Financing -- Loans/Carfinco


Chuck wrote at 2010-06-03 00:32:44
Maybe try not to have bad credit so you can get approved somewhere where they don;t GPS track your car, as most people on there cannot make the payments cause they spend it on drugs or other useless things instead of living off it. Just a suggestion. I was on Carfinco when I first moved to Canada and was off it 5 months later with better credit.

Read the fine lines and you will see what it says with GPS and towing.

Just my two cents.

kalo wrote at 2010-06-25 18:50:29
you need to stand up to CARFINCO meaning get a lawyer and take them to court. I will be happy to help you.

Lucas Weeks wrote at 2010-09-29 21:18:53
I too am also having poor dealings with this company. They are a very shady group obviously out to prey on persons with less than perfect credit.

I too had an emergency and could not come up with the payment, and were completely unwilling to help or work with me. They suggested a voluntary repossession and took my truck. Thinking it was all said and done, two months later I receive a letter saying that my 24,000 truck only sold for 3000 and they want the difference. They have been harassing me since.

Anyone thinking of using this company be forewarned, they are corrupt and unscrupulous. Do not deal with them. There are many legit no credit lenders out there to use. If its the only one the dealer uses....go somewhere else.

S&K wrote at 2010-10-04 18:28:50
I too at one time, or two, have used Carfinco for auto financing,,,NEVER EVER again will i use Carfinco or even refer anyone to them.  I had two vehicles with them,,after some financial and auto problems,,instead of running and hiding from them, I thought the proper thing to do was to voluntarily return the vehicles.  Now some 10 years later, they are blocking any and every finance company out there that I have applied for credit.  They want the difference from the sale of the vehicle.  Come on,,these vehicles even went through bankruptcy.  Just take your loss and leave me the f alone.  So, now even 10 years later, I am unable to finance a car.  Thanks for nothing Carfinco,,,maybe next time i will just run and hide... Just when you think you are doing the right thing. Carinco ,,,you can go to hell....

Lucas wrote at 2010-10-06 19:01:46
To S&K, just so you know Carfinco can be sued for what they are doing. They have absolutely no legal claim to any money after 7 years , thats the law. The loan is no longer secured after a repossession and therefor falls under legal bankruptcy. If they were included in your bankruptcy then report them to consumer protection and the BBB as I did. It takes 5 minutes to fill out the forms on line but until enough people do it we are are all defenseless.

mpolo13 wrote at 2010-12-23 06:32:33
Of course the obvious solution would be to pay your bills on time. It appears that you can not afford to own a car, and therefore you shouldn't. Sorry.

Eveline wrote at 2011-03-20 02:29:46
Carfinco i am dealing with them too.  They add extra charges when they feel like it.  They certainly dont give you time too pay even if you do pay abit after the payment date they pull this 3 days thing too on me.  They then make you pay extra service charges,  when it is their fault,.  They made me fax in papers from the insurance company and after paying the payment they made me pay an extra 180.00.  

They turn your car off when they want and always give you an excuse even when you make payment arrangements.  They dont care even when you are having trouble with the car, they want the payment even though you run into trouble they have no sympathy.

They dont even mention when you get into the loan with them they never mention the GPS and they certainly dont tell you the little things.

so when someone says you should pay your bills on time. sometimes people get into financial difficulty not only from themselves but other people, who mess them over for things like, having someone cosign a loan for them then you fall behind.  People should watch what they say.  

I have never experience as much trouble in any other loan then, with carfinco,  I have experienced so much trouble with this company i would never recommend them too anyone.

another bad company is VFC,. They too my is considered the worst companys in the world, they both rip you off.

mo wrote at 2011-06-22 17:10:51

i am beginning to wonder about carfinco myself. They did not tell me about the gps until after the fact. They choose not to refinance you, even after 1yr of pymts. I really think the DEALERSHIPS should not use carfinco, only as a last resort, again even though the salesperson at a dealership knows about Carfinco, anything to get their commission.

monique wrote at 2011-06-24 15:18:21
Carfinco is the biggest bunch of thieves.  they want want want.  They dont care about their customers.  I bought a car from a dealer and got funding from them.  the care is a lemon and they dont care.  they take the regular payments from my account and they take other payments from my account and when they go back as you dont expect them they make you pay nsf charges.  they dont tell you when you are going too be charged other payments

stacey wrote at 2011-10-24 19:01:14
I have already paid twice my loan back with Carfinco, I missed a payment and the interest they charged me was higher than the monthly payment. I made a choice to give up with them and told them to just come and get the car, they were killing me financially. They then proceeded to send me court documents with a court date that had already passed as well being attached to somebody else's paper work and got a court order for an additional $8000 ( the amount I originally borrowed).They then reported to the credit bureau that they had repossessed the vehicle which I am still driving to this day (3 yrs later)the total they would receive is 3 times the amount borrowed.

keeson wrote at 2011-10-27 09:41:55
After reading all the above and with the problems I myself am having with Carfinco anyone who is going to do dealing with this company do it all in writing... This means emails faxes ect... Yes for those who are saying just pay your bills yes I will agree in the end we did sign a contract they did pay out the money on our behalf and no its not there problem cars break down. I've paid 532 a month for 1.5 years on a truck I have spent 13000 to make drivable after the dealer failed to make good on there end and went out of business. They did play a little game of not wanting to reposes the truck until I had made it finally driveable. I had the mechanic put a lean on the truck for repairs done to make sure he got his money as the guy did amazing work at figuring out why it refused to run. Be honest get it in writing   the bailiffs are doing what is legal mine has even helped me out but I'm also shocked to say I believe ever word said here I have every said example in writing. Yes a mechanics lean is still legal at 10grand well they wont pay they will sue. LAW SAYS YOU CAN REPOSES OR SUE NOT BOTH. Because I have everything in writing I'm going to court but I also know no matter what I'll still be paying the loan out (I made this choice only because of the money I have invested in repair costs that total more then the loan amount). Oh and this gps tracker in an emergency they will turn your car on for 24 hours to move it to a safe place ie from a shop to your home or a day to get to work till you can make arrangement's. No its not in there contract no they do not tell you about it so no you did not agree to give them that right the 15amp in line fuse in located 6 to 10 inches from the grey/blue control unit under the dash pull the fuse out it disables there system. I say this because I know for a fact its not in the contract I signed but I still maintain contact with the bailiff and Carfinco on where the truck is in writing. Bailiff and me took a drive down so they could verify its at the shop plus gave a copy of the invoice and that I don't have keys. I'll reply here again after the court date I'm hoping to finally get a judge to help make some of the practices Carfinco uses in the spot light so to speak. Finance Guy as a question in Alberta I'm told by a reliable person once they take your car/truck sell it at auction and get what ever money they get that they cannot come after you for any further money. As they have chosen to seize not sue. Is this correct and could you explain a bit so other people may have a better understanding of there legal rights. Thanks  

moodyb wrote at 2011-11-01 15:56:19
this is very disturbing to hear about your dealings with Carfinco.

the company our car was financed with, Wells Fargo, go out of the business of car financing, and our account was transferred to Carfinco.  will have to keep a close eye on them.

clancy wrote at 2011-12-08 12:06:06
I believe carfinco should be investigated, I think its the most disgusting finance company I ever encounter. They seem to have a habit of repossesing vehicles, even if your one month behind in a payment. Last year I got a phone call from them for a credit reference, I did tell them that this person could not afford to be buying a vehicle, but seeminly that didn't matter they just wanted to knnow if the person live with me, so here we are a year later, one month behind on a payment and they are here to take the vehicle, the way I look at it is they can have it, This company also charges 95.00$ a month for a late payment fee, never heard tell of such outrageous fees, I know I would never deal with a company like this. I believe the government should look into this company, i think they are fraud artists.

zeek48 wrote at 2011-12-16 05:04:19
Why do you people think this company are fraud artists?  The reason your dealer obtained financing thru Carfinco is that no one else would lend you the money.  Carfinco is known as a lender of last resort.  They took a chance on lending you the money when no body else would. Now when you can't (don't want to)make your payments you think they are ripping you off when they demand payment.  Accept the responsibility for your own actions intead of trying to lay blame on a company who gave you the opportunity to purchase a vehicle and help rehabilitate your credit rating.

jp wrote at 2011-12-16 16:38:38
Carfinco can either seize or sue, not both. If they seize, you owe nothing, nothing on your credit either, it has to be removed. If they sue you go to court as my parents did and they got a good judge. Carfinco wanted more money than the loan, the judge said no and my parents who used to pay 450 per month ended up paying 60 bucks a month to drive their car now. My parents were under hardship, never missed a payment in four years then dad lost his job, it happens life happens so to all those who say don't buy a car unless you can afford it, shut up! You can't predict the future can you! But you do have options.

Wiser wrote at 2012-02-09 06:10:37
I had a  situation with Carfinco,  Trying to get a straight answer from them is like pulling a tooth. Everyone you speak to have a different answer. The best way to deal with these financing company is to put them out of business by taking control of our finance. If we have to finance a car that devalues as soon as you drive it off the parking lot then that car is not worth it.  Save your money and buy it cash. In this case it's yours no one can call you up and ask you for payment.

Carfinco is one company I would never recommend to anyone.  It would like sending someone to prison for live.  Their communication is like listening to a parable then trying to figure out the answer.  Please stay away from the sharks.  You will eat you alive.  

Lori wrote at 2012-02-26 16:52:37
in answer to zeek48 : The way I look at it is they are there for economic reasons not to build anyones credit, anyone that has to pay 29.5% interest and 75.00 a pop nsf fees and as well late payment fees of a hundred a month, it is fraudlent, who in the hell do you think there helping, no one but themselves, besides if you looked into what they are involved in, you wouldn't be posting such comments, but then again maybe you work for them

mudho wrote at 2012-03-21 22:38:57
I read thru all these post, it seems everyone wants to lay the blame on Carfinco and not look into the mirror. If you dont pay your phone bill, or power bill...what happens they turn it off, so if you dont pay your car loan , what do you think is going to happen ? The late fee's are high so in the future your not going to be late with your payment, and yes Lori the rate is 29.5, just like using your Sears card or any other department store credit card, but you knew that right. Just like amny other lender out there , Carfinco borrows there money, the rates are high but the risks are even higher, why do you think Americredit,Wells Fargo and HSBC Auto Financing all shut there doors down, the risk. So if you cant get a loan from any other traditional lender like CIBC , you are a high risk customer, either you never paid your bills, you went bankrupt or you have never proven the abilty to a payment, then you sill most likely have to finance thru a company like Carfinco. As far as the GPS go, you actually have to sigh 6 times on the contract that you are fully aware of the unit in the vehicle and remeber its there vehcile, they are the ones that own it until it is paid for in full, just one last thing , once you default on a Carfinco loan, there is no one else out there that is going to finance you except for a buy here/pay here dirt lot, where you will driving of in 1985 Ford Tempo :)

Rotted wrote at 2012-07-05 21:11:02
I asked Carfinco to help me in regards to my payment I switched jobs due to lack of hours at one job and I could not afford to pay my monthly payment until the 20th of the month <i need the car for work due to the distance. If I could get a loan I would but I can not So they told me I have until the 10th and the car will be shut down and repossed by the 17th. They will give me till the 20th but my loan 0f 350 will be 550. No compassion I would sooner let them have it in pieces

bigred wrote at 2012-08-29 15:34:34
Just had my first introduction to this company.. Carfinco.  Did I say Company.  NOT.  There are crooks and loan sharks, please everyone beware.  Mudho and Zeek you obviously work for these people.  Have you never in your life hit hard times, it happens to everyone.  We need to help not destroy someone's life.  Carfinco is rutless, but Consumer Affairs and the court system will help them out I am sure.  Their reputation will destroy them. We all need to fight them.

dancin wrote at 2012-10-29 18:53:38
i bought a car though here also in nov 2010 toda i called to see what i have left owing get this one i pay 526 amonth for 23 months TOTAL 12098   found out today i still 11000 plus for a dam car i payed 9999 for wow looks lie this car is going back  

Iona wrote at 2012-11-10 02:12:59
I also have issues with this company.  I called in about one week prior to a payment due to reschedule it.  I was told it was too late to do this but I could put a stop payment on the automatic withdraw and the agent set up 2 payments scheduled in 2-week intervales.  I have made the first payment already and I will be doing the second in about 1 weeks time.  Meanwhile, I have to put up with a constant alarm sound everytime I get into my vehicle.  But the worse thing is the fact that I was hand delivered a registered letter yesterday saying I am in default of payment and demanding full payment of the total loan.  I was floored by this information.  I called immediately and asked to speak with the person who sent the letter.  I was denied this request and passed over to a supervisor.  They told me that NB law required them to send out this letter.  (never heard of it myself)  Even though payment arrangement was honoured by me I was still considered "in default".  Then, today, I received a second letter saying much the same as the first letter (this time not registered).  

Once my vehicle is fully paid off, I will never deal with this company again.  They are in the same business bracket as a loan shark.  They use intimidation tactics as business etiquette.  Most unprofessional.  I will drive $500 dollar vehicles before I will ever borrow money from them again.  I have had no missed payments and have honoured my arrangement and yet the alarm still continues even thought I requested it stopped as I have an autistic son who I cannot take into the vehicle as he cannot handle this alarm going off.  I was basically told "too bad for you".  Nice way to take care of your customers.

READ THEN SIGN wrote at 2012-11-14 00:06:12
Bottom Line...You are well aware of the 29.5% interest rate. You are aware of how much the payments are and for how long.If you are late on the first payment,the GPS system engages (alarm)

You are well aware of the cost of the vehicle PLUS the cost of borrowing.You are aware the vehicle is equipped with a GPS system.Interest charges for being in default? Yes.You picked out the vehicle, not carfinco. Everything I said above is TRUE. Why? BECAUSE IT IS ALL IN THE CONTRACT YOU SIGNED!! YES EVERYTHING! READ BEFORE YOU SIGN PEOPLE! By the way...I am not a Carfinco employee, just someone with a brain reading this nonsence.

Kate71 wrote at 2012-11-24 04:03:07
I am also dealing with carfinco...I understand high interest, and penalties but I got a call last week by an agent(not the one I normally deal with) He informed me I had 3 NSF fees that needed to be paid from back in April, May and June...I changed to online pay, the payment has been there and on time but because someone did not take it out of the computer, they kept hitting an account I no longer used and was not aware of...they won't honor it even though it is their error!! How is that legal?? I informed them that I lost. my job, was inquiring about the seize or sue if I had to return the car..I was told they would sell it and go after me for the difference.. Just because they are a last resort does not give them the right to rip off ppl. I would recommend Go Auto!! They are for high risk ppl as well but work with you to keep your car and better your credit!!  

philli wrote at 2012-12-05 22:03:32
I just got out of my loan with these people.The bank said it would take about a week to transfer the money to them.Well they call and call.They think they can bully anyone they want.I told them i dont even have the car anymore...i traded it.The guy tries his toughguy routine and when i laugh he got really upset.The bottom line is if you have bad credit buy a beater and wait till your credit is better before dealing with these people....they just aren't worth it.

someone in sk wrote at 2012-12-06 01:44:16
So here's the update about carfinco!! So I went to o'briens in saskatoon, sk and they said to me well we can help you out with a standard vehicle with nothing really to it. So I said ok I told them I only had 3000 dollars to put down they said that would be awesome and enough.. So I sat there from 9:30 am - 2:30 pm well when they told me that carfinco was the only one to lend the money for my car loan I said ok. When they brought me the paper work I looked at it for a 8000-3000=5000 dollars loan i would have had to pay 11000.00 I seen that i said r you kidding me? The sales dude says no cause your credit is bad. I said well if my credit is bad then i wanna see it. Well they couldn't show it to me. So i walked to the counter and said i want my 3000 dollars back they said it wasn't refundable. LOL so i said this is BS cause i didn't sign nothing. I called my lawyer well guess what happened i got my 3000 back but then i got a letter from carfinco telling me that i have to pay for something i didn't get in my possesion. LOL i laughed they called me every week wanting money i said ummmm no she said its going onto my credit. I said fine by me i contact a bankruptcy lady and she looked after it for me and guess what i don't have to pay 1 cent to them A**holes cause i didn't sign NOTHING.. But everyone go to your dealerships call around and if you have bad credit be honest and some have in house finance.. so ya if your credit is bad you may have to pay no more then 19% but its better then 29% what carfinco charges

phil wrote at 2013-01-07 06:16:40
I just got away from carfinco.My credit was bad but i needed a car.I cleaned up my credit and got a prime loan from td.Never again would i ever make the mistake of going with carfinco.I would rather walk.This kind of compant should be illegal.Just because you have bad credit should not make this ok.BEWARE OF CARFINCO!

Get Me wrote at 2013-01-09 02:32:56
if you have a high interest car loan in alberta and have been making your payments you deserve a lower rate. Just because you have a loan for 36, 48, 54, 60 months doesn't mean that you have to pay high interest for that length of time.  We can help lower you interest rate and this will either lower your payment or shorten your term.  Either way we can save you money.  

Go to now and stop paying those high interest rates today!

tiredofthem wrote at 2013-03-13 14:26:07
In Alberta there is a seize or sue law. If the car is repos, they cannot sue you and there is no money owing on the car. Carfinco will post on your credit bureau an amount owing for the remaining balance eventhough its supposed to be a write off. By doing so, they are blocking you to have any car loan for years to come. I am in the process of suing them to get that amount removed of my credit bureau. Also, their Active Charge Recovery agent name Teresa will send you letter only with her first name on it. I sent her 3 emails to get her full name so we can serve her and Carfinco and she won't reply or returm my call. Very fishy when they refuse to give any information about them.

Really Disturbed wrote at 2013-03-19 12:42:05
I have been a customer of Carfinco for 22 months. I have mixed feelings about them. I had an occasion when I called in for a buyout schedule, and they informed me that I had changed my payment date? WHAT? So i requested a password for any changes. to this day when I call they do not ask for password. I called for a buyout this last week. Guy told me that I couldnt pay it until next week due to a payment clearing my bank. WHAT? I told him that I would pay the balance in full and put a stop paYment on the payment at the bank. He told me that I would be charged $70 for a NSF FEE and a missed payment on my credit. WHAT???  I told him if the account gets paid today it should not matter? He was firm with his above answer.  Like talking to a brick wall.   As for you whiners...  If you pay your payments on time that you agreed to when you signed for the loan, Carfinco as a whole is pretty good. Carfinco is high risk lending, and YOUR high risk. The majority of you all talk about missed payments, Or late payments, Pay your payments on time and Party the next weekend instead. Yes the interest is very high, however if you hadnt destroyed your credit the first time you would be enjoying 6% loans instead. Now Pay a bit extra while you repair YOUR problems and it will pay you back in the end. Ya Carfinco is a pain sometimes, however flip the coin and imagine the pains they deal with on a daily basis.... Just saying

carfinco customer wrote at 2013-06-05 00:34:25
Well i read all the comments and questions.  I must say i feel bad for those that are not having a good experience with carfinco.  In my experience i have been late 4 times within 2 years and i had to skip a payment and they allowed it.  They have tried to help me along and im greatful for that.

mwontario wrote at 2013-06-07 17:07:54
hi there I'm from Ontario I am also dealing with carfinco I also think that they are the biggest rip off artists out there I haven't missed a payment yet. all those people that say that just make your payments. they have to be employees. Why else would they be on this site.I will be starting a thing  on Facebook and Twitter. maybe if we get enough people together. start a class action lawsuit against them for everything that they have done to everybody I understand some people just can't have vehicles can't afford the payments. I am NOT perfect myself I have damaged credit. I am going to try and find refinancing remember they are not the only lenders out there.

Durhamontario wrote at 2013-06-27 01:20:23
In answer to mwontario, class action lawsuit great idea we should get this going sooner then later,  also for anyone else interested I found some info on the T.V show W5,  if they get enough complaints they will go out and interveiw all person that bought cars then investigate the company in person, on T.V and also  get the government involved.  

jprants wrote at 2013-07-05 19:33:38
I have dealt with Carfinco for the past four years. They have always been great with us, making arrangements if we ran into trouble, helping and great to work with. However after four years of paying and our vehicle is now ours. They have no reported it to our credit which is suppose to help and we tried to refinance a new vehicle and we were refused, despite having a stellar account with them and making more money now than we did years ago. I wouldn't say they are shady but they don't care about their customers or keeping good customers.

eli wrote at 2014-03-06 23:56:59
readthesign - you clearly are a an employee as well as a scumbag and a idiot, no one would be on this forum randomly trolling carfinco complaints other then someone with an invested interested in carfinco or someone who has been ripped off, i have dealt with real loan sharks and trust me they are easier to deal with then carfinco everything people here s saying is good adn al only no one mentions that carfinco illiegaly and without telling you takes a huge percentage out of your monthly payment to go against the interest on the total duration of the loan i had 14 k loan paid 435 for 6 months i called and asked how much i was 6 months later and it was still 14 k even after i gave al tat money

Ben wrote at 2014-03-21 02:38:23
At the end of the day (say what you want) but profit is every financing companies motive. So don't rely on them to hold your hand. Imagine missing a house payment? Pay your bills, save for a rainy day and hold yourself accountable. Bottom line you owe them money and they'll do whatever they can to get it back. No-one cares about your sob story and that's just the harsh reality. Build your credit so that maybe one day you'll be eligible for zero ppercent like me. Is 29 percent interest outrageous? I'd say but you made the choice.  

Ben wrote at 2014-03-21 02:38:33
At the end of the day (say what you want) but profit is every financing companies motive. So don't rely on them to hold your hand. Imagine missing a house payment? Pay your bills, save for a rainy day and hold yourself accountable. Bottom line you owe them money and they'll do whatever they can to get it back. No-one cares about your sob story and that's just the harsh reality. Build your credit so that maybe one day you'll be eligible for zero ppercent like me. Is 29 percent interest outrageous? I'd say but you made the choice.  

Ben wrote at 2014-03-21 02:38:37
At the end of the day (say what you want) but profit is every financing companies motive. So don't rely on them to hold your hand. Imagine missing a house payment? Pay your bills, save for a rainy day and hold yourself accountable. Bottom line you owe them money and they'll do whatever they can to get it back. No-one cares about your sob story and that's just the harsh reality. Build your credit so that maybe one day you'll be eligible for zero ppercent like me. Is 29 percent interest outrageous? I'd say but you made the choice.  

msthing wrote at 2014-04-30 20:35:23
Carfinco's problems lies with their employees, and works its way up to upper management.  I call Carfino EVERY month regarding my car loan to ensure my payment was received, check on the date of my next payment, and check my balance.  Why? Because they cannot be trusted.  Period!  Their customer service reps are poorly trained, and their turnover is very high.  Their call tracking is non exsistant, therefore its always your word against theirs.  And their policies change daily depending on who you talk to.  If you ask to speak to management, you are put on hold, then conviently your call is dropped.  If you try to call back, suprisingly the phone never gets answered.  Mmmmmmm strange.  They send you a fraudulant letter when your payment is late advising you that they are "willing to work with you" on making payment arrangements, but never stand by that promise.  My car was repoed twice because of employees who failed to document conversations correctly, and when I demanded them to listen to the recorded call, like magic, it disapeared. Mmmmmmm strange.  Carfinco is not a finance company.  They are a repossesion company, who prey on decent people who have fell on hard times.  Don't bother wasting your time with their minimum wage earning customer service reps.  Directly call Ms. Frost ext 2104 and give her a piece of your mind.  Maybe then they will listen to the people who keep their bellies full, and a roof over their heads.

FUFUBUG wrote at 2014-07-15 00:40:39
I used Carfinco, paid out my full loan in 1 year.. No issues.. Now another year later the GPS tracker is messing with the vehicle.. Causing it not to start then I have to call.. And I live no where near a place that can remove it...

LA123321 wrote at 2015-01-03 05:27:44
I am in the midst of helping a person who has a car loan through Carfinco. It is amazing that the interest rate is approximately 93% of the principal and 48% of the total Loan. I have read through the above answers and see the figure of 29.5%.

If you look at sites and see how they arrive at their interest, it is stated as being calculated daily and compounded.

There are ways to deal with companies such as this, however as stated by a few answers above, do all your communications in writing and register it if necessary.  

disgusted wrote at 2015-04-14 20:16:29
They are a joke will never deal with them again I give them a few years and they too will go out of business. Very UNPROFESSIONAL. I traded my car in to another finance company and that company paid them and they are still sendin me letters that i owe you can go *%$#@*&^%$# yourselves. There is many finance companies that will help you professionally with bad credit. You call the company and its so loud do they jam all employees into a closet to answer calls

Kizzzmazzz wrote at 2015-04-18 06:36:36
My experience with Carfinco has been awful.

First off it was a car loan that I co-signed for my Daughter. She had no credit but mine wasn't horrible. The car Dealership we were at, was hell bent on us getting our financing through Carfinco, so I do believe Carfinco gives kick backs to the dealerships that use them.

I was also told I would be able to remove my name from the loan after a year. That was a lie. A year later I contacted Carfinco and they said that they never remove anyones name from a loan.

My daughter and I decided to go to a regular bank to get the car refinanced. We found out that Carfinco was not even reporting to the credit bureau, we also found out, that they made me the primary holder of the loan and my daughter the co-signer. I asked them to change it and they wouldn't.

Every single time I called customer service they gave me the run around. When we finally just got sick and tired of dealing with them, we were going to pay the loan of early but found out there was a penalty if you did.

The loan is finally done. I am suspicious though, the car won't start and I am sitting here wondering if this is something they have done with the GPS tracker thing they installed on the car when we got it.

Disgusted wrote at 2015-08-01 12:29:32
I am a professional in the auto sales industry.. I try to help anyone who comes to see me. I have recently met customers who  came to visit me who were told they had financing available to them through Carfinco..NOT!

My unfortunate customers were in desperate need of a vehicle as they have multiple , serious health concerns and viisit hospital three times per week.

After applying with Carfinco , were " approved" and led to believe all they had to do was find a car within the "approved amount"

They chose a low price car, and when I worked to help them , found out that there was no loan with Carfinco.. The financing would have to be arranged thru our traditional lenders ( banks) and nowhere was there Carfinco money available to them. At the dealership level, we'd be charged a fee for them " finding" my client.there wasn't a hope of approval !

how do they live with the devastation and disappointment they cause?

To begin with, my clients were mislead.. They were filled with false hope and I had to be the bearer of the news! They would be paying approx 30% interest

Iand would be paying for ever!!

In the end, I had them crying at my desk... Broke my heart.... Have no idea if my clients had paid Carfinco any money up front, but would not surprise me!!

Beware of these " finance" company's. They are the ultimate scam preying on the misfortune the!  

niki wrote at 2016-01-17 04:32:54
I'm sorry to say Ben but you are so wrong because I had a loan with carfinco my payments was paid on time up to date at the time they shut off my car and about a week later reposses it because my insurance was not paid up, they took it to a compound lot and say when I get my insurance to send it to them and I will have to pay the tow plus inpound fees for each day the car is at the lot by the time you know my next 550 monthly payment and two weeks of lot fees and I was still struggling to get insurance as I was lay off from work. so why they couldn't leave the car shut down in my yard? then two months later the car I just bought 5 months ago for 17000 was sold for 5000 and I owe them 8000 like seriously they are thieves.

Brian wrote at 2016-01-26 07:39:27
I want to sue Carfinco.  They are rude, ignorant and treat their customers like dirt.  They threaten you and like to torment you any way they can. This web site here is not helping either by not allowing those who wish to sue by forming a class action against them. I am from Toronto. OMVIC said I could charge them with harassment, but the police said no.  

BigBlackTruck wrote at 2016-03-02 00:06:29
I fell behind on 1 payment, I called them prior to let them know about it. I told them that i would be in a sad state for the next 30-45 days as paperwork needed to be completed on my LTD. They killed my truck on the 5th, 6 days after the NSF paymrnt (how is there an NSF paymrnt when you have talked to them?). I called them on the 20th to advise them that my paperwork was approved and I would be recieving money with 15 days. They repo'd the truck and tried to take a paymernt on the same day! # years 2 months and never late on one paymrent until this. In the end, it is my fault, BUT HOW DO YOU RETURN A TRUCK WHEN THEY KILL THE SWITCH?

credit bad man risk wrote at 2016-04-19 18:48:52
I had a loan with carfinco back in 2013, I lost my job and missed a payment, called them and made arangiment to pay in a week. I paid that then missed the next payment, called and tried to make a deal, no way would they work with me. So 3 days later they shut my car down, so all I did was disconnect the GPS and starter interrupter device, hooked up the wires the way they shud be, and low and behold my car was again mobile. All you need to do to disconnect the switch is google it, if you can operate a wire cutter you can do that, its easy. Any way, long story short, it took them 6 months to find me and reposes the car, by that time I didn't care, as I had a company car to drive, they sent nasty letters saying they were going to take me to court to get the rest of the money, guess what, its been 3 years now and they havnt done a thing, and its to late now for them to do a thing, all they did manage to do was get it on my credit file, but I don't care, my credit has sucked for 25 years, I just don't care,, lol

Natedawg wrote at 2016-07-26 15:21:07
OK very similar situation, I was young with no credit and wanted a new car so I went and financed one. Through carfinco wich was clearly the first mistake lol I don't even have the car for a full year before my neighbor hit me and wrote off the car. I had never missed a single payment or anything. My insurance company only honored Blackbox value of the car wich was significantly less than what carfinco financed it to me for. I had no idea the car wasn't worth that much as it was my first big financial purchase and just didn't know so clearly my fault for paying to much money. So they refinancedon't the remaining almost 10,000$ at the same damn interest rate compounded daily for a car I don't even own. So my question is, seeing as my insurance company paid for the car once am I legally obligated to pay the remainING balance? I literally paid the car off twice by now there's only 3 or 4000$ left owing. I'm just sick of giving these cons money every month for thin air. Any advice is much appreciated!

Natedawg wrote at 2016-07-26 15:21:16
OK very similar situation, I was young with no credit and wanted a new car so I went and financed one. Through carfinco wich was clearly the first mistake lol I don't even have the car for a full year before my neighbor hit me and wrote off the car. I had never missed a single payment or anything. My insurance company only honored Blackbox value of the car wich was significantly less than what carfinco financed it to me for. I had no idea the car wasn't worth that much as it was my first big financial purchase and just didn't know so clearly my fault for paying to much money. So they refinancedon't the remaining almost 10,000$ at the same damn interest rate compounded daily for a car I don't even own. So my question is, seeing as my insurance company paid for the car once am I legally obligated to pay the remainING balance? I literally paid the car off twice by now there's only 3 or 4000$ left owing. I'm just sick of giving these cons money every month for thin air. Any advice is much appreciated!

Legal help wrote at 2016-07-27 04:06:30
If the charges on fees for being late amount to more then 60 percent it is conside red Criminal Interest rate under the Criminal Code of Canada( See Garland vs. Consumers Gas). If there has been harassment it is also considered a criminal charge under the Criminal Code of Canada. The police do not have to lay the charge for you, you can file your own private prosecution at the designated Court house in your local area, and speak to the Justice of the Peace. If you have reasonable and probable grounds when you lay the information, the Justice of Peace must allow you to have a Pre-enquette hearing and allow you to call evidence to support the Criminal Charges, you can also seek the assistance of a lawyer but they don't like to go after corporations.

Knowing your rights is important if you feel that Carfinco has done something illegal, file a public prosecution all of which is done on record if the Justice of the Peace does not allow the charge to be filed, submit an appeal to the Superior Court for an Application by way of Mandamus, you will need an experienced lawyer to file this application or have done extensive legal research.  

Cronical wrote at 2017-03-10 21:46:13
We had/have by this is mean we had a car with carfinko, never missed a payment after being with for 1year which if all payments after 1year/13mths actually are interest rate would drop from 29.5 to lower rate on 13th month they tried to take payment earlier then due date on purpose causing a late payment which they blamed are bank knowing wife's pay was in following day. They then blamed bank bank has record of there attempted payment prior. We didn't try to lower interest until wife's accident which wife broke her neck 5 out of 7 vertebra broken. Moose are a not fun experience. Car was wrote off, needless to say the car was $6000 and 1 year down on loan and carfinco said we owed $7500 which insurance gave us a check for $4500 now if you do math not adding up.. now having never complained nor bugged we are ticked to say least but getting mad won't fix anything.. we informed carfinco about situation they wanted check in wife's name and there's and and said they would lower rate on remaining balance as don't have drivable car so like shumucks we put check in there name and wife's then once they got check they then informed us that they could not lower rate but if we got another car they could include it in previous balance not lower rate and we still owed $3000 at 29.5 now looking at mathematics on there system we are going to be paying over the cost of car and never pay balance we only paying interest. All this company cares about is your hard earned money and not just saying this because getting F'ed over but to warn even when you do everything right with this company your will always get hosed again not bashing as I am sure one person out of a 1000 slips through but people seriously trying to get better standing. Me and wife both had bankruptcy in are past and started 2 years ago trying to rebuild we have had a lot of ruff times and to have "crooks" take advantage because they hold your cards was low. So if this is company you want then they are all yours but if you want legitimate go through bank or buy used car online save yourself headache. Or very least ask family. Trust me I want to say what I really think of this company but again this is not Facebook even if it was no one cares. So clean is way to go...

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