volvo financial services (vfs) issue

Discussion in 'Canadian Truckers Forum' started by bradi, Sep 13, 2015.

  1. bradi

    bradi Bobtail Member

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    I purchased a new 2015 Volvo last March. VFS asked for my hst from the sale of my new truck to be applied to the down payment 4 months after the sale and I agreed. Shortly there after I call the HST office to change my reconciliation period from anally to quarterly so that I may make my HST payment to VFS on time. The HST office told me that I cannot switch from annual to quarterly until Jan 2016 (when I normally apply). I called VFS and told them that I was unable to make the payment until Jan 2016 and if they could modify the loan contract. They said no and that I must pay the hst at the prescribe time. I replied that I was unable.
    So the fourth month came and they tried to withdraw the $14.000 hst from my bank and my bank reversed it.

    So now they are willing to modify my contract and charge interest on the $14k and I'm ok with that. They also want to charge me $500.00 for the loan modification. I asked why $500.00....and that it seams excessive. They said that a lot of work had to go into the modification.

    Is this $500.00 administration fee normal for truck loans?
     
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  3. belowspeedlimit

    belowspeedlimit Medium Load Member

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  4. 04 LowMax

    04 LowMax Medium Load Member

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    Like he says, eat it. You can't win with truck finance companies. They know they've got you right from when you signed on the dotted line. The $500 is probably what they charged you to set up the original finance contract right? So whether it's a reasonable amount or not (never is in my opinion) that's probably why they justify soaking you again. BTW how's the new truck working for you? Any code/fault/regen/ etc issues?
     
  5. terryt

    terryt Heavy Load Member

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    500.00 is what GE charge me to change the name on the title from my company name to my personal name so it sounds right to me.
     
  6. Pullin2

    Pullin2 Crusty Canuck

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    Repeats above - eat it. Chalk it up as a business expenses and make sure your accnt/bookie knows about it and why. I'm sure they'll understand.
     
  7. bradi

    bradi Bobtail Member

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    Maybe you guys are right and I will have to bite the bullet on this one. Also, they mention that I will end up with thousands of dollars in late fees if I decide not to pay it. Further, they will not release the lean against the truck until everything is payed up. I feel like I'm dealing with loan sharks....it just doesn't seam right.

    Lowmax, ..The 2015 13 ltr ishift truck is working very well with no problems. No code/fault/regen/ etc issues. Fuel mileage is 4ths mpg better than my 2011 Volvo. Not sure why this is other than lower gearing than the 2011? However, the 2011 Volvo was the worst mistake of my life. http://www.thetruckersreport.com/truckingindustryforum/threads/doser-valve-issues.265189/


    Thanks for the replies
     
  8. 04 LowMax

    04 LowMax Medium Load Member

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    You nailed it Bradi! Loansharks! I never thought of that, but it describes them perfectly. I see you are well acquainted with Volvo. Hope this truck is better. I had a 98 VN 420 as well, and it was a good truck. Had the N14.
    It's just the people at Volvo who really wreck the relationship, whether in finance, sales or service (talking about Edmonton, maybe other locations are better).
     
  9. bradi

    bradi Bobtail Member

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    lowmax.....I had a 98 VN 610 with 12 ltr 10 speed. Great truck! In hind-site I should have rebuilt the motor and kept it. The 2015 might ride a bite better but other than that I didn't find that much of a difference comfort wise. Though I should mention that the 2015 gets better fuel mileage than the 2011 VN 670 and 98 VN 610...about 4ths better than 2011 and 6ths better than the 98. All three trucks running car parts on similar routes and weights.
     
  10. Frenchfryguy

    Frenchfryguy Bobtail Member

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    I have used Paccar and Volvo financial for the last trucks I got in 2012. Long story short, 3 years of never being a day late or dollar short we run into hard times. I call both finance companies and hands down Paccar is way way easier, flexible and a whole lot easier to deal with. Volvo was horrid. Absolutely no help or leniency. Had I not been the average customer and I owed substantially less than what was owed the finance manager told me flat out they would repo the unit as that's standard practice. Really? Standard practice when a good customer wants to make arrangements or modify something? Paccar was way easier. Their attitude was we don't want the trucks back if we can help it. Lesson learned I will never ever darken Volvo doorstep again once things pick up again.
     
    not4hire, 04 LowMax and Pullin2 Thank this.
  11. gokiddogo

    gokiddogo Road Train Member

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    Wow bradi, after reading what you went through with your 2011 you gave them another shot? ....
     
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