Just warning those looking to purchase something from TAB(Toronto Auto Brokers) & Trend Financial. I called the dealership when I had found the car I wanted. Offered 95% of the asking price but they refused. I put down 60% ($28000)of the cars sticker price and was told I would be able to finance the rest(should've been $13000 plus taxes). It seems since the beginning these guys had a partnership for robbery. I was getting calls from both ends; the finance company and the dealership. I walked in there with a 687 credit score but somehow; they are only able to get me with "Trend Financial". You're telling me no other high risk decent company(TD Auto etc) would accept a 60% down; and finance 40% of the cars worth? Is a 687 score even High-risk?! Hmm.. Ok. This is where it gets funny and pretty astonishing on the level of cons that work within both of the companies. At first; they needed the documents. Cool, sent. However; they needed something new everyday or asked for what they needed and I had sent already multiple times. Over, done. Sweet, now it's just a matter of time. Got insurance. They had promised me the car that day an I was greatly excited. They had failed to follow their promise. I was over with this dealership; I told em that's enough. They took my down payment and gave me the run around and now I can't pickup the car even though they have whatever they want. We argued and I spoke to someone from TAB. I won't mention names for his personal safety. He had implied if I pulled out of the contract(which was just a down payment to the dealer at this point), I would lose my money? That's not cool, I told him have it in cash like I brought it. I had to shake a little fear to flip the script of robbery. Anyways; long story short. I got the car! They had told me 6 years, so and so payments and 7% interest on a Open Loan Finance. Made sense but.. Did it. 4 days later I had looked over the paper and for some reason the finance companies side of papers didn't look to appealing. At least the numbers or the contract itself. I swear my son of 4 could've put that paper together in his daycare classes! I couldn't grasp how they had formed this contract. I didn't pay it much mind until my first payment was taken and I got an update from my Equifax in my email. Weird, the car I had bought had a sticker tag of $28,000. Now on my Equifax, it says I owe Trend Financial $42000. WTF?! So if I wanted to pay double or triple my payments to finish what I had thought of the cars worth, I can't. That's what I had wanted and that's what I had explained. I have broad idea on how finance companies make money; so when they told me 7%. I was like great; they'll only get me on interest for a year. That's what an Open Loan Finance is, right? Called the dealership, of course.. They don't know what they trapped me in, he asks if he can call back. Sure. No calls. I call to find out that it's called "interest", and that like every finance "interest is usually paid first, then as the years go by more of your money will be put towards the car". I know that you f**kin idiot! That's if I stick to the month to month payments for so and so years as the finance company wants. That's how they make their money. So instead; I'll double or triple my monthly payments to save on a couple years if not all of the years interest payments.. Right? Guess what, come to find out. $42000 is the total of my cars worth (28000) plus 7% interest multiplied by 6 years and then it was added on top of original cars amount, mind you my down payment is considered a "security deposit" on paper. And under Trend Financial Company rules it states security deposits are counted at the END of the Loan. Highway robbery at its finest. Now I can't pay the $13000 I owe on the cars worth. In fact, I'll end up paying an extra $13500 in interests FIRST before even touching the $13,000. So let me break it down again. $42,000 is what I have on Equifax. That's roughly $28,000 X 7 % X 6 years + $28,000. So I need to pay the 42,000 down to $15,000 and once it reaches my original down payment amount, it's taxed 13% . If this makes sense to some, I am sorry. If it doesn't. Look towards getting in contact with me as I really want to seek legal action against both companies.
Toronto Auto Brokers Reviews
Just warning those looking to purchase something from TAB(Toronto Auto Brokers) & Trend Financial. I called the dealership when I had found the car I wanted. Offered 95% of the asking price but they refused. I put down 60% ($28000)of the cars sticker price and was told I would be able to finance the rest(should've been $13000 plus taxes). It seems since the beginning these guys had a partnership for robbery. I was getting calls from both ends; the finance company and the dealership. I walked in there with a 687 credit score but somehow; they are only able to get me with "Trend Financial". You're telling me no other high risk decent company(TD Auto etc) would accept a 60% down; and finance 40% of the cars worth? Is a 687 score even High-risk?! Hmm.. Ok. This is where it gets funny and pretty astonishing on the level of cons that work within both of the companies. At first; they needed the documents. Cool, sent. However; they needed something new everyday or asked for what they needed and I had sent already multiple times. Over, done. Sweet, now it's just a matter of time. Got insurance. They had promised me the car that day an I was greatly excited. They had failed to follow their promise. I was over with this dealership; I told em that's enough. They took my down payment and gave me the run around and now I can't pickup the car even though they have whatever they want. We argued and I spoke to someone from TAB. I won't mention names for his personal safety. He had implied if I pulled out of the contract(which was just a down payment to the dealer at this point), I would lose my money? That's not cool, I told him have it in cash like I brought it. I had to shake a little fear to flip the script of robbery. Anyways; long story short. I got the car! They had told me 6 years, so and so payments and 7% interest on a Open Loan Finance. Made sense but.. Did it. 4 days later I had looked over the paper and for some reason the finance companies side of papers didn't look to appealing. At least the numbers or the contract itself. I swear my son of 4 could've put that paper together in his daycare classes! I couldn't grasp how they had formed this contract. I didn't pay it much mind until my first payment was taken and I got an update from my Equifax in my email. Weird, the car I had bought had a sticker tag of $28,000. Now on my Equifax, it says I owe Trend Financial $42000. WTF?! So if I wanted to pay double or triple my payments to finish what I had thought of the cars worth, I can't. That's what I had wanted and that's what I had explained. I have broad idea on how finance companies make money; so when they told me 7%. I was like great; they'll only get me on interest for a year. That's what an Open Loan Finance is, right? Called the dealership, of course.. They don't know what they trapped me in, he asks if he can call back. Sure. No calls. I call to find out that it's called "interest", and that like every finance "interest is usually paid first, then as the years go by more of your money will be put towards the car". I know that you f**kin idiot! That's if I stick to the month to month payments for so and so years as the finance company wants. That's how they make their money. So instead; I'll double or triple my monthly payments to save on a couple years if not all of the years interest payments.. Right? Guess what, come to find out. $42000 is the total of my cars worth (28000) plus 7% interest multiplied by 6 years and then it was added on top of original cars amount, mind you my down payment is considered a "security deposit" on paper. And under Trend Financial Company rules it states security deposits are counted at the END of the Loan. Highway robbery at its finest. Now I can't pay the $13000 I owe on the cars worth. In fact, I'll end up paying an extra $13500 in interests FIRST before even touching the $13,000. So let me break it down again. $42,000 is what I have on Equifax. That's roughly $28,000 X 7 % X 6 years + $28,000. So I need to pay the 42,000 down to $15,000 and once it reaches my original down payment amount, it's taxed 13% . If this makes sense to some, I am sorry. If it doesn't. Look towards getting in contact with me as I really want to seek legal action against both companies.