Toyota Financial Services Toyota Motor Credit Horrible Company UNETHICAL and Bad Customer Service Internet
My Husband purchased a Tundra and financed it through Toyota Financial. The truck was brand new when he financed it.
He never missed a payment. His payments were due on the 22nd of each month. In December he paid his truck payment on the 20th. And in January he paid his payment on the 23rd. On January 24th the REPO man came to our home at 11pm at night and knocked on the door to say he is taking the truck... We were SHOCKED and ASTONISHED...WHY? The man said he did not know why. They took the truck and this began our 3 days of H**L.
On January 25th a call was placed to Toyota to figure out what the heck happened. Toyota claimed they did not have a payment for January YET, after advising to them a payment was in fact made and the BANK that it was paid through verified it. Toyota then said to us that they put a 10 day hold on Payments to ensure funds are in the account. WHAT? WHY? Doesn't make sense but they told us to get a Certified letter from our bank verifying funds are there for them to take. The Bank thought this was nuts and so did we but we did it and had it faxed over. Then we were told the letter was good but that a Supervisor had to "Release the funds" Now the payment is late because THEY at TOYOTA Held the funds. According to TOYOTA they can REPOSESS a vehicle that is ONE day late on the payment, well, if they are HOLDING funds then now it is considered Late.
The next day after calling and staying on top of them we are told the repo fee is $700.00 and we need to send it Western Union. WHAT? Oh and their are Interest fees of $200.00 that need to be paid. We asked what interest fees? The woman on the phone said the interest fees that were never paid on the Loan, We were never notified of such fees and have been paying the same amount each month for the truck since we purchased it. Now we are up to $900.00 to get back a vehicle we have been paying All the time.
When we go to get the vehicle we have to pay the Re po man for storage fees which is another $60 per day. So, Toyota scammed us out of about $1,000 for Nothing.
We will be re-financing the balance with another financial institution ASAP...
To top it off, Toyota Finance would not give us paper statements to show when payments were made etc. to prove we did not short pay a bill etc. Our bank has records of all payments but Toyota would not give this to us to show us where the "Interest" was coming from...
WILL NEVER DO BUSINESS WITH THEM EVER AGAIN Nor will anyone in our family after hearing this. And I plan on posting this Everywhere so people stop getting screwed by companies like this. Its sooo wrong that hard working people who pay their bills have to be messed with in this way.
6 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
USA
LISA, FEEL FREE TO CONTACT THE INVESTIGATIVE REPORTERS AT ALL OF YOUR LOCAL NEWS STATIONS.......
#7Consumer Comment
Sun, January 29, 2012
in your city immediately regarding what happened. There is a chance that they will do a story on TV so others are aware of what transpired, right? If it happened to you, it could be happening to others, correct?
Maybe one of the Investigative Reporters will contact you and do a story on your Local News station.
Good luck to you!
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Robert
Irvine,California,
U.S.A.
Something is not right
#7Consumer Comment
Sun, January 29, 2012
Okay if I read your report you are basically saying that you have been late one time, and they repossessed your car the first time you were a DAY late. In general(but not always) the bigger the company the longer they give you before they repossess it. That is a Buy-Here/Pay-Here place may give you a day but generally the major ones will give you anywhere from 1-3 months before they repossess the car. Don't get me wrong, they still have the right to repossess it the second you are late. I am just stating that it is very unlikely that they would.
You then talk about missing a payment by one day, so you were late. But at the same time you said that you made the payment and you were late because they "held" the funds. It can't be both, and quite frankly if you are saying you made the payment ON-TIME and it was because of this "hold" that they repossessed the car then it would appear that you have a very valid complaint.
But I somehow don't think you are posting the entire story.
Jim
Orlando,Florida,
USA
Still No Understanding!
#7Consumer Comment
Sun, January 29, 2012
One second after the due date, is LATE! If they fear THEIR security interest in the loan, the car, is in danger of being lost, then they will do a repo to protect themselves. However, for them to do a repo on a one day late account is a bit unusual because they are not a subprime lender. Could it be your statement of "never being late" is a bit, let's say, not accurrate? Any time you make late payments late, the interest clock continues to run. That's why often times people find additional interest has been added to the account. This is standard procedure and NOT A SCAM. You made the comment every lender has a grace period. That also is not true. A grace period does not change the fact a payment is late when not paid on time. By the way, I don't work for them.
Lisa
Tonawanda,New York,
United States of America
Tundra
#7Author of original report
Fri, January 27, 2012
Its funny the person said that my husband missed a payment, YA OK By 1 Day! I mean Come ON people their is a grace period with anything and TO Reposess a vehicle for one day late then putting a HOLD on the payment for 10 days to ensure its really late is poor business. We have the vehicle back, after 3 days and lots of $$$ and will be selling it to a family member to re-finance with another institution for the remaining 16 months...
I do believe it is a SCAM by Toyota Financial mainly because the Fees they are claiming we owe they cannot prove to us where they are coming from.... $200 something in Interest? WHAT? Who has a payment that fluctuates from month to month? NO ONE you pay the same amount each month PERIOD, TOYOTA claimed they do not have to notify of interest charges and if they go un paid they can reposess the vehicle. MAKE sense to ANyone? Not me.....
Bottom line is by next week the truck will be re-financed so we never have to deal with them again.
I have a vehicle financed through a local Credit Union, I have been late on payments and paid the late fee of $15.00 and have never had a problem, when I say late...I mean 3-4 or 5 days NOT MONTHS BEHIND.
Karl
Highlands Ranch,Colorado,
USA
LISA, IT APPEARS THAT TOYOTA CORPORATION MIGHT BE GOING AFTER PEOPLE.........
#7Consumer Comment
Fri, January 27, 2012
who have equity in their vehicles.
Is there any equity in the truck? (Is it worth more than what is owed?)
Let us know what year it is and how much is owed. It appears that many of the banks are doing the same thing to homeowners. They are foreclosing on people who have equity in their homes. Toyota's sales have gone down considerably since 2005 and 2006. Maybe they are hurting a lot worse than we are being led to believe.
By repossessing a truck that has equity, Toyota can make money be reselling it, right?
Give us an update regarding the year of the truck, model, mileage, condition, and the amount owed.
Good luck.
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USAThe 23rd is after the 22nd
#7Consumer Comment
Thu, January 26, 2012
"He never missed a payment."
Yes he did. He missed the payment due on January 22nd. How many other payments were late?
"Now the payment is late because THEY at TOYOTA Held the funds."
That is not correct. The payment is late because the payment was due on the 22nd but was paid on the 23rd.