TD Bank TD, TD Bank Financial Group Say No To TD Bank Private Car Sales / Employee Uses Shady Tactics To Extort $40,000 Toronto Nationwide

I was approached by a TD Bank employee to purchase a vehicle.  The employee whom I know very well, convinced me that as a TD Bank employee she could arrange a favourable loan and insurance for vehicle.  Again, since I knew this employee well she was able to convince me that as an employee of TD Bank she has the power to resell the vehicle even though TD Bank maintains the title until loan has been fully paid.  I believed her and agreed to pay the bill each month. 

Armed with this information, said staff convinced me to pay for the vehicle with a promise that once the vehicle is paid off she would transfer the ownership, at which point I could use the vehicle or sell to a third party. I have since paid off more than 90% of the cost of the vehicle including insurance (now approaching $40,000) but not without constant telephone, e-mail and text threats.  With each threat, I capitulated and continued with my contractual obligations and deposited money each month.

Furthermore, during the process of paying for the vehicle the said TD Bank employee used her ownership of the vehicle to extort funds from me at her whim, with threats to call the police and report the vehicle stolen, for which I would lose my investment, if I didn’t do as she dictates for matters pertaining to the vehicle, and other business.  In other words, this TD Bank employee has convinced me to pay for her debts to TD Bank, used her position at TD Bank to reassure me that the transaction is legal, offers empty promises that I will be made whole in the future but uses threats to placate me thus keeping me in line.

Each month I have paid her for the vehicle and can provide detailed records to account for all deposits made directly into her TD Bank account. I paid the vehicle up until September 2014, at which time she threatnened me yet again. This time with a direct call from the police with a threat to recover a vehicle that I have paid up to date.  Tired of her constant abuse I said enough. I demanded the return of all of my money. I no longer believe that this TD Bank employee has any intention of transferring ownership at any stage. I believe her intention is to have me pay off the vehicle, so no further obligation on her part to TD Bank exists, at which time she will call the police and report it stolen, take the car for herself and resell the vehicle with no recourse for myself. 

As a long time customer of TD Bank I am personally appalled that the bank allows its staff to verbally abuse, and threatnen individuals involved in private sales, much less allow staff to engage in private sales that support these account management tactics.  I personally believe that this is a serious breach of ethics, and trust that must be rectified.

I will continue to contact TD Bank to have my money refunded since this TD Bank employee has no desire to honour her verbal and written agreements. If the matter is not addressed in an acceptable manner, I will begin legal action against TD Bank for its role in these deceptive, fraudulent vehicle loan and car insurance sales tactics.

My advice to readers, do not engage in any private sales with TD Bank employees.