Canadian Companies to Beware of: Carfinco

If you’re in need of a car and have fallen on hard times financially don’t worry, Carfinco is ready to “help”.

Carfinco is an automobile finance company based is Edmonton, Alberta.  They work along with Car dealerships using their “Guaranteed Credit Approval / Dealer Participation Program, Go Plan” to take advantage of the most vulnerable of Canadians.

Those who have credit issues are guaranteed a car loan that has an unbelievably high (and should be illegal) interest rate attached to it.  It always seems like a good idea at the time but the aftermath on your finances could be bankrupting.

Research has revealed that a five-year loan from Carfinco for approximately $10,000 with an interest rate in the 20’s(it seems that all their rates are minimum 19%) will mean the total payout for the “lucky” customer will be almost $30,000.

A quick look at the Carfinco website explains everything you need to know about the company, great for investors, and horrible for customer’s and customer service.  There are six menu options and only one is for customers,  the rest offer company/contact information and investor updates and dealership partnership options.

In true customer relations greatness all that is included under the Customer Services menu is information on three different ways to make a payment.  Nothing like saying all we want from you is your money.

Dealings with their phone centre is not any better.  When calling you are never permitted to speak with a manager to discuss any issues you may have instead are forced to speak with unknowledgable agents.  Phone reps can not even give you answer’s to the  simplest of questions like how many payments you have remaining, instead they will tell you the total amount owing on the loan and instruct you to divide it by your payments to get an “idea” of how many months remain on your loan.

In short, Carfinco is comparable to a vulture, preying on vulnerable and many times unaware Canadians.  The practices the company uses to deal with customers is disgraceful and doesn’t lead to any sort of customer loyalty.  Beware of any dealings with this company Canadians!

If you have had a bad experience with a Canadian company that you feel others should be aware of contact Awesome Canada and we will be sure to investigate and possibly feature your story.

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