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Td Auto Insurance

Non-Prime Car Loan industry in Canada has seen a dramatic change over the past years. Prior to the Sub Prime market crash in 2008 people seeking Sub Prime or Non

Prior to 2008 People seeking Bad Credit Car loans had a better opportunity to get a car loan in Canada. Now there is only 2 Major Banks and 2 Private Financing Firms offering Non-Prime Car Loans in Canada.

The Only Bad Credit Car Loan Lenders that Actually Report to Equifax

  1. TD Financial Services (Previously VFC)
  2. Scotia Dealer Advantage (Previously Travellers Lease)
  3. Rifco
  4. Carfinco

The Biggest Player in the Non-Prime sector has to Be TD Canada Trust since it's taking over of VFC to form TD Financial Services.

TD Financial Services seems to be the most aggressive buyer of Non Prime Car Loans in Canada. They offer higher interests rates then prime customers however they are flexible with their customers after a 11-12 month term.

TD Financial Services has created a program that Not Only helps people with bad credit it's helping Canadian Automotive Dealers too. Now Canadian Car dealers can offer Bad credit car loans to their customers and 12 months later get the customer back to re-write a New Car loans at far less Interest.

In the beginning TD Financial Services grants the customer a vehicle loan with interest rates ranging from 16-29 Percent. However if the customer make 11-12 consecutive Monthly payments on time TD will allow the customer to trade in their existing Vehicle at any Canadian Car Dealer. Upon the Trade in the Bad Credit Car Loan customer can take advantage of much lower interest Rates from 8.9 - 9.9 Percent.

Scotia Dealer Advantage which bought out Travellers Leasing is also a Major Player in the Non- Prime Car loans industry in Canada. Scotia Dealer Advantage offers competitive rates but is a little less aggressive on choosing its customers. With Scotia Dealer Advantage bad credit car loan customers do get better interest rates in the beginning however they haven't created a buy back program similar to TD as of yet. Scotia Dealer Advantage selection process is somewhat different from TD Financial Services and they will sometimes approve customers that TD won't?

Rifco is a private company out of Alberta that also offers Non Prime Car Loans at competitive rates however they seem to be somewhat lacking in aggression and seem to pick and choose their customers with no real consistency. Their Car Loan Buyers seem to be hit and miss when approving Bad Credit Car Loans and are still junior players in the Non Prime Car Loan Market.

Cafinco is another Alberta based Company that is extremely aggressive in the Bad Credit Car Loan Market. They approve Bad Credit Customers that TD, Scotia and Rifco have declined, however their approvals come with a hefty interest rate of 29.5 Percent. Carfinco will approve No Credit Customers, these are people who have never had credit and have collections but no previous credit. They also approve
Customers who have had Vehicle Repossessions. With Carfinco's lending program you vehicle is equipped with a GPS unit that allow Cafinco to shut down your vehicle if you haven't made your monthly payment. Carfinco is the last stop in Non Prime Lending in Canada, if Carfico declines you it's best you consider Bankruptcy or a consumer approval.

Some people seem to believe that going Bankrupt or doing a consumer proposal is beneath them or it's the worst thing in the world to do? This in today's day and age is somewhat of a fallacy. Bankruptcy or Consumer Proposal may not sound like an option however it can be a saving grace. Consumer Proposals can take up to 3 years to complete but they disappear from Equifax quicker than a Bankruptcy.
A Bankruptcy can be finished within 1 year depending on your financial situation and the trustee.

Another advantage to a consumer proposal or Bankruptcy is TD Financial Services will give you a vehicle loan while you're still in a Consumer Proposal or Bankruptcy. So you're actually rebuilding your credit right away. Once you have completed your Bankruptcy most major Banks will look at re lending after 4-5 years from your discharge.

Frequently Asked Questions

  1. QUESTION:
    Can i get auto insurance from TD without having a bank account with them?
    My main bank at the moment is scotia, TD canada trust offers lower insurance than my current bank. I was wondering can i still have auto insurance with TD without creating an account with them?

    • ANSWER:
      No you do not. If they did that would be called tied selling which is illegal.

  2. QUESTION:
    thinking about changing to TD for auto insurance?
    My current auto insurance company is charging me around 0.00 per month for insurance TD quoted me for 0.00 per month. I have only been with my current insurance company for 4 months now is it worth changing? here is TDs rules for cancelling. I personally think it is worth the change would TD still take me if i cancel early into my policy i haven't missed a payment and this would be the first time i cancelled a policy. Do there rules apply for me Cancelling???? or am i alright for changing? also i paid first and last do they take my last month as a cancellation fee?
    anyways let me know thanks

    TD Canada Trust rules for cancelling

    If an insurance company has cancelled/refused your policy for whatever reason (e.g., non-disclosure of tickets, non-payment), we are unable to provide you with an online quote. We do not take into account a policy that you cancelled yourself.

    • ANSWER:
      Those rules apply when you are canceled for cause. As it says, they don't count it when you cancel it yourself. But sign up with them, make sure your policy is in force, and only then cancel your other policy. Yes, a month is a good reason to change.

  3. QUESTION:
    I got declined for auto insurance whats the best thing I can do ?
    I live in ontario canada and got a quote over the internet, i wanted to insure the car the day i was gonna get it. so then i called TD insurance and asked them to insure me and i told them i never had any tickets in the past 3 years but they found a major driving offence in may 2007. i got caught driving with no licence at all. so then the insurance company found out and they said they can only insure new drivers with clean record. but the record was before i got my actual g1 and g2. I called a broker and it ended up to be 3 times more than i was quoted for TD.
    whats the best thing I can do ?

    • ANSWER:
      You may have been simply denied for lying. The best thing you can do is shop for another policy and never, ever lie to an insurance company. Many companies have special high risk insurance that they can put you into. It's more expensive but you may not have a choice.

  4. QUESTION:
    Higher deductibles save me more money on auto / car insurance in the beginning for a newly landed immigrant?
    I am a new immigrant to Ontario, Canada. I didn't had >5 years license from the place I've come from. So I had to go through G1 and then G2. Now it is 7 months I have got both.

    As a first driver on a newly leased Honda Civic '08 model car, State Farm is giving me 260 on high deductible of 00. They raise it more if I settle it for 00. But, they are giving me option to break the contract whenever I want to WITHOUT a panelty, anytime.

    So my idea is, to get an insurance from Statefarm on high deductible for 3 months or so, (and of course drive as safer as I possibly can), and get a second insurance from TD or Belair or RBC after 3 months. Would this lower my insurance after 3 months as a 2nd insurance? Do you think its a wise step to take? Of course I should not run into accident but I cannot go lower than 00 as a deductible for sure, I would have way too high premium on 0 or 0 is out of question.

    Please suggest! :) ... Much appreciated!

    I'm based in Missi, ON.
    Not to mention, I need a car right now for sure! In fact had the leased sign! So, can anyone help with insurance ideas? Any other company that can be lower at rates for my kind of driver (a bit more at least)?

    • ANSWER:
      for one you should wait for 6 months, and after that go shopping. Don't jump into the first insurance that comes along. Took me 3 months to get safeauto 500 deductible and 2 cars only 225

  5. QUESTION:
    I have gotten 4 tickets in the last 2 yrs, what now?
    Td Bank auto insurance will not insure me or my wife this year here in Ontario, my wife has a perfect driving record- any solutions as to how my wife can get insurance? i don't really need to drive if she can be insured & drive.

    • ANSWER:
      What now? Well, based on past experience, you are averaging 2 tickets a year, so you can expect 2 more in the coming year.

      Or, if the question is about insurance, your wife can get her own policy and name you as an excluded driver. Then they will base costs on her record and not yours. But (there's always a but) you can't ever drive her car for any reason.

  6. QUESTION:
    Is it legal to drive in Ontario with International driving permit after residing for more than 3 years?
    Background:
    I am a temporary resident in Ontario (international student) for more than 3 years. I have been renting cars almost once a month since 2008 using my International driving permit. All rental agents accepted my international driving permit without any question asked.

    Problem:
    Unfortunately, the car i rented last got damaged (vandalism) when it was parked in the apartment parking lot. I had TD VISA gold auto rental insurance to cover the repair cost.
    TD insurance said that they will reject my claim because I don't have Ontario driving license especially that i resided in Ontario for 3 years.

    However, In Ministry of Transportation (MOT) website, it says:
    "If you are from another country and visiting Ontario for more than three months, you need an International Driver's Permit from your own country or you may have to apply for an Ontario driver's licence, depending on your length of stay."
    http://www.mto.gov.on.ca/english/dandv/visiting.shtml

    Therefore, MOT says that I can drive for more than 3 months with International Driver's Permit...

    Question:
    TD insurance is waiting for my reply and I am not sure how to reply to them =(
    Is the MOT statement written above enough to convince them?
    Please advise me on what to do...

    • ANSWER:
      I looked over the CLDI Insurance Certificate from VISA (link below). It states with regards to who is an Insured:

      "...however, You and all drivers must otherwise qualify under and follow the terms of the rental contract and must be legally licensed and permitted to drive the rental vehicle under the laws of the jurisdiction in which the rental vehicle shall be used."

      The question is whether you are considered legally licenced under Ontario law. In the section you quoted it states:

      "...or you may have to apply for an Ontario driver's licence, depending on your length of stay."

      Section 34 of the Highway Traffic Act states:

      Exemption as to non-residents, licensing requirements

      34. (1) Section 32 and any regulation made thereunder do not apply to any person who is,
      (a) a resident of any other province of Canada, who is at least sixteen years of age and has complied with the law of the province in which he or she resides as to the drivers of motor vehicles; or
      (b) a resident of any other country or state,
      (i) who is at least sixteen years of age and is the holder of a valid International Driver’s Permit, or
      (ii) who is at least sixteen years of age and has not resided in Ontario for more than three months in any one year and has complied with the law of the country or state in which he or she resides as to the licensing of drivers of motor vehicles. R.S.O. 1990, c. H.8, s. 34 (1).

      At this point you would need to speak to a lawyer to get a proper interpretation of this section. Paragraph b) subsection i) seems to indicate you are properly licensed if you have an IDP, however you are in violation of subsection ii) if you've been living in Ontario for more than three months. I'm not entirely sure if you have to be in compliance with both since subsection i) ends with "or". If I were you I would go down to a Service Ontario desk and confirm with them if you are considered legally licensed under Ontario law. If they say yes then you can speak to the adjuster of the claim and point out that according to their rules you are considered legally licensed "...under the laws of the jurisdiction in which the rental vehicle shall be used."

  7. QUESTION:
    Lawsuit of rental car accident?
    well, about 2 years ago, I rented a car from enterprise car rental for their three days specials. Instead of buying their own insurance, I used my cibc visa that includes car rental damage to cover insurance requirements on that rental agreement. And I got the accident by hitting someone's back when I was just turning to the uphill slope to get on the highway. At that time, I put my foot on the break and only did half way of break when i approaching him. His speed dropped so quick on the uphill road without give any break signal (although police checked his break light was in good condition). It was like when you drive on the high way with 100kilo and someone in front of you who kept the same speed as you did suddenly run out of gas with dropping his speed down to 10kilo. His two lights of the back fell off and no people get injured and the guy even came out walking around to check damage and calling the police. The police judged my fault of being following closely to him.
    After that I was charged by enterprise for the car damage for 00 and I claimed this amount of money through CIBC credit card insurance company. And this thing was settled for that time.
    Last Wednesday, someone just knocked my door and brought me the lawsuit paper issued from a law firm. On the paper, It says the guy wants to sue me,enterprise car rental and TD insurance (I do not know why TD get involved) for 1million dollars for the guy's mental, physical,and emotional loss caused from that accident.
    I called the CIBC visa insurance, they said they are not covering the personal liabilities. And I approached local Enterprise and I have been told that they have sort of vehcile insurance for 1 million coverage as secondary insurance and this insurance is covering the vehcile regardless of who was driving it (I really want to figure out what is this insurance and whether it has good impacts on me). Practically, although i have own auto insurance on my own car right now, this was all purchased right after that accident. So, I did not have any insurance for personal liability at the time. So, some experts please kindly give me some advices about this. I am a part-time worker right now for minimum wage, I can not afford to find a lawyer.

    Thanks !!!!!!!!!

    • ANSWER:
      wow amazing you think?? clue number one the guy sued for a million dollars ??? gosh what a co incident the liabilitty limit was a million for car rental place??? dont worry, you have no money or no real property, like a portfolio of stocks or expensive homes laying around what can you be sued for?? if you have nothing there is no reason to sue eh? be sure and tell the attorney that when they ask

  8. QUESTION:
    what car and insurance?
    hi can anyone help my daughter wants a car she likes the fiat punto td sx i think it is and the vauxhall corsa merit and the citroen saxo and the ford ka and fiesta what is the best car for a first time car and what has the most cheap insurance as it would be a provisional licsence ? and what website has the most cheap insurance? if anybody has any idears for any other cars like these please help also is auto trader any good? thanks any Question plz ask
    also i live in the uk would it be cheaper if i put her on my insurance?

    • ANSWER:
      I RECOMMEND ANY NISSAN CAR AND GO TO ALLSTATE CAR INSURANCE AS WELL. THEY ARE GOOD AND THEY WILL TAKE CARE OF U TOO.

  9. QUESTION:
    I want to swap the 4.9L petrol engine in my Ford Bronco with a 2.5 TD from a transit. What would be involved?
    I have seen this done somewhere with an F150, so know it is possible to do the same with my full size Bronco (1989). I am thinking of buying a 2.5 TD Transit and swap the engine into the Bronco for better fuel efficiency (and lower insurance and road tax here in Ireland!). I know this is no quick job, but if anyone has any pointers it would be much appreciated.
    Some questions I already have are:
    1. Will all the original electronics work, or will there be rewiring of ignition etc?
    2. Can I use the same petrol tank (once it has been drained obviously)?
    3. Will the transit engine mate to the auto box on the Bronco or will I need the transit gearbox too?

    Many thanks

    • ANSWER:
      There's alot of things that you'll have to change and best bet is to find something wrecked that you can get the engine, tranny, wiring and computer from.

  10. QUESTION:
    Can my Auto Financing be Revoked by the bank after a month?
    Ok so I went to buy a truck on the 15th of April spent the whole day in the dealership traded in my car and drove away with a truck after being told I was approve through TD financing. The next day I sent them my paystubs and paper work etc and TD spent the next few days calling my work to verify etc. So on May 3rd I went in and sign my contract for my loan and signed my car over and they were to pay out my old loan. Then on May 11 the dealership had called left a message stating they need my new insurance info as I was switching companies. I was out of town and returned on the 13th got their message and sent them my insurance. They told me all was fine and to have a great weekend well then today a guy from the dealership shows up at my house with my old car that had already been signed over they cleaned it and it had been test drove( a friend told me) by other potential buyers and they took the truck BACK!! they told me they were sorry but that the bank had cancelled the deal!! they thought it had to due with having to wait the 2 days for the insurance but they weren't really sure!! So I called TD they told me they see that it was cancelled but couldn't tell me as to why but that it seemed weird that I need to fax in a letter for them to investigate it and it can take 30 days. So I called the dealership spoke to a manager who told he had no idea why it was revoked but that he needed the car as they never revieved the money from TD for it. So now I have my old car back which now has 2 payments due on it and screwing with my credit. and I paid 3 month in advance for the insurance on the Truck 0. Is this even Legal!!! I signed all my contracts and don't see where I broke anything in it. My payment was set to come out in two days and magically it is all revoked and no one knows why!!! Everyone is saying this sounds fishy but don't know what to do!!!! I've had the truck for well over a month!!!!
    SO I called TD they don't know why but are investigating. I called the dealership they are stating that as far as they are concerned I had complied with all requirement made by TD. Also they had veried all my info before I even left the dealership with the truck! I just find it all that I signed the contract and had signed over the old car and was told the deal was done and sent on my way and now Revoked a month later.
    SO I called TD they don't know why but are investigating. I called the dealership they are stating that as far as they are concerned I had complied with all requirement made by TD. Also they had veried all my info before I even left the dealership with the truck! I just find it all that I signed the contract and had signed over the old car and was told the deal was done and sent on my way and now Revoked a month later.

    • ANSWER:
      Auto finance is what I do for a living and they did what is called a spot delivery. This is where a dealer puts a customer in a car with a conditioned approval from a lender.

      It sounds like one of the conditions the lender made was not met for one reason or another. It could have been one of many things.

      What the dealer did was not illegal, stupid but not illegal.


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