TD Finance, get out of my life!

DeeBee78 · ‎03-03-2017

I financed a 2012 Volkswagen Eos in January of 2016 for about $20,000 at 8.64 APR. My monthly payment is $374.13, but I pay $400 flat every month.

I’ve had several issues with TD Finance applying my additional payments towards principal, and each month has required manual intervention to have the payments applied correctly. Decembe was a three paycheck month, and I made $900 in payments. They put the additional funds towards future payments, even after I sent them a Secure Message about allocating them correctly.

Now my account is extremely messed up, with several re-attempts on TD’s part to fix their snafu from December. I have asked them to return my $525.87 additional payment towards principal, since it has been two months since I made the payment, and it still has not been applied.

At this point the payoff is $17,713, and I’m looking to refinance that with another lender. I did a Capital One prequal but I had to fudge the payoff amount to $16,900 to get an approval (NADA clean retail value is $16,500 right now), but it was at 10.64%. I have extra money I can throw towards the loan, but look at the mess I’ve encountered with these additional principal payments I’ve already tried to make. I won’t pay TD anything more than the amount due until I refinance.

Is there anyone besides Capital One that does SP prequals for auto financing? I don’t want to take a HP and get stuck with a higher interest rate than I’m paying now. I guess 8.64% isn’t terrible, but I want to pay off the loan sooner than the term, and TD is making it impossible to do so.

Anonymous · ‎03-03-2017

You don't post your current scores but based on your CC accounts they are probably mid 600's or higher. I wouldn't mess with Cap One I would go with a credit union like DCU, Penfed or NFCU. A while back I refinanced with Cap One at 8.5% and a week later when I joined NFCU I was preapproved for a auto refi so I gave it a shot and they gave me 4.29%. Half the interest with the same exact scores and LTV.

Anonymous · ‎03-03-2017

@Anonymous wrote:
You don't post your current scores but based on your CC accounts they are probably mid 600's or higher. I wouldn't mess with Cap One I would go with a credit union like DCU, Penfed or NFCU. A while back I refinanced with Cap One at 8.5% and a week later when I joined NFCU I was preapproved for a auto refi so I gave it a shot and they gave me 4.29%. Half the interest with the same exact scores and LTV.

That surprises me... I've been getting harassed by Cap1 Auto for months with pre-approval letters for an auto loan... before my bump to 670.

Anonymous · ‎03-03-2017

@Anonymous wrote:
@Anonymous wrote:
You don't post your current scores but based on your CC accounts they are probably mid 600's or higher. I wouldn't mess with Cap One I would go with a credit union like DCU, Penfed or NFCU. A while back I refinanced with Cap One at 8.5% and a week later when I joined NFCU I was preapproved for a auto refi so I gave it a shot and they gave me 4.29%. Half the interest with the same exact scores and LTV.
That surprises me... I've been getting harassed by Cap1 Auto for months with pre-approval letters for an auto loan... before my bump to 670.

My scores when I was at 8.5 were low 600's at the time of the 8.5%. Cap one does provide decent APR's at times and they make things easy to apply and get qualified but rarely do they beat one of the good credit unions. I get one of their letters at least every other week also.

DeeBee78 · ‎03-03-2017

@Anonymous wrote:
You don't post your current scores but based on your CC accounts they are probably mid 600's or higher. I wouldn't mess with Cap One I would go with a credit union like DCU, Penfed or NFCU. A while back I refinanced with Cap One at 8.5% and a week later when I joined NFCU I was preapproved for a auto refi so I gave it a shot and they gave me 4.29%. Half the interest with the same exact scores and LTV.

Totally spaced my scores. FICO 08 scores just took a beating but they're all over 700, with EQ leading the pack at 714.

Anonymous · ‎03-04-2017

I would refi with a credit union, cut that interest in half and get great customer service. I will be very easy. I suggest Penfed or NFCU. DCU has an overall good reputation but they are a little quirky and their customer service seems a little off at times. Not terrible at all but my experiences have been odd whereas NFCU and Penfed have been flawless for me.

Anonymous · ‎03-05-2017

I hear ya. I tried paying at a local branch and while they could take the payment, I would still have to message TD Auto to apply it to principle. Never had any auto loan be so difficult to pay.

No one seemed to really care this was an issue at the branch - so I looked at their sign and back at the branch manager and said "So, you really arent America's most convenient bank. I will take my check back please."

Grrrrr......

Trying the secured message online - we will see how it goes.

DeeBee78 · ‎03-05-2017

@Anonymous wrote:
I hear ya. I tried paying at a local branch and while they could take the payment, I would still have to message TD Auto to apply it to principle. Never had any auto loan be so difficult to pay.

No one seemed to really care this was an issue at the branch - so I looked at their sign and back at the branch manager and said "So, you really arent America's most convenient bank. I will take my check back please."

Grrrrr......

Trying the secured message online - we will see how it goes.

Secure Message is what resulted in my December clusterf*** you see above

I'm going to apply with DCU at the end of the month. Local credit unions in my town aren't very competitive, so I'm not going to take multiple HP's for meh rates. I hear DCU likes EQ, and my EQ is spotless with low inquiries.

Anonymous · ‎03-14-2017

Congrats on the refi - as an FYI, they did apply my principle payment correctly.