Are you being sued by TD Auto Finance? Are you afraid you will be soon? Keep reading.
A Little Background
TD Auto Finance is an indirect auto financing company that finances cars through car dealerships. They are actually a subsidiary of TD Bank, which is one of the 10 biggest banks in the United States. TD Bank has branches throughout Florida, various other states and Canada.
TD Auto Finance and TD Bank are members of TD Bank Group. The TD stands for Toronto-Dominion, and it’s been around 150 years.
But TD Auto Finance hasn’t been around that long. Toronto-Dominion Bank announced at the end of December 2010 that it was acquiring Chrysler Financial from Cerberus Capital Management. This new acquisition was renamed TD Auto Finance in June 2011.
What Does “Indirect Auto Financing” Mean?
To explain “indirect auto financing,” you can’t walk into a TD Bank Auto Finance and take out a car loan with TD Auto Finance or borrow from them online. However, if you apply for a loan at some car dealerships, you may be applying for a TD Bank Auto loan.
If that’s the case and you stop paying on your car loan, you may think after your car is repossessed that’s the end of it. But often you owe more on the car than the amount for which it will be resold. That’s called a deficiency, and you are expected to pay that amount. In other cases, TD Finance may buy deficient accounts from other lenders.
However, they came to hold the accounts, TD Auto Finance goes after deficient debtors. Often, they hire local debt collection attorneys to file and litigate their lawsuits.
Common Complaints Against TD Auto Finance
On the upside, their interest rates and fees are usually competitive. Consumers have also posted complaints about the company, such as those described below.
We can’t speak to the veracity of the complaints posted to the Better Business Bureau, but they illustrate the kinds of issues some consumers say they have had.
Mistakes that Can Cost You Money
Some consumers report mistakes that TD Finance has made that unfairly end up costing them money, such as statements being mailed to the wrong address, which can lead to missed or late payments.
Not Sending Final Title Documents or Reporting Payoffs
Some consumers have claimed it can be very difficult to get final title documents from TD Finance once you have repaid your loan. They have also been called to task for not reporting payoffs to credit agencies.
Customer Service Issues
It’s one thing to make mistakes but it’s worse when you won’t make it right or make it hard to communicate. TD Auto Finance’s service line is open six days a week, but call wait times can sometimes exceed an hour.
What Happens if I Can’t Make Payments to TD Auto Finance?
Time Before They Act
As with any lender, if you are going to be late, contact them. After 30 days they may report your late payment to credit agencies and after that, you are probably looking at repossession and a law suit.
Credit Report
If you pay late to TD Auto Finance, expect it to show up on your credit report. They report to both Equifax and Experian.
Due Date Issues
If the reason you are late making payments is because of your payment due date, you may be able to change it. Sometimes everything falls due at the same time. You can contact TD Auto Finance directly to discuss.
Debt Collection Lawsuit
Eventually, if you or your Florida debt collection relief attorney cannot work things out with TD Finance, your car will likely be repossessed and they may sue for the difference between what you owe and the amount for which the car could be sold.
As with any lawsuit, you do not want to ignore it, or they will get an automatic judgment and may be able to tack on additional fees. So, if it gets to the point you are concerned with repossession and legal action, you will want to either work things out with TD Finance or hire an attorney.
If you answer their complaint, they will need to prove that you owe the money to them. Your Florida debt collection defense attorney may be able to determine various defenses depending on your situation or at least prevent extra fees from being tacked onto your bill.
Don’t Ignore a Lawsuit
If are reading this article, you are likely late in repaying TD Finance or have already been sued by them. Or perhaps you are just trying to get a title to a car you paid off months ago.
If you have already been sued, you need to act. If you ignore it, they will win a judgment against you probably for in the amount for which they ask.
Contact us at Ziegler Diamond Law: Debt Fighters for a free consultation by submitting this form. Or just call us directly at (727) 538-4188 in Clearwater, (813) 225-3111 in Tampa or (352) 600-1326 in Mt. Dora.
