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TD Auto Finance: Everything You Need to Know

cars at dealership

From flagging customers on late payments that have been paid or failing to inform customers about incomplete payments, TD Auto Finance has found itself in numerous lawsuits with claims of improper credit reporting. This is causing customers’ credit ratings to drop a significant amount, putting job and housing situations at risk. 

Who is TD Auto Finance 

TD Auto Finance is a division of TD Bank, N.A. which ranks as the 7th largest bank in the United States by deposits, with their headquarters located in Cherry Hill, NJ. TD Bank, N.A. is the United States subsidiary of the Canada-based multinational banking and financial services, TD Bank Group. Since 2022, Leo Salom has been named president and CEO but he has been part of the TD team since 2011 where he was responsible for TD’s Direct Investing, Advice and Asset Management business. TD Auto Finance is a financial-services provider offering dealer finance plans, dealer services, retail consumer finance plans, and auto-insurance programs. With over 6,000 participating dealerships, obtaining auto loans with TD Bank is a popular choice for those looking to finance a car at a dealership.  

Publicly disclosed rates and terms are unavailable from TD Auto Finances as they are an indirect lender, and borrowers cannot prequalify or apply online, rather you must speak with a dealer to see the rates and terms available to you. Therefore, it is essential to understand what offers you are eligible for by getting an auto loan preapproval from several lenders prior to visiting a dealership.  

Common Complaints 

Purchasing a vehicle is a major financial commitment, ensuring your bank is accurately managing loan payments and properly compensating customers for the money they are owed is imperative. Unfortunately, TD Auto Finance has failed to meet these expectations, risking their customers’ financial stability.  

Improper Credit Reporting 

Countless consumers have reported TD Auto Finance for providing inaccurate information and failing to remove wrongful data from credit reporting agencies. The company allegedly attempted to cover up these actions, in hopes that their customers would remain unaware of the improper reporting to get away with it. Payments are frequently misreported, causing unwarranted negative impacts on credit scores. 

Customer Service 

Customers have consistently found customer service unhelpful, encountering long hold times and responses claiming that necessary documentation has been mailed to them. However, customers allege that they do not receive their paperwork, and there is no record of their requests being processed, even after multiple phone calls. Several complaints on TD Bank’s Consumer Complaint Database indicate that the bank has attempted to withdraw funds from customers’ accounts even after those accounts were reportedly closed. Additionally, customers have not received owed checks despite multiple calls with various employees, each providing conflicting information about the status of the checks.  

Laws Violated through TD Auto Finance 

Fair Credit Reporting Act 

The Fair Credit Reporting Act (FCRA) aims to protect against misuse and misreporting of credit information. This law regulates the way credit reporting agencies can collect, access, use, and share the data they collect in your consumer reports. 

You have the right to file a lawsuit against the credit bureau for your losses if a credit bureau has violated the FCRA and is refusing to correct inaccurate information. A consumer may be entitled to actual, statutory, and punitive damages. If you can prove your losses, there is no limit on the amount you can recover for actual damages – this includes financial losses, emotional distress, or harm to reputation. In cases of willful noncompliance, consumers can opt for statutory damages ranging from $100-$1,000 per violation, and punitive damages are decided by the court. You should consult with a lawyer to ensure you are protecting your rights.  

Truth in Lending Act 

The Truth in Lending Act (TILA) is an additional act that may have been violated during this process. The TILA protects you against inaccurate and unfair credit billing and credit card practices by requiring lenders to disclose information about any charges and fees associated with a loan including late payment fees, interest rate increases, and service charges and fees.  

Contact Us 

The consumer protection attorneys at Maginnis Howard are here to help if TD Auto Finance has violated your rights. Our firm has three conveniently located offices in Charlotte, Raleigh, and Fayetteville. For information on each branch, visit the Locations tab in the navigation menu. To reach an intake specialist, visit our contact page or submit an inquiry through our Live Chat feature. You may also call us at (919) 526-0450. We accept clients across the Carolinas.