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TAFS is a full-service factoring company specializing in the purchase of accounts receivables from all size trucking companies, and is a wholly owned subsidiary of Jacobson Holdings. The company was founded in 2007.
WHAT IS OFFERED:
- Multiple program options, with full advance available
- Specializes in speed of funding, with a 1-Hour Funding option
- Open for funding 365 days a year
- Invoices and paperwork submitted via online Client Portal or Mobile App
- Full transparency in 24/7 online account access
- Free credit checks
- No setup fees, application fees, per invoice fees or aging fees for carriers
- No minimums
- Dispatching services available
- Discounts for fuel, tires, maintenance, ELD’s, and emergency roadside assistance
- Trucking company expansion options, including used truck/trailer sales and leasing
- Business loans available
- Full agreement review prior to signing, with all terms covered
Rate – Quote Required
Sample Fees: $5 standard, $10 ACH, $15 wires
In addition, all of the reviews on Google and BBB are 100% authentic. 4.2 of 5 stars on Google, 4.8 of 5 stars on the BBB. A+ rating on BBB as well. The only way to get BBB accredited is to pay the BBB.
TAFS will not respond or acknowledge reviews posted on third party websites, other than Google or BBB.
The above section is provided by TAFS.
Overall impression of TransAm Financial Services – Very Negative
MAIN CONCERNS / HIGHLIGHTS
1) Dishonest sales techniques
2) False and misleading statements about the details of the factoring contract
3) Poor communication
4) Poor customer service
5) Allegedly submitting invoices late to the brokers to trigger a higher interest rate
6) Very high contract termination fee of $1,000
7) No BBB accreditation – 7 complaints filed – (all resolved)
8) No credible positive comments about the company online.
1 – Negative Report
TruckersReport.com Comment from 2-16-2013 describing the following problems:
1) Dishonest sales techniques (not disclosing terms of the contract)
2) Poor Customer service (loosing paperwork and not answering calls / e-mails)
3) High contract termination fee of $1,000 (industry practice is either no termination fee or a small $100 fee).
2 – Negative Report
Another poor review from TruckersReport.com dated 9-23-2014 outlining some bad experience author’s friend had with the company, but no details were given.
3 – Negative Report
Few very bad reviews (1 star out of 5) on Google+, outlining the same problems, poor customer service, high termination fees, payment delays, etc.
RipOffReport complaint dated 4-9-2013 described dishonest sales techniques and high fees. TransAm allegedly filed UCC Lien on the author without his permission and demanded $1,000 to release it.
4 – Negative Report
Another customer commented on the RipOffReport complaint dated 4-9-2013 with the similar experience.
TransAm salesperson did not disclose important details about the contract, company had poor customer service, fees were higher than competition (according to the author), and 1-year contract was expensive to terminate.
Also, the same author shared his experience of TransAm submitting broker’s invoices late to trigger a higher interest rate (4% instead of 2%).
TransAm did not file a rebuttal to the complaint dated 4-9-2013.
5 – Negative Report
RipOffReport complaint dated 3-1-2011 described same problems – dishonest sales techniques, false and misleading statements, poor customer service, and poor communication.
TransAm did not file a rebuttal to the complaint dated 3-1-2011
6 – Negative Report
RipOffReport complaint dated 6-24-2014 described similar problems – dishonest sales techniques, false and misleading statements (customer was lead to believe he is signing 6 month contract, when in reality 12 month contract was offered).
TransAm representative rarely returned phone calls or e-mails, and when he did he was
“very unprofessional, rude and downright disrespectful.”
This customer also had a very hard time getting out of the contract. TransAm representative stated that contract release request must be submitted 90 days in advance.
TransAm did not file a rebuttal to the complaint dated 6-24-2014
7 – Negative Report
RipOffReport complaint dated 2-15-2015 described poor customer service, problems receiving payments from TransAm, and problems ending the contract with TransAm.
Also, TransAm reported the author to MasterCard as a fraud case in retaliation for ending contract early.
TransAm did not file a rebuttal to the complaint dated 2-15-2015
8 – Negative Report
RipOffReport complaint dated 3-20-2015 described problems the author had with getting overpayment money from TransAm.
However, the problem was quickly resolved and original author posted a successful resolution message on RipOffReport.com
9 – Negative Report
TransAm Financial Services has a sister company ran by the same people (TransAm Trucking Sales and Lease).
This sister company has extremely poor online reviews as well.