If I were you, I would NOT request any time of validation, nor would I even speak with anyone from Triad or the collection agency until such time as I have the maximum settlement offer that I could obtain in my possession, have contacted a lawyer to help structure the settlement agreement or negotiate on my behalf, and are prepared for the possibility of having to pay the ENTIRE balance due or being sued.

In California, written contracts have a four year shelf life. IE: You can only be sued in the next four years following the breach of the contract. So if you had a car loan that you defaulted on, say in March 2000, they have until March 2004 to sue you. After March 2004, they can still continue to try and collect for another three years, but after seven years from the breach of contract, they cannot report the account to anyone anymore, thus making the account dead and uncollectable (not that some collection agencies won't try to collect a 100 year old account, they just don't have any leverage to do so). If they get a judgement in the state of California, it could be renewed forever until paid (however it's still only reportable for 7-10 total years from the breach).

My last piece of advice for you is to figure out if Triad still owns the debt and have just placed it with a collection agency, or if the collection agency purchased the debt. If the Collection Agency purchased it and it was not assigned to them, the Collection Agency might be willing to settle for much less, becuase they probably paid much less for the account and Triad already wrote off the rest as bad debt. The key is to do this without stirring up the pot or making any waves. You don't want either party to get mad at you and force their hand in sueing you or even bring yourself to their attention until YOU are ready to proceed.

I am 90% confident that they will produce the original contract and loan documents. I would be strongly against trying to get lucky with validation because it can and more than likely in this case will, backfire and might make the situation MUCH more worse than it already is.