Complaint Review: Trans Am Financial Services - Select State/Province

If you care about your trucking company DO NOT use this company!!!

 In the beginning, I was called by “Nikki”, a sales rep for TAFS, who by the way, was about the most professional person at the company, but unfortunately she is the happy voice that you hear initially to make you think Trans Am Financial is a terrific company, but she still didn’t give all of the information.  Okay, so I said I would go ahead and use them, so on the day that I signed the contract, she had emailed me the contract and wanted to go over everything (as briefly as she could) and that's when I was to sign each page, like I was signing for a house, because there were so many pages (12 to be exact).  Oh, by the way, I wasn't able to take the contract and read it on my own and call her later on to sign it.

**If anyone would like a copy of the contract, ask me and I will provide it to you, because there isn't anything on the contract that doesn't say I can't share it. 

They are a FULL RECOURSE factoring company, meaning that if they don't get paid for the Invoice, YOU have to pay back .25% of the invoice at day 31 (like $250 on a $1000 invoice for example),  .25% more at day 46, 25% again at Day 61, another 25% at Day 76 and then you are responsible to pay back "FULL RECOURSE" at day 91.  So if they don’t get paid back for a $1000 invoice, you pay $1000 in LATE FEES and the $1000 at day 91.  The contract says that %'s are considered "LATE FEES" rather than them doing collections on the companies that they have the invoices from. 

When they factor you on an invoice, they take 5% for themselves AND another 10% to put in an escrow account that they call "RESERVES".  These RESERVES are supposed to be given to you once the money for that Invoice is paid.  Well, up to this point, they have been paid for 3 of the 4 invoices of mine, and when I asked them when I was going to be paid back the Reserve money, I was informed by their so called "Manager" Andrea, that they had to be paid on ALL of the invoices before they let me have MY Reserve money back.  (Despite that the contract states that they have to account for all accounts and security reserves separately).  They are acting like the RESERVE money is THEIRS.  I told them that this is not legal but she seems to think they are operating fully legally by keeping the reserve money. 

Everytime I get on the phone to anyone at this company, they are extremely unprofessional and talk down to their clients, and if you have an issue with something, unlike OOIDA who will go to great lengths to make their clients happy, TAFS just get “stand off’ish” and will even hang up on you, their client, such as the Manager Andrea did with me today, because she refused to pay me my RESERVES money that they have received payment for.  Of course I got upset with her, but who wouldn’t when someone refuses to pay you $430 of your own money that YOU earned. 

This company gets a TWO THUMBS DOWN for a professional company.  Their standards are to make up the rules as they go, NOT IN YOUR FAVOR.  So if you want to make a truly informed business decision to help your business, choosing this company isn’t a smart one.