Those wishing to use non traditional financing and non traditional banking institutions to finance purchase be wary and afraid you are better off to borrow from family or friends! I was unable to do that so I opted for this solution boy what a mistake!
At the time the loan was taken out the company was called TransCanada Credit it was the purchased by Wells Fargo Bank
do all you can to stay away from Wells Fargo Bank you will be better off believe me!
A few years ago in nov I needed to finance my vehicle I did so believing I would be able to pay off the loan I did have a reasonable income at the time so it was possible in my mind.
I however had to have co-signer that was all arranged I got the loan, however just in case anything happened to me I decided to add insurance to my loan I am glad I did! As diagnosed with a autoimmune disease called fibromyalgia in aug 19 and was unable to work for the last few years I the insurance kicked in 30 days later I was 2 payments behind as it was when I did get sick but now I was also expected to come up with the next 30 days I was offered a solution by the branch manager at that time who is now their area manager he called it an extension of the loan I agreed not really informing me that was merely refinancing the loan!
That is where the ripoff starts up here is the rest, up until I got sick I paid $1400.00 on the loan then the insurance paid out $4526.64 for a grand total of $5926.64 on a $3000.00 loan now they tell me they want an additional $1165.75 that amount of interest adds up to 140% wow loan sharks don't even charge that kind of interest! To top it all of I had to pay to get my medical forms filled out by my doctor every three months there is a additional $180.00 in payouts every time!
I am thinking of just letting them take this to small claims court and defending my self and having my day in court because this is just interest upon interest upon interest and its beyond loan sharking and usury!
Yours Truly
Alan
Edmonton, Alberta
Canada
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