Please see below for answers to Frequently Asked Questions (FAQ)…

How do I apply for a loan?

Applying for a loan from TREND Financial is as easy as visiting your local used car dealer or by visiting our website and filling out an application form here — just click: APPLY NOW!

If you are having trouble with the application feel free to call our Customer Service Department at Ext. 199 and we would be happy to assist you.

Is TREND a lease or a finance company?

TREND Financial offers lease to own loans on used vehicles.

What is the location of your head office?

Our head office is located at:

70 Disco Road
Toronto, ON  M9W 1L7

What dealerships do you work with and what kind of vehicles do you offer loans for?

TREND financial will offer loans for any used vehicle that can be properly registered in its respective Province. We can work with any car dealership or even a private sale. We also need to be able to obtain the vehicle history report. We only offer loans for vehicles as large as a 3500 series trucks. We do not offer loans for motorcycles, boats, ATV’s, or mobile homes.

How long does it take to get an approval?

At TREND Financial we strive to you an approval between 15 minutes and 2 hours.

How long does it take to get my loan funded once approved?

As each loan is uniquely tailored to fit our clients’ needs the length of time for your deal to be funded can range from three days to two weeks.

Is the loan open?

Yes the loan is open. You can buy out of your loan at any time. We will provide a Potential Buyout Schedule at the beginning of your loan that indicates the amount your buyout could be at any time during the term of your lease.

What are the term lengths offered?

TREND Financial offers lease terms starting from 24 months up to 96 months

What are the interest rates?

TREND Financial offers annual interest rates starting from 6.95% to 29.95%.

What is the min and max loan amounts?

TREND Financial offers lease to own loans from $3,000- $75,000.

Can I save money by paying off my loan early?

You may pay off the remaining balance of your loan at any time to receive a discount on your implicit finance charge. The sooner you buy out the vehicle loan, the more money you will save.

Can I pay off my loan at any time? Is there a penalty?

You may pay off the remaining balance of your lease at any time without penalty fees and you will receive a discount on your implicit finance charge. The sooner you buy out the vehicle loan, the more money you will save!

 

Can I get a vehicle loan with TREND even if I have claimed bankruptcy or have bad credit?

Regardless of the circumstances, we can structure a loan to suit your needs.

We can help even if you…

  • Are new to the country
  • Have limited credit information
  • Have had previous repayment issues
  • Have claimed bankruptcy (discharged or un-discharged)
  • Have difficulty proving income
  • Are looking for a vehicle that does not fit other lender’s guidelines
  • Are currently overextended with debt

Whatever the circumstances, we take an unbiased approach to help you secure a vehicle.

What is required in order to get a loan?

To get a loan from TREND Financial you would need to supply the following:

  • A signed credit application
  • A valid driver’s licence plus 1 additional piece of I.D
  • Proof of Address
  • References (verbal confirmation)
  • Either a PAD or void cheque
  • Proof of Canadian residency
  • Proof of employment (written and verbal)

Which documents am I required to submit once I have been approved?

Please prepare to bring the following documents with you when you sign the loan agreement:

  1. Two current paystubs OR 3 months of bank statements for each Lessee (or any other acceptable proof of income authorized by Trend Financial)
  2. Employment letter for each Lessee
  3. Pre-Authorized payment from OR Void cheque from the account which the payments will be debited from
  4. 2 pieces of acceptable ID for each Lessee with one being a valid driver’s license
  5. 3 to 5 references (depending on the requirement set by the credit analyst) that must include a name, address and telephone number which are different from the Lessee(s). Also, all references must reside at different addresses.
  6. Proof of address by way of utility bill, phone bill or rental agreement that is dated within the last 60 days for each lessee
  7. Insurance confirmation listing Trend Financial as the Lessor and it must show an OPCF 5 endorsement, and a minimum of $1million liability.
    • Maximum deductible is $500
    • You may request to increase the deductible limit, which must be approved by Trend Financial prior to delivery of the vehicle.
    • There is a one-time fee to increase the deductible limit that is $150 for every $500 that the deductible is increased that must be paid prior to delivery of the vehicle.
    • Once insurance is in place you must contact us with the insurance company’s contact information

Once I have been approved for a loan, where can I purchase a vehicle?

You may visit any dealership in any province that TREND Financial operates in, as long as the dealership is provincially licensed.

Once I have been approved, how soon can I pick up my vehicle?

Once you are satisfied with the loan structure, your Dealer or Business Manager will contact you to book an appointment to sign the loan agreement as well as for you to submit any required documents.

 

Which dealership can I use / what kind of vehicles do you finance?

TREND financial will finance any used vehicle that can be properly registered in its respective Province. We can work with any car dealership or even a private sale. We also need to be able to obtain the vehicle history report. We only finance vehicles as large as a 3500 series trucks. We do not finance motorcycles, boats, ATV’s, or mobile homes.

What is the buy up program?

TREND offers the client to add additional security to the loan beyond the minimum required to offer breaks/reductions on the annual interest rate for your loan.

What is the PRP (Payment Reduction Program)?

TREND Financial will always require a Security Deposit for any loan. Sometimes what we require for a security deposit is more than the client has available at that time. If that is the case TREND Financial can offer our PRP Program. We will extend a small loan for the difference of the security deposit and what the client has available. This mini loan is paid off in anywhere from 6-18 months

Can I add a warranty to the loan?

TREND Financial does have the option to allow for a warranty to be included in a loan. You can either add one from the dealer (subject to our approval) or you can purchase one from TREND Warranty. The cost of the warranty will be include in your total lease cost and you will pay for over the term of your loan.

What is a TREND Warranty?

TREND Warranty is a warranty is a used vehicle warranty that we work directly with a third party warranty company to administer. If you are interested about adding a TREND Warranty to your new loan please inquire with your Business Manager.

Is insurance required?

TREND Financial requires that all vehicles have full insurance coverage at all times. We require collision, comprehensive, and liability coverage with TREND Financial listed as an interested party on the policy. If you want to amend or change your insurance coverage be sure to call our Insurance Department at ext. 192 beforehand.

Am I required to have insurance if my car isn’t working and/or I’m not driving it?

Here at Trend Financial we structure our loans as a “lease-to-own” which means that the ownership of the vehicle is registered to our company until the loan has been paid in full. As the registered owner of your vehicle, Trend Financial is liable for any damages caused by uninsured vehicles. In order to eliminate this risk we require that all of our vehicles have full insurance coverage at all times, even if it is not being driven.

If there are circumstances that make it impossible for you to retain insurance coverage then please contact our office immediately for assistance. We can offer you a secure storage facility where you may store your vehicle for a fee.

How do I contact TREND Financial?

For general questions contact Customer Service at Ext: 199 or by e-mail: customerservice@TRENDfinancial.com

If you have missed a payment, contact our Collections Department at Ext: 191 or e-mail: collections@TRENDfinancial.com

If you have a question about insurance or have had an accident, contact our Insurance Department at Ext: 192 or e-mail: insurance@TRENDfinancial.com

If you would like to get in touch with our sales department please email sales@trendfinancial.com

How can I make a payment TREND Financial?

At TREND Financial all regular payments are automatically debited from an account provided by the client. If you missed a payment or want to make a pre-payment we can assist you by taking payments with:

  • Payment directly from your account
  • Interac E-Transfer
  • Credit Card (some restrictions apply)
  • Certified funds (cash, debit, money order etc.)
  • Directly at any Bank of Montreal branch

Please refer to the Methods of Payment section of our website for more information on this topic.

How do I report a payment made directly at the Bank of Montreal?

If you have missed a payment with TREND Financial and you have made it up at a Bank of Montreal branch, please contact Customer Service at Ext: 199 or by e-mail: customerservice@TRENDfinancial.com

If you are unable to report the payment or have any other questions about making up a missed payment contact the Collections Department at Ext: 191 or by e-mail: collections@TRENDfinancial.com for assistance.

Why do I still have taxes owing at the end of the lease after I have made all of my monthly payments?

Please remember, the final amount owing at the end of your lease is the HST (13%) on the security deposit that was paid at the beginning of the loan but which the tax was never collected for.

For example, if your security deposit was $1000.00 then your final payment to Trend Auto Leasing is $130.00 ($1000 x 13%).

If you have any questions please contact our customer service department.

Why is my lease cost so high?

The cost of the lease has remained the same as the time of you signing your lease contract. TREND’s total lease costs is made up of only four costs:

  • The cost of the car to TREND.
  • The Finance Fee.
  • Any optional products (warranty, additional insurance coverage etc.)
  • Interest Charges.

We then subtract the amount paid via the security deposit from the total lease cost. The amount we are left with is divided up by the number of lease payments to be made over the course of the term. What we are left with is your regular pre-tax lease payment amount.

Fee schedule: Why is what I owe now so much higher after missing a payment?

After missing a payment to TREND a fee will be applied to the account. This fee plus your missed payment is added to your past due balance. Our fees are high because we are a high risk lender. As such we do our utmost to discourage defaults with high fees as well as being flexible with prior notice for a pending payment issue.

 

Visit FEE SCHEDULE

End of Lease Procedures?

Once the account is paid in full either with a buyout of you have paid out your full term we have some steps to be completed to close out your account. The lien will be removed from the vehicle.

If the TREND Financial is listed on the vehicle/ownership the proper documentation will be required for your respective Provincial authority to remove TREND from the vehicle registration. Once this has been done any final items or documentation can be produced at this time.

Provincial requirements:

Ontario – The ownership can either be transferred as fit/plated or unfit/unplated. If you are not planning on driving the car and/or trading it in there are no required documents. If you plan on continuing to drive the vehicle it must be transferred as fit/plated and the MTO will require the following:

  • Proof of Insurance Coverage
  • A valid vehicle safety (only valid 36 days)
  • A valid e-test* (e-test is valid for 12 months after it is completed) *if you live in an area that does not require an e-test you are exempt from this requirement
  • Any outstanding fines/fees with the MTO must be paid in full (unpaid parking tickets, moving violations, past-due 407 bills)

 

British Columbia – To remove TREND from the vehicle registration you will need to bring the following to your local ICBC location.

  • A lien release letter from TREND
  • A bill of sale showing TREND was fully paid for the vehicle.

Alberta – To remove TREND from the vehicle registration you will need to bring the following to your local Service Alberta location.

  • A lien release letter from TREND
  • A bill of sale showing TREND was fully paid for the vehicle.

When my lease is paid in full, how do I transfer the vehicle into my name?

Once your loan has been paid in full, including the necessary taxes, you now own the vehicle. We will transfer the ownership from Trend Auto Leasing to your name without any additional costs.

The Ministry of Transportation of Ontario requires a valid safety certificate and emission test to complete the transfer. Should you not be able to provide us with these documents, we would be happy to arrange the transfer of the vehicle in an “Unfit” status.

The Ministry of Transportation of Ontario also requires that we have the ORIGNAL plate permit. Every vehicle permit has 2 sections. At the beginning of the car lease, we have retained the left portion that is for the current owner of the vehicle and the right side portion is for the owner of the license plates, which you have received when you originally picked up the vehicle. You must provide us with this document (right side) if you would like the vehicle to be transferred to your name and registered with the current license plates that are already attached to the vehicle.

Please refer to our End of Lease Procedures for more information.

Why are taxes owing at the end of the lease?

Since the entire cost of your lease is taxable when we apply your security deposit towards the guaranteed residual value; the tax becomes due at that point. As the security deposit is factored into the total cost of the lease it is also taxable.

How do I change my payment date?

If you ever need to permanently change your payment date you can contact Customer Service at Ext: 199 or by e-mail: customerservice@TRENDfinancial.com for assistance.

Is it possible to stop a payment from being withdrawn from my bank account?

Once you have authorized Trend Financial to take payments automatically from your bank account we are not permitted to stop them. You are required to contact your financial institution to request that a payment not be withdrawn from your account. If this action is taken, please contact our customer service department immediately to reschedule your payment for a different date.

How do I update my contact information?

If you ever need to update your contact information contact Customer Service at Ext: 199 or by e-mail: customerservice@TRENDfinancial.com for assistance.

How do I update my insurance information?

If you ever need to update your insurance information you can contact the Insurance Department at Ext: 192 or by e-mail:  insurance@TRENDfinancial.com for assistance.

Can payments be postponed?

At TREND Financial we are flexible if you need to postpone a payment, however we cannot postpone a payment if you owe arrears on your account. If you do not have a past due balance you can request to push a payment.

Most importantly, make sure that you are always in communication with us and keep us informed as to your current situation.

TREND Financial will need at least 3 business days’ notice to push a payment, requests done within that time frame will not be able to be stopped. You must select any date within 10 business days after your original payment date to resubmit your pushed payment. If you are unable to pick a new payment date up to 10  business days after your original payment or want to push a payment that is less than 3 days away contact Customer Service at Ext: 199 or by e-mail: customerservice@TRENDfinancial.com for assistance.

How is your buyout calculated?

We calculate how many payments are left remaining on your loan and we add the guaranteed residual value. We then offer a pro-rated discount on the finance fee as well as additional credits towards the interest charges. We then add the daily amortised interest from the date of your last payment. We then add all applicable Federal and Provincial taxes and subtract the original security deposit paid to the dealer. What we are left with is a price of your buyout that is Valid for 24 hours.

How do I request a buyout for my lease?

If you ever need to know the amount of your buyout with TREND Financial you can to that right from our website here: A: If you ever need to update your contact information with TREND Financial you can contact Customer Service at Ext: 199 or by e-mail: customerservice@TRENDfinancial.com for assistance.

What should I do if an Agent comes to my house?

The only time TREND Financial would send an agent to your house would be to pick up the vehicle for a serious default on the lease. We would only pick up the vehicle as a last resort for payment default or due to insurance coverage being at risk of/ already in a cancellation status. Please co-operate with the agent, remove all personal belongings and plates from the vehicle and surrender the keys.

To avoid additional fees in the future please make sure that you remain in communication with us at all times.

What is the dealer buyback program?

At TREND Financial we have a incentive program for returning clients. After two years of your loan there is an option for a reduced buyout if you are interested in getting a new vehicle from the original dealership that will also go through TREND.