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FAQ

Questions about your loan payments:

  1. Can I change the due date or payment frequency of my loan payment?
  2. Can I make extra payments on my loan?
  3. Can I temporarily delay my payment?
  4. Can I pay out my loan before the end of term?
  5. Can I defer a payment for the month?

Questions about your personal loan information:

  1. I have new contact information, who should I inform?
  2. What should I do if I have changed bank accounts or closed my old account?
  3. What is the current prime rate of interest being used in your Line of Credit product?

General Questions about TD Auto Finance:

  1. Does TD Auto Finance report to credit bureaus?
  2. Why are there two interest rates shown on my contract?
  3. How is interest on my contract calculated?
  4. What you need to know about tied selling?

Additional Questions?

Should you have any further questions or concerns, please call our Customer Service department at 1-866-694-4392 and an agent will be happy to assist you.

 

1. Can I change the due date or payment frequency of my loan payment?

Yes, you are allowed to change the due date or payment frequency of your loan. Contact our Customer Service department at 1-866-694-4392 for more details.

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2. Can I make extra payments on my loan?

Yes, you can make extra payments on your loan. You can do this by selecting the “Make a Payment” option on the Customer Web Interface, once you have your username and password, or by contacting our Customer Service department.

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3. Can I temporarily delay my payment?

Yes, you may delay your payment temporarily as long as your account is up-to-date, up to the due date of the following payment or 29 days, whichever is earlier. You have the option of delaying the payment yourself through the Customer Web Interface (call us today for your username and password if you do not already have these) or by contacting the Customer Service department at least two business days before your due date. Interest will continue to be charged until your payment is made. This may increase the final payment of your loan. Past due interest may apply.

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4. Can I pay out my loan before the end of term?

Yes, you may pay out your loan before the end of the term as outlined on your contract. Please log into your online account or contact our Customer Service Department to obtain a quote.

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5. Can I defer a payment for the month?

TD Auto Finance does offer the option of deferring a payment to those who qualify. Interest will continue to be charged on the outstanding balance, which will increase the term and final payment of your loan. Please contact our Customer Service Department for more details.

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6. I have new contact information, who should I inform?

Please inform our Customer Service department of any changes to your address or employment immediately. You can also update this information on the TD Auto Finance Customer Web Interface if you have a username and password.

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7. What should I do if I have changed or closed a bank account?

You will need to contact our Customer Service department at least two business days before your due date and inform us that the account from which we are taking payments is being changed. Then fax a signed copy of a void cheque or pre-authorized payment form to the Customer Service department at 1-800-832-8911. Always follow-up your fax by calling us to ensure that changes were processed.

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8. What is the current prime rate of interest being used in your Line of Credit product?

Click here for the current prime rate of interest being used in our Line of Credit product.

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9. Does TD Auto Finance report to credit bureaus?

Yes, TD Auto Finance reports to Equifax and TransUnion at the end of every month. Maintaining your account in good standing will help you with your future creditors.

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10. Why are there two interest rates shown on my contract?

The Annual Interest Rate is the rate that we use to calculate the amount of interest you pay based on the total amount financed or outstanding loan balance of your contract.

In addition to the interest we charge on the total financed amount, we may charge an initial administration or documentation fee to cover our costs of completing paperwork and other initial costs of completing your contract. For Line of Credit Agreements, an administration fee may be charged annually. We recalculate and disclose the Annual Percentage Rate as though that administration or documentation fee is an interest charge. For residents of Quebec, your contract may only show one interest rate, which under the Quebec Consumer Protection Act is calculated using the total credit charges. The Consumer Protection Act in Quebec dictates that total credit charges include interest costs on the total financed amount plus registration fees, documentation or administration fees and any optional insurances you may have purchased. This is disclosed as the Annual Percentage Rate. Your actual interest rate on the contract may be less than the rate that is displayed. Please contact us if you would like to know what the Annual Interest Rate is.

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11. How is interest on my contract calculated?

We calculate interest using the Annual Interest Rate on a daily basis and compound it, or add it to your outstanding loan balance, on the payment frequency of your contract. We use the number of days in the calendar year (i.e. 365 or 366) when calculating the amount of interest that is added to your account.

For example, if your outstanding loan balance is $10,000, your Annual Interest Rate is 10.0% and you make your loan payments on the 15th day of each month, the interest added to your outstanding loan balance on January 15 would be $84.93 (10,000 x 0.10 x 31/365). Interest is applied to your outstanding loan balance prior to your regular payment being deducted. This is the standard method of calculating interest and complies with all Canadian provincial and federal regulations.

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