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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
www.tafs.com
www.tafs.com/tafs-360-benefits/client-portal-load-boards/
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.
NEGATIVE REPORT
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.
Very dishonest very rude lies and my company and my credit and my family is suffering from tafs.this has been the worst situation in my life .i hsve no control over my company and can not get tafts to let me out of my contract. And there is no quick fix to this.my trucks are sitting and i have thousands of dollars i cant collect because i will not factor any more with tafs.
I have the same story, so how can I cancel this company and runaway from them. Any one advice I will be appreciate and any sugusstion to other factoring company as i am a company with two trucks.
I also having the same issue. TAFS is garbage. Yeah they’ll give same day pay for an additional $25 on top of the 5% and $5 transfer fee.
If you issue pods/bols 5mins after 12 cst don’t expect to see funding until 2days later.
This company is the biggest ripoff Ive seen and will run your company into the ground.
Next they’ll try scaring you with the old ‘you sign a contract dont use any other quick pay’….well come sue me you bastards.
Be careful of this company very very careful!
TAFS is the worst company we ever worked with, They are very dishonest and lie a lot.
THEY GAVE ME AND EVERYBODY IN MY COMPANY A LOT A HEADACHES, they take money from your account and disappears with out your concern and when you ask for your money they give deferents excuses and at the end when you get your money back is not complete, trust me this company is a DISASTER.
When they pay you they do through the EFS (electronic found service), they put your money there and you have to wait 2 days to receive the money in your account and they charge $5 to $25 dollars for that service plus the % for the quick pay.
I completed the contract period with them and I requested the release letter to them for more than 8 times and they have not given me the letter and not respond, this is a unprofessional staff and they try to obligated you to stay there with them, that’s the reason we are going to star a legal process against them.
I do not recommended this company even to my worst enemy!
“TAFS” Well Im with them and my trucking business is in bad shape because them,
For the second time in 3 month they never summit the invoices to the broker, guess what . After 65 days they hold a 30% plus the fking 5% and $5- or $25 transfer fee
I call the brokers (Coyote) and Lypsey Logistics) 2 big companies and they say the same thing ( we don’t have the invoice yet .
So TAFS is holding the invoice in porpuse
To hold the 30% plus 5% fee , and they offer you a Loan for 15%
We talking about 50% to get some money
In my contract With them I cant haul any load if they dont factor that load, well My first year with my Own Authority, rookie move ,Any way ( now Im moving some trailers for a friend as a driver)
Fyou TAFS
Do not work with this people, they liar , give you attitude , and hold your money to paid other
Wow! And, just when we were considering utilizing TAFS. What some terrible reviews, indeed!!! And, multiple reviews stating the exact same thing too!, We have been running a few Class A Semi Trucks only for 26 years straight now. But, never needed factoring, with that Division. With this new Hotshot Division. And all the related, very expensive, upfront costs involved; We thought we may need “factoring” for this Division for a while at least. Simply to get started and everything. But….We certainly don’t need getting ourselves getting into an even worse catastrophic, financial situation right up front!!! So, Thank you very much for all the drivers out there who saved start-up companies like myself, from failing right from the beginning!!! Stay Safe Out There!