Tricolor Auto Bankruptcy: Advice for Texas Car Owners on Payments and Repossessions

Tricolor Auto Bankruptcy Filing

• 🚗 Tricolor Auto, a Texas-based car dealer and auto lender, has filed for Chapter 7 bankruptcy.
• ⚠️ The company is also under a federal fraud investigation, adding to customer concerns.

Customer Concerns and Next Steps

• 💡 Customers like George are worried about their car loans and what happens to their payments after the bankruptcy filing.
• 📌 For those who financed vehicles, the advice is to continue making payments to avoid issues if another finance company acquires the loan portfolio.
• 🛠️ Customers facing issues such as wrongful repossession, like Sheriva Shed, are advised to file a proof of claim with the bankruptcy court.
• 📄 It is also recommended to write to credit reporting agencies to address any wrongful repossession on their record.

Avoiding Future Issues

• 🔍 The Better Business Bureau (BBB) advises potential buyers to do thorough research before signing any paperwork with auto dealers or lenders.
• 📈 The BBB's webpage for Tricolor shows numerous complaints and negative reviews, highlighting the importance of checking such resources.