If you made a token of a creature, and that creature could and did transform, it would be exiled right?
Nope. It wouldn't be exiled, but nothing would happen. Only permanents represented by double faced cards can transform.
701.25a (http://imtgapp.com/forum/index.php?action=imtg;area=rule;number=701.25a): Only permanents represented by double-faced cards can transform. (See rule 711, "Double-Faced Cards.") If a spell or ability instructs a player to transform any permanent that isn't represented by a double-faced card, nothing happens.