Consumer complaint received 2016-03-08
Product: Consumer Loan — Vehicle loan
Issue: Managing the loan or lease — 
Company: TD BANK US HOLDING COMPANY (TX)

On XXXX/XXXX/16, I received my initial auto loan statement from TD Auto Finance, in which the payment was due on XXXX/XXXX/16. After receiving and reviewing the statement, I went online to www.tdautofinance.com to set up automatic payments. I opted to have my checking account drafted for the payment amount due each month. I also set up e-statements in order to forgo receiving paper statements every month. The process went smoothly and the first payment was processed with no issues or problems. 

However, on XXXX/XXXX/16, I discovered after signing into my auto loan account through the TD Auto Finance website that I was unable to view my online e-statement for any of my XXXX statements generated thus far. As a result, I decided to call a TD Auto Finance customer service representative to find out why I was unable to access my statement details. After inquiring, the customer service representative informed me that monthly statements are discontinued ( both paper and e-statements ) because of signing up for automatic payment deductions. According to the customer service representative, this has always been a practice at TD Auto Finance. 

Another concern I discovered and brought to the customer service representative was regarding how TD Auto Finance applies additional auto loan payments. There is no option under auto payment for consumers to make a payment for more than the minimum payment due, if the consumer elects to do so. If the consumer elects to make an additional payment to his/her account, then the consumer must make a separate one-time payment. On XXXX/XXXX/16, I elected to make an additional payment of {$30.00} to my auto loan separately from my minimum auto loan payment. Therefore, XXXX separate transactions took place. As a result, I wanted the additional payment of {$30.00} to be applied towards my outstanding principal balance. However, in viewing my account online, it was determined it was not applied towards the principle balance. The payment was applied towards interest, which in turn, lowered the next month 's minimum monthly balance due. On XXXX/XXXX/16, after inquiring with the customer service representative, she confirmed that any additional payments made are not automatically applied to the remaining outstanding principal balance. The representative further stated that if I wanted additional payments applied towards the principle balance then I have to call a representative or send a secure message through the website each time. I made it clear to the customer service representative that I wanted the additional payment I made on XXXX XXXX, 2016 for {$30.00} reallocated towards the outstanding principal balance. I also requested a statement to reflect the payment reallocation. 

My concerns noted above appear to be potential violations of law under Regulations E & Z and warrants further investigation. Please note that I conducted a XXXX search titled " TD Auto Finance consumer complaints '' and I have found a slew of complaints pertaining to issues with TD Auto Finance 's poor billing and payment allocation practices. As a result, the issues noted above appear to be systemic issues.