Toyota Leasing Toyota Financial Services Insurance Division Ripoff that lead to repo for too much insurance? Lease College Iowa
My car was repoed for lack of Insurance by this company. I had insurance.In fact in speaking to my agent(Sandy at progressive, who by the way did a great job!)I discovered I had more Insurance then the company required.
Sandy had faxed and mailed all information to this company not once but twice according to her records and I double checked that this policy was in fact going to Toyota. After the repo and speaking with the company which I had notified of my change of address (the bill arrived at the right address) they stated they had never recieved my change of address. So, how did they know where to pick up my car?(just a thought)
This company now wants to charge me for towing and miscellanous(?) charges. Sue Farmer who is over the Insurance division spoke with my progressive agent who told her I had never had a lapse in Insurance and had more insurance then is required on a lease vehicle.
I lost two days of pay as a travel nurse to come home to take of this situation plus 2 round trips from my mother's home in Ft Myers to my assignment in Orlando)
In addition my 80 year old mother(with a heart condition) and my 17 year old daughter were strong armed by a repo man.
(he wouldn't even let her get her school books out of the car)Plus tried to make them walk over a mile to get home.
Beverly
Cape Coral, Florida
U.S.A.
2 Updates & Rebuttals
Krista
Wichita,Kansas,
U.S.A.
Update Please
#3Consumer Suggestion
Fri, September 26, 2003
How was your situation resolved?
Krista
Wichita,Kansas,
U.S.A.
Requirements of insurance
#3Consumer Comment
Mon, August 25, 2003
I work for a vehicle finance company (not Toyota) there are several factors that may have affected the verification of insurance. When we go through verification of insurance, we must make sure that the finance company is listed on the policy as a loss payee AND as an additional named insured, that the vin# is correct (it happens), and that the address and names match what we have listed on the account. The deductibles may not be more than $1,000 (may be different for Toyota). The State of Florida specifies $100,000/$300,000/$50,000 limits of liability or $500,000 combined single limit for liability insurance on lease accounts.
I'm sorry for your experience and hopefully it works out for the best.