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TAFS Inc. Trans Am Financial Services Never do Business with these Liars and Thieves Olathe Kansas
Our small Trucking Business (OCH Trucking LLC) leased two trucks on with another relatively small Trucking Company (Knight Rider Transportation LLC). Knight Rider informed us that they used a Factoring Company to improve Cash Flow. The name of the Factoring Company is TAFS which they described as Trans Am Financial Services out of Olathe Kansas. They charge 5% of the freight bill to get you paid on the same day. Example: $1000.00 freight BOL is paid today if the signed Bill of Lading is submitted before 2:00 PM CST. If after 2:00 PM the Bill would be paid on the next business day. 5% Cost equals $50.00 per $1000.00. Knight Rider also told us there were additional benefits which include a fuel card pre-loaded by the proceeds in any amount you request. The fuel card gets you a 7 cent per gallon off the cash price at the major Truck Stops like Loves, Flying J and Pilot. You also get discounts on New Tires (20)% and Free Road side Service if you ever need it. In addition they explained there was no recourse, which means if the Broker/Shipper fails to pay the freight Bill to TAFS it would be TAFS who would become the Collector. Once they buy the Bill for a 5% cost you are finished you get paid immediately and you get the benefits.
Read the fine print. We made the Big Mistake of taking the recommendation of Knight Rider as they were obviously trying to do the right thing. When the first of several BOL's did not get paid on time we contacted Knight Rider and they said they would try and get us paid. Days turned into weeks. Some invoices did get paid and others did not. We found out there was a fee associated with each transfer to the fuel card so we elected to not use them at all. The fee was more than the savings on the cash price, so why bother. Instead of free road side service which we actually needed one time, they only pay $100.00. Instead a the tire discount I found that I could buy tires for the same price anyway. The 5% turned out to be as much at 20% and then TAFS informed Knight Rider they were putting our funds into a reserve account in case there was a claim or an upaid bill from a broker/shipper.
After Red Flags started waving we informed Knight Rider we wanted nothing to do with TAFS and did not want to use their services at all. That is when we found out we were under contract with TAFS by proxy. Knight Rider tried to cancel the contract with TAFS and were told they could not do so. Knight Rider was told they had to give 90 days written notice before the expiration of the current contract and that any cancellation of the contract was ultimately up to TAFS choice. TAFS then auto-renewed the expiring contract. Even if we chose not to factor a load the billing had to go through TAFS anyway and they took out there 5% and then confiscated the rest into the so-called reserve account.
After many thousands of dollars which were never paid we had to make a decision to sever ties with Knight Rider which in effect severed ties with TAFS. Even though we wanted to stay with Knight Rider we came to the conclusion that we were already in a hole and their was no reason to dig the whole any deeper.
It is our opinion that TAFS is a Rip-Off. I urge any and all Owner Operators, Small Companies like ours and any one else considering doing business with TAFS to Run not Walk the other way. We are not sure if there is a honest Factoring Company out there. We are sure that TAFS is NOT honest, they lie, cheat and steal. TAFS did not do one thing they were represented to do correctly. They do not answer their phones. They do not reply to e-mails. As soon as they have you hooked they become a relentless Rip Off.
1 Updates & Rebuttals
Trucking Company
Texas,USA
PREVIOUS VICTOM OF TAFS
#2Consumer Comment
Thu, September 28, 2017
Well, I was following up on reviews from this horrendous company and I came to this rip off report, I was upset to see how this company is still getting away and making business. I had such an awful experience in 2013 with this factoring company. I also reported my review about how they lied to me and ripped me off, hoping to prevent from other victims like yourself to fall into the lies of this company.