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I know that a lot of folks get in trouble with credit card debt, but what about when your car is behind? Because it's secured debt, is there any recourse to save your car? The company is not always willing to work with me or perhaps I just spoke to the wrong person.

Posted: Fri Aug 31, 2007 6:24 pm Subject: debt

As far as I know, wherever you have a loan, for your vehicle ( bank or finance company), they CAN come get it. Usually, they will give you a 'grace period' to try and catch up on payments. Can you tell me alittle more about your situation and where you have a vehicle financed through??

Thanks for your quick reply! My husband and I have been playing catch up with our bills for a while after a job strike and a brief unemployment period. It's really starting to get discouraging. How can we save if everytime we do save, something happens and the little bit of savings is gone? I'm not making excuses but do take responsibility for the poor choices we've made that have led to being in this situation. The good thing is that we have very little credit card debt ($1000) but most of our debt is either the car or loans that we have which have very high interest rates and are behind. My car is financed through Triad Financial/Roadloans.com. I really don't want to lose my car and have made payments just really late. To be honest, I'm a little scared because that they only car we have. With 2 small children, we need it.

Posted: Fri Aug 31, 2007 7:13 pm Subject:

How long have you had you car loan. Roadloans, is that buy here pay kind of thing, kind of like car hop? I guess I have never heard of them before, can you explain what kind of a loan is it, like for how many months and how much do you owe?

ladybug

Posted: Fri Aug 31, 2007 7:27 pm Subject:

Technically (ie disclaimer), anytime a secured account is in default/delinquent, the creditor can reposess the vehicle. All companies are different, have different policies, so don't take what I say to be Triad's position...

The main concern a creditor has is that you will stop paying and skip out on the loan. In that sense, they are not going to let you drive a car for free if you flat-out stop paying altogether. But, it sounds like you have been making payments on the account ... just that you got pretty behind, and haven't been able to catch up.

Triad is a competitor of mine and I would tend to think we operate nearly the same. If I have a customer that has fallen behind but still making payments ... and that customer is slowly catching up on the past-due amount ... then I will not repo the vehicle. As long as you are making steady payments, I don't think you will be on the top of their list for a repossession. They have other people to worry about (the one's that aren't paying at all). On top of that, it's a big hassle to repo a car, and a creditor almost never sells it for as much as the customer owes on the account. So they really don't want to have to repo it.

I don't know how past-due you are. But they haven't repo'd it yet, which is a good sign. But don't ignore it. Call them, let them know that you realize you need to take care of your delinquency. And come up with a plan. Maybe send in 1 1/2 payments from now until caught up. Let them know your plan, they will probably agree to it. And then don't fall through on your promise.

I think you will be alright, good luck.

I only have approximately $4,500 left to pay but I am (as of today) 3 months behind. I have just sent a payment which will get to them after the due date making me 3 months behind.

I guess I am scared to call because of past experiences, but I know that I have to do something.

Thanks for your responses! Smile

Posted: Fri Aug 31, 2007 7:42 pm Subject:

PS I just read the part where you said they are not always willing to work with you.

Delinquency is a numbers game to companies like this, and me too. Every account over 30-days past-due shows up on a report at the end of the month, and acts as an overall measure of the company's performance. Some collectors/managers get paid based on how many accounts are showing delinquent on that report. So naturally, the goal is to get as many people to pay up before the month is over.

The collector you spoke to tends to "escalate" the urgency of bringing the account current. Fear will make you pay the full past-due amount, which will get your account off of that master report.

It is not up that individual collector to determine whether your car is repo'd or not. It's usually up to a collection supervisor/manager to decide when to repo a car. He/she is just rattling your cage a bit.

Call back, ask for a supervisor, explain why you became delinquent and how you plan to correct it. Just don't get PO'd and blow up at them or start yelling in their ear, it's not good for either of you.

Posted: Fri Aug 31, 2007 7:49 pm Subject:

I know it's a scary thing to call in. But not calling is worse, because then they think you are ignoring it.

Just be calm when you call. Break the ice a little, you can even tell them you were afraid to call because you thought they would yell. I know if someone told me that, I wouldn't start off on the offensive. Just be straight up with them. Kind of like negotiating, they want the full past-due amount, you just want to pay the regular payment amount, you both need to agree somewhere in the middle.

I'm in the process of building my courage now to call. Thanks, again!

Posted: Sat Sep 01, 2007 7:58 pm Subject:

Let us know how your telephone call went. Okay, take a deep breath and calmly explain your situation with them, it may not be as bad as you think.

ladybug

Guest

Ok, here's what ended up happening: A call was placed to Triad soon after I posted. The guy was a real jerk so that conversation ended before it could get worse. I wrote the company a letter explaining my situation as well as my husband offered to call for me too. (He's much calmer than I am.) After several conversations and Triad finally getting my letter, they agreed to restructure my loan so that I can get caught up (along with the 2 payments I have already sent in). The same representative is sending me the paperwork today. Just wanted to thank you all for your encouragement. This was hard, but it had to be done or else I'd lose my car. Thanks again! o/

Sorry to post under guest. I forgot to login first. Oops! Smile

Posted: Wed Sep 19, 2007 6:58 pm Subject:

Hello f8thinchrist,

I also have another question: what kind of a jobs do you and your husband have? In what field?

Posted: Wed Sep 19, 2007 7:53 pm Subject:

Congratulations! I too deal with Triad and let me tell you, once my car is paid off I will buy cash clunkers before I deal with them again. But at least they made arrangements for you...I had to do the deferment before, it's not too bad, at least it gets them off your butt!

Posted: Wed Sep 19, 2007 10:17 pm Subject:

Well thank god they were willing to work with you. I can't imagine that they would really want to mess with a repossession, with cost of the repo man and selling the car at auction and not getting the full amount of the loan. It is in your favor that you worked with them. Just keep them updated and they should work with you. It's the ones that ignore the situation that things get bad.

ladybug

Posted: Thu Sep 20, 2007 1:55 am Subject: debt

hey, Guest..sounds like you did 'your part'. By that I mean you were willing to deal with it and work something out. I've read alot of posts, on similiar things. However, the people who were posting them DIN'T write letters or try to call, etc. When something gt re-possed, ( etc), they wonder why. ALOT of people/comapnies will work with you, if they know you are making an attempt. However......I know ( from experience) some companies are almost impossible to work with.

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