Td Auto Finance -- trashes your credit rating when you buy out your loan
On September 13 I discovered from my branch that TD Auto Finance has made the further claim that the buyout of the previous vehicle was not paid to them and that I own them $17,000 CAD. I contacted my present finance company and they assured me that this was paid to TD Auto Finance.
On September 14 I made a complaint with the BBB regarding my original issue and the new issue. On September 18 I received from the BBB the response from TD Auto Finance that only addressed the original issue: "The customer has provided no documented proof of wrong doing. We have followed our policies to their conclusion." There is no mention of the fact that they (TD Auto Finance) hold the documentation required to prove the wrong doing and that I can only obtain that documentation by launching a legal case to obtain it in the State of Michigan, USA.
There was no mention of, discussion of, or resolution regarding the new claim by TD Auto Finance that they did not receive the buyout from my current finance company (a major Canadian chartered bank) and that I owe them $17,000 CAD TD Auto Finance has been intransigent from the beginning on these issues. I believe that there will no further communication from TD Auto Finance and this case will remain, UNRESOLVED.
Not nice when they lie to the credit bureaus regarding your loan payments
I bank with TD Canada Trust, my last car was financed through TD Auto Finance three years ago. During those three years, I have virtually no interaction with TD Auto Finance, except when there were two instances when I was going to have to make a late payment (still well under 30 days) and in both cases they were informed in advance.
In July of 2017, while I was in the process of negotiating the buy out of the old loan and the refinancing for a newer car, through loan brokers, we were originally going to go with TD Auto Finance as they were going to give us a rate of 7.9 percent... But then, all of a sudden -- TD Auto Finance declines to even loan to us period. According to the broker, TD Auto Finance said that we never, ever made our loan payments on time and that we would only make a payment when forced to by collections, and that is why they declined to loan to us. When my broker pressed this, TD Auto Finance said that that is what had been reported to the credit bureaus, by -- get this, TD Auto Finance.
So one hand was negotiating a new loan while the other hand was reporting to the credit bureaus that we never paid on time. I told my broker that this was rubbish and I could get the records from my branch to prove it, but he said to deal with it after we got the car -- the damage was already done and would take weeks to months to clear up. In the end, we went with a different finance company and a rate of 10.9 percent. In the weeks afterward, I attempted to clear this up.
First with the issue of non-payment. TD Auto Finance was provided with the history of my loan payments from my branch, which proved, with only two exceptions constant payment of the loan on time -- the two slows were resolved in under thirty days. Not my interpretation of never making a single payment on time. In the end, I did receive a letter (I have redacted some of the information), but TD Auto Finance denied that they had reported to the credit bureaus their erroneous claim that I never paid on time (though the current finance company does confirm that this was reported to the bureaus, but will or deny that it was reported by TD Auto Finance).
I demanded an apology and compensation (their action cost me 3 percentage points in interest. TD Auto Finance refused to issue an apology and would only offer a 100 CAD gift card as compensation. I refused their compensation -- over three years, I will be paying about 2,000 CAD more than I should be because they lied to the credit bureaus.
TD Auto Finance would then only communicate via voice telephone, and in the end, I was given two options: sue them to get access to their records or sue them for damages -- and that TD Auto Finance head office is in the USA and I will require and American lawyer and any civil suit would be under the laws of the State of Michigan, USA. Anyway, if you can -- don't do business with TD Auto Finance.
Reason of review: Trashing of my credit rating costing me at least 2,000 CAD.
Monetary Loss: $2000.
Preferred solution: Some form of compensation other than the offer of a $100 gift card.
Td Auto Finance Cons: Customer service line takes forever to reach anyone, Trashed my credit rating by lying to the bureaus.
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TD Auto did me wrong too, when I purchased my car I was told I had to have GAP INSURANCE because of my trade in and then the car was actually totaled and the Insurance company paid off their portion and the gap insurance never paid off the rest so one day I check my credit report and they said my loan was "Charged Off" and I called several times and spoke to their customer service reps and they promised to clear it up and nothing gets done. My regual payment was never missed and all of a sudden I owe $859.00 and so now the whole time I was doing the right thing and paying all of my bills on time company's like this ruin your credit to keep you in a situation to need lenders like these crooks.
I have done some reseach and this company has a lot of compaints and are still in business so that tells me they are working with the credit agency's because even when you sumbit proof to the credit agancy they ingore it too! Its a shame company's are allowed to scam people like this and get away with it!
I deferred two payments payed the interest on Jan 16 feb16
Now they are reporting late payments!!
I called them,the lady said the error was their fault and she would correct it.
Well they never did
Called again the man said just make a larger payment to catch up
I have been sending more than required.. Just checked my credit score It dates I've missed payments for a year now I send on time every month They have destroyed my credit! I want to call my attorney and sur their ***!!
What a bunch of horse manure!
YOU were obviously LATE as you told all of the world! As such, it was YOU who caused YOUR credit score to drop! Stand in front of the mirror and blame THAT person!
Hello anonymous coward. Did you actually read the letter sent by TD Auto Finance?
July 5 2017: TD Auto Finance tells both credit bureaus this lie: "never, ever made our loan payments on time and that we would only make a payment when forced to by collections"
July 21 2017: I provide TD Auto Finance my account records from my branch of TD Canada Trust that demonstrates over the three years all payments on time, except for two slows that were resolved in under thirty days.
August 8 2017: TD Auto Finance states (see full letter above): "To date, you have made 70 payments and your account is in good standing...
Past Due History (30/60/90) .................0/0/0 "
What caused my credit score to drop was the first claim by TD Auto Finance that is not supported by evidence provided by my own branch , or the same data (in a different layout to that of my branch) provided by TD Auto Finance. TD Auto Finance refuses to discuss or speak to the issue of their erroneous claim made of July 5th 2017.
I feel your pain!
You idiot
What do you not understand
I deferred two payments
Payed the interest
Signed the contract they sent me
They admitted it was an error on their part and would correct it They never did!! I have written letters and Called every time I got a statement I have not been late I'm even paying 100 more a month Just to get them off my Back I have never been late and I can look in the mirror with no guilt what so ever....can you!!
You such a rude idiot!