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Author: admin | Category: Loan For Car | Date: 19.11.2013

If you are considering purchasing a new or used car and want to get financing, you may want to consider an auto loan from TD Auto Finance.
One of the best things about having an auto loan with TD Bank is that they offer many different ways to make your payment each month. I dreamt up and wireframed this visual loan calculator that allows users to drags on points to extend term, increase amount and even change interest. Please print and bring this coupon with you to any TD Canada Trust branch and get your loan by November 30, 2009 to qualify for the $100 offer.
TD Auto Finance (TDAF) has launched a vehicle return program called TD Auto Loan Protection. Approved “life changing events” include involuntary job loss, self-employed personal bankruptcy, physical disability, loss of driver’s license due to an eligible medical condition, and in most provinces, international job transfer or loss of life due to an accident. Angie Hauser and Enzo Gamarra said the money they are now paying TD, in pure interest, eats up one quarter of Hauser's take-home pay.
Hauser and Gamarra are among a growing number of Canadians without adequate credit who are being signed up for subprime bank loans by car dealerships.
The Dodge Avenger the couple financed for $21,000 will end up costing them $44,000 if they don't get a break on the loan. They said they had no money saved for another car, but they needed one to get to work, so financing was their only option. They said Okanagan Chrysler Jeep Dodge sold them a 2010 Dodge Avenger, by promising them if they made their payments faithfully for a year, the dealer would then secure another TD loan, perhaps on a trade-in, at a much lower interest rate. According to the customers, Okanagan Chrysler assured them they could get refinancing at a much lower rate, if they made their payments for a year. After a year, records show the couple went back to the dealership and directly to TD, asking for better terms. They said they were shocked when they were told they still couldna€™t get an affordable rate, because of their bankruptcy.
The sign outside the dealership advertises "No Problem" financing for people in bankruptcy. TD refused to discuss this case, citing privacy, even though the couple were willing to give their permission.

According to Canadian Auto World magazine, subprime loans make up approximately 25 per cent of all auto loans arranged by dealerships.
According to the Canadian Auto Dealers Association, delinquencies on all auto loans are at an all-time low.
The industry attributes that partly to relatively low monthly payments, stretched over terms as long as eight years.
The Canadian Banker's Association refused to answer questions about rates, but sent a statement also stressing that default levels are low. The annual percentage rate charged on the TD loan, which includes all fees, is 25.44% over a seven-year term. MacKenzie said Ottawa should step in to regulate the interest rates, especially given the finance minister's expressed concern about record consumer debt levels.
The federal Finance Department sent a statement indicating the government is not considering any action. Since Go Public got involved in the Kelowna couplea€™s case, Hauser said the dealership has called several times and has offered them a new loan a€” for a new car a€” at 4.99 per cent interest. Okanagan Chryslera€™s general manager declined an interview, but in a statement he said he will do what he can.
By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. TD Auto Finance is a division of TD Bank Group and it has the security and history of a large financial institution.
You can make your monthly payments through the mail, or you can use their convenient online system.
Any correspondence for the company should be addressed to TD Auto Finance, PO Box 9223, Farmington Hills, Michigan 48333-9223.
Unlike most loan calculators, this one shows how loans actually work – spoiler: the interest is collected up front.
This plan allows customers to return their purchased vehicle within the first 12 months of ownership if a qualifying life changing event compromises their ability to make loan payments.
But, from what I was told and what I was promised when I went in a€” now I feel like I've been lied to," said Hauser, who insists they were assured their interest rate could be lowered, substantially, after a year.

We never missed a payment, and we still have the same car and we still have the same high interest," said Gamarra.
TD has become one of the bigger players in recent years, since acquiring car financing companies in Canada and the U.S. The following year, they saw a sign at a Kelowna dealership offering financing for people with bad credit. Ita€™s just so stressful I cana€™t even explain what it does to us,a€? said Hauser, in tears. Because the banks dona€™t even know whata€™s going on with their own loans,a€? said Hauser. By submitting your comments, you acknowledge that CBC has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever.
TD Bank Group is one of the ten biggest banks in the United States, and their service is reliable and stable. Please note that comments are moderated and published according to our submission guidelines.
TD Auto Finance’s friendly customer service representatives can assist you Monday through Friday from 7 AM to 12 AM Eastern Standard Time. The segment seeks to shed light on untold stories that are of public interest and hold those responsible accountable.
An auto loan application usually takes about 15 minutes to fill out and will be reviewed within one business day. If you have trouble remembering to make your payments every month, you may with to sign up for Auto-Pay with TD Bank. In order to fill out an application you will need your social security number and employment information, as well as information about the vehicle you would like to finance. With Auto-Pay your payment will be automatically deducted from your checking account each month.

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