Car Repossessed? Trouble With High Risk Car Loans?

Car Repossessed? Trouble with high risk car loans?
If you've had any trouble with high risk car loans and / or have had your car repossessed, I would like to hear from you. I am doing some research of our members and readers about the topic of subprime auto loans for a national newspaper chain, and would like to have input from our visitors.

The trouble you may have had is that you had bad credit, or new credit and you signed up for a high interest loan with a local car lot. Maybe one of those car lots that said that you could fix your credit if you got one of their car loans.

You may not have understood the terms of the agreement, and/or were not able to make payments for some other reason.

If you have had any problems at all with a car loan, or have had your car repossessed and would like to discuss it, please let me know.

Please leave a comment here if you're interested.

Article Created: 2008-04-24
Article Updated: Not yet updated.

0 CMA MEMBERS Likes this.

Add Your Comments:

Fields with * are required
Your Comment Below:


Name*

Email*

Website

Code*

Enter Above Code

Note: Comments are moderated - Spam will be deleted



58 Comments
On Dec 5, 2012, George Said:
Reading all the comments below is frustrating.......you dont have to be a rocket scientist...........every post the people didnt make there payments nad then wonder why they had there car repossesed or turned off......duh.....make your payments like you agreed
On Sep 21, 2012, Gord Said:
I have had a Carfinco loan for almost 4 1/2 years, I have not missed a payment nor have I ever been late. I had to use this company because I had filed for bankruptcy twice. The first time was my fault, although the second one I became ill and was not able to work. I have just traded the first vehicle I bought which was financed at 29.5% and bought another newer one and the interest is now 21%. I realize why I have to pay such a high rate of interest and it is because of choices I made and because of some misfortune. I went with Carfinco because they were the only company that would give me a chance. Take a look at why we have to pay such high interest rates and maybe you will see its because we made bad choices or something unfortunate happened. Carfinco was not the cause of our bad credit, and as a former employee at a major Canadian bank I can tell u big companies and banks don't care about your situation or circumstance they care only about getting paid. If we pay our bill they won't give u any grief. I have an excellent credit score now but with 2 bankruptcies looming over my head I either have to rely on other people to cosign or I suck it up and continue to build my credit.
On Sep 13, 2012, Darlene Fougere Said:
Our car loan was with wellsfargo to begin with then transfered to carfinco,. Have never had a problem with them yet and have less than 2 years left on loans, My beef is that they do not send a statement every month like wells fargo did. I would like to get at least a quarterly statement to let me no exactly what is left to pay if I want to refinance to a better rate. the car I have is costing more a year to fix than the monthly payments. I also have a new 2011 car with a 4.99% int. Rate now ,so credit is better.should I go for a newer car and trade the peice of crap that I have in on a newerI with a better rate and suck up the loss.
On Aug 27, 2012, Dan Said:
At least most of you had the choice to choose whether or not to sign with Carfinco when you bought your car. When we financed our car it was with Wells Fargo Auto Financing. A couple years ago, Wells Fargo made the decision not to carry Auto Financing anymore and turned over all of their accounts to Carfinco. We are stuck with Carfinco and their harassing phone calls even after a payment arrangement has been made, claiming that they can call once a week to make sure I'm still going to make the payment. We have one year left on the loan and then we'll be done with these clowns.
On Aug 18, 2012, Pardeep Gaind Said:
Had Carfinco reposess my car because the payments were just too high. Now if I want a car with my bad credit and a carfinco repo, I cant get a loan for a car anywhere even if its just a $5000 to $7000 car. Now they got the car, but want me to pay the difference, I don't think they can do that, they have the car, thats good enough. Any idea on that and any possibility for loan elsewhere for high risk. Please let me know.
On Aug 13, 2012, Steve Said:
Fascat: "I decided I wanted a newer vehicle" at 33% interest?? Are you completely insane??? Why would you leverage yourself up that much because you "want" something? Why do people insist on buying things and using credit, at rediculous rates no less? People also seem to fail to realize that the company that lends you the money to buy a car has NOTHING to do with the dealership. That would be like buying a house and then saying BMO is terrible (since they gave you a mortgage) because the house has a leaky roof.... I guess no one reads what they are signing anymore? None of this should be a surprise when it says in BIG BOLD letters that "if A happens, you will be charged X. If B happens, you will be charged Y, and so on".... Time to buy some stock I guess...
On Jul 31, 2012, Mark Said:
Very sad stories below... You just shouldn't be taking out big loans at 20-30% interest. Most of all, companies like Carfinco should be restricted to how much they loan and % to people who are already irresponsible.
On Apr 1, 2012, Liv Said:
I also was mislead by Carfinco. I went through them on their promise of "re-establishing credit" and what ensued was the worst nightmare possible. One I cannot get away from at least 6 years now with a garnishement of my wages. As a single mom this is absolutely detrimental to my kids' survival. They are truly criminals in that they made a claim against me and told the court they served me when they didn't. I got no notice whatsoever and had no idea I was being taken to court until I heard from my HR Dept. I have always been willing to make a compromise but nothing I offered was accepted by them. Going behind my back to sue me and with me not able to defend myself is disgusting.
On Mar 5, 2012, Lori Said:
this is for anyone out there that deals with Carfinco, they are down right rotten, they are not there to build anyones credit rating they are there for the money, and money only, our situation with them is this: 20 year old son bought a truck threw a dealer, the truck was junk from the get go, had to put money into it every week as something was always going on it, the deal would not come good for any of it, Carfinco didn't care about the problems, as we advise them , as they deal with the dealerships and adesa auctions, he was either late with payments, the fees they charged for nsf, late payment and the interest alone was sickening , he paid more in interest then on principal, I called this Carfinco several times, they even had a lawyer get on the phone and S.O.B. called me a liar, I was livid and lost it on him, the next thing we knew the repo man was here to take the truck, yah and guess what they took it to adesa auctions which they are involved in and guess again another dealer bought this truck (lemon)I called the DMV and with dealers they don't have to give a report on where the vehicle came from or who own it, the way I look at it Carfinco puts people in this situation so they can repo vehicles put them back into there auctions and resell them again to the next sucker.They are making a fortune on doing this, they are on the TSX now as"CFN.UN"The Ontario government better look into these crooks, as they are registered as loans in Alberta and a collection agency in Ontario, with the better business bureau in Alberta they have a B- rate, I hope that with enough pressure or an investigation into this corporation they eventually will be run out of Onario. Here they can seize and sue, not sure whats wrong with this ontario government, as they are not protecting consumers here
On Dec 3, 2011, Angela Said:
my car was just repoed cause i was 2 months behind can i get it back or is it gone? How do i do it???
On Nov 2, 2011, Fascat Said:
Shame on you Bert, I am a single mother of 2 children and have done financially well for my family. I decided I wanted a newer vehicle one day so I went through Scotia Dealer \|Advantage as I had no credit score and no co-signer. I signed up at a 33% interest on the grounds that I would have established a credit rating within 6 months. Unfortunately, Traveler's only reports quarterly Aghhh. So i bent over and took it up the heiny on the understanding that I would be able to get into something after 1 year. The year came and I was told that I could get into something with a lower interest rate but they weren't able to offer me the value of what I had owing lets say there was a $6000.00 difference as well as penalties for getting out of my lease early....Darn it so I again take it up the tail. I continue to make my 33% interest payments for a couple years I got down to $1500.00 owing, hurt like hell but hey good credit right. One dark and stormy night my 13 year old son and 3 other children were mowed down by a drunk driver. My son was in a coma for some time and suffers from a brain injury as a result of the impact. I had to quit my job and move in with my parents. I have no way to pay the $1500.00 but have offered a 500.00 buy out. They refused, I phoned once a week and spoke with agents explaining my situation and no one once showed a sign of compassion. I still have not been able to go back to work and I am now being sued for $2,600.00, not sure where they pulled that number from but Im gonna do every thing in my power to win this case and save my credit. My point: To research my options and see your closed minded remarks is something awful. Let us hope that life never sends you in a financial spin, and if it does that you are surrounded by positive people to help you deal!
On Oct 9, 2011, l caldwell Said:
my common law husband leased a car thru them. lets just say...its been our worst nightmare. credit wise, we are now crapped out. all because of Scotia. we have an appt. on tues to try and get financing for a mortgage...unfortunately we will probably be rejected on that alone. the car has been a lawn ornament for over a year now...maybe 2 yrs. give us a cal sometime. there are alot of scary details that id rather relay over telephone....as i cant even say that you dont work for them and that i'm opening us back up for more harrassment and uncooperativeness....oh well...if by off chance you are not a skeevy collecter for scotia, my email is lcaldwell06@hotmail.com
On Sep 21, 2011, crystal Said:
Hi, my husband jsut had his car repossessed from scotia dealer advantage. what happened was he fell behind payments and owed just over 700$ i payed 300% from my savings and he made 2 200$ payments which should have brought it to even. the last payment was made a few weeks ago. at 430am friday morning the repo guys showed up at our door. they showed my husband a paper saying he owed 1100 $ and then that he had no idea why he was taking the car because it also said we made a payment and now only owe 190$(one car payment) so they took the car. sda was closed from friday-tuesday so we had to wait all weekend then they gave us the run around to call this place then call that place. so now its wed night we have to now wait until tomorrow to get ahold of the baliffs something or other before we can even find out why our car was taken for 190$ i guess when you try and catch up on your payments they still take the car anyways. now we are not sure what we are supposed to do cannot get ahold of anyone and facing carlot charges for however long it takes us to get it back. there is no way this can be legal not to mention the stress they are causing us.
On Sep 16, 2011, Bert Said:
WOW, A LOT OF PEOPLE IN FINANCIAL TROUBLE. THESE PLACES LIKE CARFINCO CAN'T HELP YOU FIX YOUR CREDIT, ONLY YOU CAN BY MAKING YOUR PAYMENTS ON TIME. HOW DO YOU THINK YOU GOT IN TROUBLE TO START WITH. I HAD A CARFINCO LOAN FOR 5 LONG YEARS AND MADE THE PAYMENTS ON TIME ALONG WITH ALL MY OTHER PAYMENTS. I WAS THEN ABLE TO GO TO A DEALER AND GET FINANCED FOR MY NEXT VEHICLE FOR 7.95% RATHER THAN THE 29.5 PERCENT I PAID CARFINCO. WE ALL SIGN THE PAPERS AND ARE NOT MISLED AT ALL.
On Sep 13, 2011, matt duguid Said:
Hi I got a 04 jeep liberty from a car dealer in richmond bc and they got me a loan through carfinco and just the other day i got a call from them i have bin out of the country and they said did you know you car payment came back to us and didnt go through and your car is set to be turned off on monday i said i need it for work and i just got back into the country so when i get paid on friday i will pay you and the lady said okay so just today a day after they said it would be turned off it is after she said i could pay on the friday when i get paid and the car wouldnt be turned off. I will be calling them tomorrow as i will have to either give up the car as the payments are just becoming to much and they falsley advertised there "it will fix your credit" on there website my buddy has had a loan through them and he paid on time every month for 3 years and his credit was no better at the end of it and he paid 7 thousand more than the car was worth and they wouldnt refinance. carfinco is great at making promises but not keeping them. also i will be moving back to australia next april for family reasons and i still owe 15 thousand on the vehicle 9 thousand for the loan and 6 thousand for the lending price i dont know what to do if anyone can help me with what to do it would be much appriciated
On Sep 8, 2011, MURPHY Said:
HI! 2006 PONTIAC GRAND PRIX WAS SEIZED AUGUST 10, 2011. I MISSED MY PAYMENT FOR JULY 21, 2011. I AM CURRENTLY HAVE FINANCIAL PROBLEMS DUE TO WORK HOURS HAVE BEEN CUT BACK SINCE THE BEGGINING OF THE YEAR AND CURRENTLY DEALING WITH FAMILY PROBLEMS. MY PHONE SERVICE, CABLE AND INTERNET SERVICE GOT SUSPENDED BECAUSE OF NON PAYMENTS AND I AM BEHIND ON OUR RENT FOR 3 MONTHS (JUNE 2011, JULY2011 AND AUGUST 2011) I AM THE ONLY SOURCE OF INCOME TO OUR HOUSE HOLD BECAUSE MY WIFE IS CURRENTLY STAYING TO TAKE CARE OF OUR 4 YEAR OLD SON AND SHE WAS DEALING WITH HEALTH PROBLEMS A FEW MONTHS AGO. I HAD TO CLOSE MY BANK ACCOUNT BECAUSE MY BANK HAS TO INVESTIGATE BECAUSE A PAYDAY LOAN WITHDRAW AMOUNT THAT IS DIFFERENT FROM WHAT I AGGREED ON. SO I WAS ADVICED BY ONE OF BANKS AGENT TO OPEN A NEW ACCOUNT. I GOT A PRE-AUTHORIZED FORM FROM MY BANK AND FAXED IT TO CARFINCO, TO GIVE THEM MY NEW ACCOUNT INFORMATION. AUGUST 20, 2011 AFTER LUNCH AROUND 1:45PM WENT OUT TO CHECKED OUR MAIL, I GOT A REMINDER FROM CARFINCO AND A NOTICE THAT MY ACCOUNT IS IT ARREARS, CALL CARFINCO ASAP TO MAKE PAYMENT ARRANGEMENTS.THAT IF I DON'T GET IN TOUCH WITH THEM IN 3 DAYS THEY WILL GO FOR FURTHER ACTION, LIKE SEIZING THE CAR. I WAS GOING TO GIVE THEM A CALL AFTER PUTTING MY SON TO FOR HIS AFTERNOON NAP. BUT A LOUD BANGING TO OUR FRONT DOOR WOKE US UP AND OUR CAR WAS BEING TOWED AND BAILIFF HANDED ME A PAPER STATING THAT OUR CAR IS BEING SEIZED BECAUSE I HAVE CAUSED A DEFAULT TO OUR CONTRACT. I HAVE STARTED TO EXPLAINED THAT I WAS GOING TO GIVE CARFINCO A CALL AND ASK THE BAILIFF IF IT'S POSSIBLE JUST TO GIVE HIM THE MONEY WHAT WE OWE CARFINCO TO MAKE OUR ACCOUNT UP TO DATE, BUT BAILIFF REPLIED I DON'T HAVE THE AUTHORITY TO DO THAT, I AM HERE TO TAKE ACTIONS WHAT CARFINCO HAVE TOLD ME AND THAT IS TO SEIZE THE CAR. I WAS TRYING AND ASKING IF IT'S POSSIBLE FOR THE BAILIFF TO TAKE MY PAYMENT SO THAT THEY DON'T NEED TO TOW MY CAR. BUT I GUESS HE WANTS TO GET PAID BIG MONEY SO HE IS RELECTANT TO HELP. HE SAID HE WILL CALL CARFINCO TO REPORT THAT HE HAS SEIZED THE CAR AND THEN I CAN GO AHEAD AND CALL CARFINCO TO MAKE ARRANGEMENTS. I DID JUST THAT. MY CALL WAS ANSWERED BY THIS AGENT NAMED VALLEN AND SHE CLAIMED THAT THEY DID NOT GET ANY CALL FROM THE BAILIFF AND SE DOES NOT KNOW HOW MUCH I HAVE TO PAY THEM TO GET MY CAR BACK. BECAUSE I WAS WILLING TO PAY THEM THE AMOUNT CARFINCO IS ASKING FOR $495 OR SOMETHING THROUGH WESTERN UNION SO THAT THEY CAN GET MONEY RIGHT AWAY AND I DONT HAVE TO PAY MORE FOR STORAGES. I HAVE EXPLAINED MY SCENARIOS AND PROBLEMS I CURRENTLY FACE BUT THEY DO NOT CARE. IT IS CLEARLY STATED TO THE AGREEMENT THAT IF SOME POINT THAT FINANCIAL CHANGES THEY WILL WORK WITH ME AND HELP BUT I GUESS MISLEADING,FALSE ADVERTISEMENTS. I HOPE I CAN GET SOMEBODY TO HELP ME DEAL WITH CARFINCO, SOMEBODY WHO HAVE DEALT WITH THEM IN THE PAST, MY CAR IS SUPPOSED TO GO REPO AUGUST 31ST, 2011. I CANNOT AFFORD TO PAY $490+ BAILIFF COST WHICH IS ALMOST $600 DOLLARS(MORE THAN $1000 TO GET MY CAR BACK). PURCHASE PRIZE FOR THE CAR IS $9000+ AND COST OF BORROWING IS MORE THAN $10000. THE LAST TIME I CONTACTED CARFINCO WAS WHEN WE ARE GOING TO GET THE CAR BACK BUT IT WAS MORE THAN $1000 TO GET IT BACK AND I AM REALLY STRUGGILING TO MAKE MY MONTHLY PAYMENTS $422.00 PLUS MY CAR INSURANCE. AND MY FAMILY WILL BE HOMELESS IF I CONTINUE TO KEEP THE CAR BECAUSE I OWE $2100 FROM MY LANDLORD 3 MONTHS BEHIND MONTHLY RENT. AND MY HOUSE HOLD INCOME AT THE MOMENT IS $600 PER 2 WEEKS. $1200 MONTHLY INCOME. EXPENSES MONTHLY: RENT=$950, HYDRO=80 MONTHLY, CAR INSURANCE $250, CARFINCO=$422.00 GROCERIES(FOOD)= MAY NOT EVEN HAVE MONEY LEFT FOR FOOD,(BEFORE OUR MONTHLY BUDGET FOR GROCERIES IS $350-$400/ MONTH BUT NOW WE HAVE TO SACRIFICED $50-$150/ MONTH. CANNOT EVEN AFFORD TO PUT MY SON TO PRE SCHOOL, $0 SAVINGS, LIVING WITH PAY CHEQUE TO PAY CHEQUE. CANNOT EVEN AFFORD TO BUY NEW CLOTHES FOR MY SON AND HE HAS BEEN COMPLAINING THAT HIS SHOES AND CLOTHES ARE TO TIGHT. I HAVE TRIED TO TELL CARFINCO ABOUT THIS, BUT THEY DO NOT CARE. I HOPE SOMEBODY OUT THERE WILL GIVE SOME HELP, ADVICE ME HOW TO DEAL WITH CARFINCO, AS OF NOW CANNOT AFFORD TO GET A GOOD LAWYER. NO IDEAS ON HOW TO FACE CARFINCO. I HAVE TO GIVE UP THE CAR. RIGHT NOW THE MOST IMPORTANT IS TO GIVE MY FAMILY A HOME WHERE WE CAN SLEEP AND FOOD TO BE SET ON THE TABLE 3 TIMES A DAY. I DON'T WANT MY MARRIAGE TO END, BECAUSE IT IS ALREADY ON THE EDGE CURRENTLY PATCHING THINGS UP. LESSON LEARNED. BY THE WAY CARFINCO CLAIMED THEY DID NOT RECEIVED MY NEW BANK INFO THAT I HAVE FAXED THEM, AND IT IS MY FAULT BECAUSE I DID NOT CALL THEM TO FOLLOW UP. AND THEY STILL HAVE MY INSURANCE REGISTRATION PAPERS AND MY PLATE NUMBER. I AM STILL PAYING FOR MY MONTHLY CAR INSURANCE. ICBC WILL NOT ALLOW ME TO CANCEL MY INSURANCE WITH THE REGISTRATION PAPER AND SURRENDER MY PLATE NUMBER. PLEASE HELP!
On May 30, 2011, Joshua Said:
hey, I have a collections:skip on my credit file from carfinco, car repossessed in 2009. the payments were outrageous, and they still have an outrageous number i have to pay back even though they repossessed the car and probably auctioned it. can you help me
On Apr 8, 2011, Mike Said:
Hi again, I posted a comment on here earlier today about how Carfinco is really screwing me around, making mistakes and blaming them on me and now making threats to reposses the car if i cant pay which i keep telling them im onEI and they keep saying they will work with me but when i talk to them they are usually really rude and say its not their problem! Ive been reading all the other comments and its seems like false advertisizing to me they promise to help with your credit and help if things change but then when your finacial situation does change all they do is call and call saying i have to pay way more money than i have or they will come take it away and ill owe even more! I dont know what to do, im going to lose eveything including my place to live because i can barely afford my rent to begin with right now and no one seems to care all they want is their money even if i go homeless how is that fair? I wanted to see if there was anyone else going through something similar and now i know after reading all your comments that im not alone.... can someone please help
On Apr 8, 2011, Mike Said:
hi, in august 2010 i went to cummings auto in ottawa ontario and purchased a 05 grand am. I have bad credit and was told that was a good place to go. the car dealership was great and helpful they explained that they worked with a company called Carfinco and that they would give me the loan for the car,that it was high intrest but that every payment made would go towards rebuilding my credit. I needed this car for my job and thought it was the best choice i could have made. However im a concrete finisher and buisness ended up really slowing down over the winter and I was unfortunatlly laid off. I started having problems making the payments in January and I was waiting to find out if I would be accepted on to E.I while i was laid off, because of a number of reasons that i really had no control over i didnt start recieving regular payments from EI until half way through March. From Jan to March I mad what payments I could and countless times Carfinco turned my car off for non payment. I kept trying to explain that i had been laid off and for almost 2 months had no income what so ever and then finally i recieved a notice from them saying that if my finacial situation had changed they could work with me temporarilly to make payments i could afford. They ended up offering me a defferal and i took it and thought things were ok then a few weeks later i went to start my car and it wouldnt work and when i called they offered me another defferal but the lady i spoke to specifically said she had to ask her supervisor and i shold call back so thats what i did and she said it was ok and to pay the defferal and they would turn the car back on and thats what happened until the other day when i had just spent all day in emerg at a hospital 45 mins from my housed becausde i live in the country,where no buses go, i went to start my car to drive home and it wouldnt turn on, again! when i called the person i spoke to said that i wasnt supposed to be offered the defferal and even though it was their mistake to get my car turned back on i had to $319 instead of the defferal payment that they already got for $115. When i tried to explain the them that i had just spent all day in emerg and was far from my house and had no way of getting there even if the buses went that far i didnt even have the $3 to get on they said it wasnt they're problem and nothing they could do. They ended up turning it back on after an hour of fighting with them but i still had to pay the $319 or the car would b shut off. I dont even get $800 from EI for the month and my rent is half that and the car payment is the other half! im supposd to be starting work again before may but i cant do it without a car. They said they would work with me and really they arent doing that at all not to mention that they made a mistake and are saying its my fault and i have to pay for it! I dont know what to do, there are other issues too but this is long enough for now... if theres someone, anyone who might be able to help i could use it! Thank you
On Apr 8, 2011, Mike Said:
hi, in august 2010 i went to cummings auto in ottawa ontario and purchased a 05 grand am. I have bad credit and was told that was a good place to go. the car dealership was great and helpful they explained that they worked with a company called Carfinco and that they would give me the loan for the car,that it was high intrest but that every payment made would go towards rebuilding my credit. I needed this car for my job and thought it was the best choice i could have made. However im a concrete finisher and buisness ended up really slowing down over the winter and I was unfortunatlly laid off. I started having problems making the payments in January and I was waiting to find out if I would be accepted on to E.I while i was laid off, because of a number of reasons that i really had no control over i didnt start recieving regular payments from EI until half way through March. From Jan to March I mad what payments I could and countless times Carfinco turned my car off for non payment. I kept trying to explain that i had been laid off and for almost 2 months had no income what so ever and then finally i recieved a notice from them saying that if my finacial situation had changed they could work with me temporarilly to make payments i could afford. They ended up offering me a defferal and i took it and thought things were ok then a few weeks later i went to start my car and it wouldnt work and when i called they offered me another defferal but the lady i spoke to specifically said she had to ask her supervisor and i shold call back so thats what i did and she said it was ok and to pay the defferal and they would turn the car back on and thats what happened until the other day when i had just spent all day in emerg at a hospital 45 mins from my housed becausde i live in the country,where no buses go, i went to start my car to drive home and it wouldnt turn on, again! when i called the person i spoke to said that i wasnt supposed to be offered the defferal and even though it was their mistake to get my car turned back on i had to $319 instead of the defferal payment that they already got for $115. When i tried to explain the them that i had just spent all day in emerg and was far from my house and had no way of getting there even if the buses went that far i didnt even have the $3 to get on they said it wasnt they're problem and nothing they could do. They ended up turning it back on after an hour of fighting with them but i still had to pay the $319 or the car would b shut off. I dont even get $800 from EI for the month and my rent is half that and the car payment is the other half! im supposd to be starting work again before may but i cant do it without a car. They said they would work with me and really they arent doing that at all not to mention that they made a mistake and are saying its my fault and i have to pay for it! I dont know what to do, there are other issues too but this is long enough for now... if theres someone, anyone who might be able to help i could use it! Thank you
On Feb 27, 2011, shane Said:
U DONT NEED THE CAR DONT BUY it if u cant get the best deal offred in the ads!!!! dealin with vfc has ruined my life! any help would be nice! in alberta! can i walk and not have my wages garnished? was tryin to buy sensible car ford focus 29% I am the dumb one that signed did not think they could scam me that bad!
On Feb 1, 2011, James Said:
I have a loan through carfinco. Im only 9 payments left out of 48. I have to quite my job for medical reasons. Since then it has put me into problems. Can they repo the vechile?
On Jan 26, 2011, Sarah Smith Said:
Bought a car through Gald's Auto in london on , They did they same thing sold me a P.O.S car told me if i keep my payments good for 8 mnths they would refinace or trade it in So I did what they said of course mike went back on his word no surprise there. This is through CarFinco and there nothing but impossible to deal with. They keep telling me this will wreak your credit. I did some research to find . They don't effect your credit what so ever! so honestly told them to come repo it but they won't be it is broken. There legal office keeps calling, But I have had it with them I really don't care anymore , So not to all GLAD"S AUTO and CARFINCO are P.O.S themselves
On Jan 22, 2011, unknow Said:
how long till they repo my truck through sccotia dealer advatage i do not have a contract from them
On Jan 5, 2011, karl menier Said:
hi,i am going to do a volontary repo cause i have been ripped off by carfinco and the car dealer and miss inform so if you need more info i will be more then happy to cooperate and help others not to do that mistake !
On Nov 15, 2010, Jason Garofano Said:
I bought a pt cruiser at a local car lot in Vancouver . They said I had poor credit, so to help fix the credit I had to sign up for this high interest loan . I pay 24% intrest on a piece o crap car! My fault ? Maybe. I needed a car . I feell taken advantage of . They won't lower the intrest and it hasnt fixed my credit . It's been over 2 years now. I feel stuck please help! Jason
On Nov 1, 2010, rose Said:
I bought a car from chrysler in calgary with the very high interest. The salesman told me it will only be a temporary car. He said if my payments are good he'll give me another car with low interest, but he didn't back his promise. The car by the way is not good. The only reason I bought is because to build up my credit the promise of getting a newer vehicle. I have been paynig methodically, no lates or behind payments.
On Oct 27, 2010, Joy Said:
hi my car was reposessed in june of 2010. i have not heard from anyone regarding payment arrangements. what do I do now? I was required to quit my job as per my doctors orders, this is why I couldn't pay for the car. Any advice?
On Oct 25, 2010, Al Said:
I was 2 1/2 months behind on my car payment when a bailiff showed up and took my car. I have leased this car with good payments through GMAC. T bought out the lease and financed through GMAC again. Alli credit now owns the loan. I called them to find out how much money I need to get the car back, but they said that they might keep the car and auction it off and charge me the difference of my loan. And I will have no car. I had 6 years of good payments on this car as well as on another lease with GMAC as well but Alli credit does not care...What now...while they make a decision, storage fees are building up and I am stuck waiting...I cant get the money to buy out the loan.....any advice would be greatly appreciated.
On Oct 12, 2010, Christopher White Said:
Back in November 2009 I got a car loan in Richmond for a 2007 Dodge Calliber. The payments were very resonable but still fell into some trouble where I had to phone TD Financial Services regarding pausing a few payments and then catch up. I then heard a radio commercial from Maple Ridge Chrysler saying they will take your current lease pay it off and give you a new vehicle. They gave me a 2009 red Sebring and they told me the price per month it would be and now I feel I have gotten swindled. Their sales technique got me hard. Scotia Dealer Advantage have now been phoning me on my cell and at work. I am now $2000 behind and the only way they will seize the vehicle is if I go the bankrupt route. I am 32 years old and I don't want to be Bankrupt. The safe way I will have to take is a Consulidated Loan.
On Sep 13, 2010, Rhonda Phillips Said:
I was thinking of going with Carfinco, because a dealer stated that my credit was bad, and that i needed to rebuild it...but after googling Carfinco, i'm not too sure if I should get myself into such a situation. How do you find out if it's a reputable company?
On Sep 8, 2010, Cindy Perras Said:
I came out of a bankruptcy in need of a car. It seemed at the time the only lender who would consider me was VFC. It turns out that I am not making as much money now as I was then, and am drowning in payments. Now I am stuck starving for the next 3 years so that I can make this car payment and not completely ruin my credit. My interest rate is fixed at 25.50%
On Sep 2, 2010, ken johnson Said:
my friends boyfriend bought a car the loan was through hsbc and 3 payments were not made and the repo guy came to take the car and she payed repo man to the keep car and mean time bank nova scotia bought out the loan and girl friend made payment arrangements for loan to come out of her account so this would not happen again and no payment came out and it been 19 monthes why havnt they taken car
On Aug 14, 2010, kelly clarke Said:
i have a chev optra when we got it they said that it was only 14985. Then they told us that we could lower the payments in a year or even better more get a newer car.But that didnt happen we went back to the dealer ship and they said no way. Called carfinco about lowering our payments didnt happen eather.me and my husband have been with out work having trouble keeping payments falling behind big time.we have payed more than half of this car off. i just want them to take it back. this is a night mare can any one have any suggestion about what i can do please help
On Jun 6, 2010, Mike Carberry Said:
bought a montana at jim gauthier in winnipeg. 2006. borrowed money from vfc for a total 27945$ 14.9% and a final payment of 11,175 .. right now Im nearing the end of my payments and want to get a new vehicle.. I don't want to refinance for that final 11thousand but vfc states I have no choice but to pay it .... I don't know what to do, I no longer need this mini van because it doesn't suit my lifestyle, but I feel stuck. am I?
On Apr 25, 2010, Ashley Said:
Got an SUV about 3 years ago fro Autopark, they promissed me that the loan for 28% would come down after 1 year, but never did, as it was finances by VFC. Tried to claim on the walk away insurance, but it only paid for about a 3rd of the value. this is killing me and now they are trying to get it back. any one know how to deal with this. as the amount of money I have paid sofar, covers the cost of the car I brought, but because of the interest and other charges, I own more now than I started with.
On Apr 18, 2010, steve Said:
hello Carfnco has continuously tried to take out payments after we discussed with then about changing our pay date. they agreed to change it but 6 months later will still continue to get dinged about an extra $120 in bank and late fees. We are not paying them anymore money they can have the van back
On Mar 4, 2010, Wayne Said:
These pepole at Scotia Dealer just do not understand that sometimes these things happen to some of us, like behind a payment. They call my home 3-4 times a day, my cell phone 2 times a day & my work 1 time. I phone back the extension, and I leave a message of what my plans are, and they still call. Like what don't they understand!
On Feb 22, 2010, Debbie Said:
Yes, this happened with scotia dealer advantage. First, I was given a loan at over 12% interest (5 years ago) then I was told that after paying it for 1-2 years I could refinance at a lower rate. I was not told that I would not get a rebate on all that interest. Then I lost my job and was behind 2 months. They never offered to defer those 2 payments. I spoke to them on the phone on 2 occasions and they were very rude. After that, I insisted on written communication only and they said that it was their policy to communicate verbally only, not written. That made me angry. Last year I got a letter saying that they were deferring the 2 months, then 2 days later they tried to take 1 1/2 months payments out of my bank account. A week after that I got another warning letter. I felt I could not trust them. In Feb 2010 I could not get to the bank to deposit the payment, so I put a stop on it. One day later I e-mailed them apologizing and authorizing them to take the payment out along with the $75 penalty. They refused to take the payment out and reposessed the car. Any more info needed, please feel free to email me
On Dec 26, 2009, tony s. bulut Said:
Hello,same problem with me,i bought a 2004 ford freestar and i paid monthly $534 over 26 months,now my wife quit for some reason and i called them i am not able to pay this amount ,i need refinancing but they rejected me,i told them come and get the car back,when i was paying over 26 months we had no problem,i called a couple places to get advice,if the sale is conditional sales contract they said that they can not look after you,some people said that they can sue me,now i need advice,how can i fight with them?any legal aid or advise?let me know please,also i have seen some info about the carfinco,lots of complainings, i will call them next tuesday and if they reject me again i will quit my job and close my account,i can buy a cheap car for some cash jobs,like pizza delivery,carwash,i was upset all christmas holiday,i am trying to find a legal aid too,what is your suggestion? when i bought this car i had refugee status and had bad credit,now i had bad/no credit,anyway i can fix the credit,it will cost me $600,they knew i had no credit but they sold me in one hour,now i am in middle of somethings,please reach me by e-mail or phone,thanks,tony e-mail:tsbulut@shaw.ca 780 758 4784
On Dec 24, 2009, Lynn Said:
I bought a suv through a local dealer, and through Carfinco same old story(it was a lemon) I did get powertrain insurance(good thing) in the first 3 month the fuel pump went, timing chain broke(leaving me stranded) the air conditioning was gone(bought in march so didn\'t notice till june when i wanted to use it., powertrain wouldn\'t cover because it was not part of drive train, the hub were busted, wasn\'t covered., 2 mont later timing belt went again, had to replace. Anytime i was late with payment always called carfinco. When I got the suv they had gps put in, about 4 months ago it just stopped working, so they were unable to make the warning sound or turn off the car. Had payment due at end of nov, was going to be late so called them, they gave me a hard time saying they were going to disable the car. that was las thursday, made payment on friday, bailiff showed up on saturday and repoed the car. showed him proof payment was made but he still took it, said I would have to call carfinco. I called them, they said I could go to local towing company to get personal stuff out, called local company and they had sent it 1 1/2 hours away. they want almost 700 for the bailiff and another 200.00 they say i owe., bought this for 6900.00 and have paid about 7000.00, Got a letter 2 days after the repo stating if no arrangements are made for late payment actions could include seizure of car. What a joke, 4 days before christmas. They can stick it and if they want to take it to court i will file personal bankrupcey
On Dec 22, 2009, Lisa Jacques Said:
I bought a car through Scotia Dealer Advantage and the interest is huge but I was two months behind while all the time in direct communication with the company and trying to negotiate a new loan or other options. Then my vehicle was towed for outstanding parking tickets. As I informed my Scotia Dealer representative...he sent me a paper stating that the company would work with me...well they waited until i got the vehicle out of the storage facility...1300$ later and came two days later to repossess the car. Now the two months payment outstanding is now three months to get the vehicle out of their compound and with storage fees etc ...it may be a long time. Because I have to use my vehicle for work or I am considered as subordinate...I will be looking for another high risk car loan or leasing to do my job.
On Dec 5, 2009, Dave Gordon Said:
I Bought a car through a leasing company as a high risk buyer and when the motor in the car went I stopped paying for it, after putting lots of $$$ into it to find out it was a lemon. They came to repo it and didn't take it cause they couldn't drive away. Now 2 years later I still have the broken car with a lein on it. I never fixed it because I'm sure they will come and take it. I did go bankrupt on the car. I don't know what to do. I think I'm gonna find a wrecker to come and get it.
On Nov 8, 2009, Joe Dilio Said:
I have had my car repossesed. I am 2 months behind on my car payment as I was going through a relationship break up which took a toll on ym finances. I made attemtpts to keep up verbal agreements with GMSC but was unable to keep all of them. I was always making some sort of payment on my vehicle which is purchased though them. However I am still behind. They said I could get my car back if I pay them up to date which is about 570$ and the bailiff fees. They sent a bailiff from another city which is two hours away when they could have used one in my own city. The bailiff fees alone are 700$. That is a total of 1270$. They came and picked the car up from my place of employment and didnt advise me of doing so. They only way I knew my car was getting towed was from my co-workers who seen it through the office windows. Do you have any suggestions on how I can deal with this or if I have any recourse. Thanks
On Oct 16, 2009, Natasha Said:
We had our van repossesed from GMAC. They were the rudest people I had ever dealt with. I had just made a payment on the vehicle but there was still some outstanding. The account rep who was handling our account was calling me at work constantly and harassing me. She told me on the phone that I didn't have the money and belittle d me. It was truly awful! I reported her after to the head office and the gentleman I dealt with said it should have never happened. They wanted to work with us and get the van back. We said no way!
On Jun 29, 2009, Monty Loree Said:
Judy... It's unlikely, but what does your contract say. If you stay in touch with them and show proof your new employment, they'll probably show reasonability. There are costs associated with repossessing a car.. and they probably won't want to get into those unless you're a serious risk.
On Jun 29, 2009, Judy Said:
I have a question-not a comment. It's my hope that you might have information on this. I have my car financed at 29%. I went through a local car dealership, who 3rd party financed it through Carfinco. Ihave used up all of my financial reserves being out of work for the last two months, but always made my car payments in full and on time. I got my dream job and start tomorrow. Won't begin to get paid for almost a month, though(it's complicated). I notified Carfinco, but they said they will not wait that long. I can go 14 days over(making the date to pay the 12th of July) with a penalty of $70 extra. I am asking tyhem to wait about 10 more days than that. Can they reposess my car?
On Apr 4, 2009, Kathy Said:
Get a loan through a bank, hand over the car rather than them take it away....pay 6 months then re-loan
On Apr 3, 2009, Online Traffic School Said:
Is there any better way to get out of this high interest loan at present situation?
On Mar 5, 2009, Amin Said:
Well this is probably old, but im suffering from this now. I have a vehicle I owe about 25000 on, the thing is it requires HEFTY repairs for it to be operable again. About $4000 worth. I'm upside-down in this loan by about 15K, and I need to repo this vehicle, and take whatever hit I can (I refuse to pay for something that doesn't work). I'd love to see if I can handle this without going to court, as I feel that I have been swindled by the dealer, and by the lender.
On Feb 21, 2009, Wheels on Road Said:
Really helpful tips for the Canadians who are looking for car loans.
On Jan 11, 2009, Monty Loree Said:
It's important to note that car loans site www.wheelscene.com is only for americans not canadians.
On Jan 10, 2009, Gord Said:
Where I live if you claim banckruptcy. Unsecured loans are more likely written off. Example say you have a car worth under $5,000 they will let you keep your car. Your allowed to keep so much. The best bet is to find a good trustee
On Jan 6, 2009, Car Loans Said:
Thanks for the providing good information - this is really helpful. Rose. http://www.wheelscene.com/auto-loans/auto-loans.aspx
On Jan 2, 2009, Ally Said:
Yeah ... I had a car repo'd and now i am stuck with a high interest loan it is slowly killing me
On Dec 30, 2008, Kathy Said:
I have had one loan that I had declared bankruptcy on, it did not work out as the bank still took my pay and then when the trustee got it back I never saw a penny of that months pay. The second loan was because of a car accident and the insurance did not pay out the entire loan so they are now garnasheeing my pay.
On Apr 27, 2008, Monty Loree Said:
Thanks for posting your example here. I hope that more people will have a look at it!
On Apr 26, 2008, John - better credit now Said:
I didn't have my car repossessed, however I did have a situation with a car lender. I bought a car for $15,000 and borrowed the money from VFC Inc at 23.9%. I thought I needed the car at the time but I guess I really didn't. The loan ended up costing me about the same amount as the car which I will never do again. After that experience I started working on my credit rating and am now able to borrow at 7.9% which is way better than 23.9%. I didn't realize how expensive credit is.

Car Repossessed? Trouble with high risk car loans?

Add Your Comments: