Product: Vehicle loan or lease

On the record, for the record. 
PRIOR COMPLAINTS : XXXX XXXX Dear, Toyota Financial Services & Toyota Motor Credit Corporation Thank you for your prompt response. We appreciate your attempt to disregard and close this case, However, your response fails to address critical issues and highlights negligence on your part. Thus why we respectfully decline you're closure request... 

XXXX. Extension Agreement Discrepancy : While your response now confirms the extension applied for XXXX and XXXX, this contradicts the information provided by a manager and employee, who repeatedly claimed and strongly insisted on a recorded call that the extension agreement applied for XXXX and XXXX, and/or XXXX and XXXX. This inconsistency reflects a lack of due diligence and highlights deceptive practices from TFS.

2.In your response you acknowledged that my next payment date was scheduled for XX/XX/XXXX after applying the extension agreement, however, you're records failed to properly reflect the total amount due if you were to correctly calculate all the payments made from XX/XX/XXXX until XX/XX/XXXX, the total doesn't match your records, not including the payment made in XX/XX/XXXX. 

3. Negligence and Lack of Compliance : Your acknowledgment of conflicting information from your employees in your response is an admission of negligence. This failure to maintain accurate records is a violation of fair business practices, and factually showes TFS acknowledgement to neglient and deceptive practices within there department. 


4. Inaccurate Reporting : TFS failure to properly apply and reflect payments, and there disregard to properly investigate complaints, directly correlates to there ongoing inaccurate reporting. In XXXX Toyota Motor Credit was fined $ XXXX for falsely reporting customer accounts as delinquent for failure to make monthly account payments even though customers had already returned leased vehicles, and the company did not promptly correct the negative information it had sent to consumer reporting companies even though it knew it was wrong. Toyota Motor Credit also failed to maintain reasonable policies and procedures to ensure payment information it sent to consumer reporting companies was accurate. These practices still continue till this day, as XXXX admitted to the months XXXX and XXXX of XXXX being covered by the extension Agreement, but also admitted to there neglience and disregard to act fairly, by directly choosing NOT to notify the CRAs of the changes on my account, which infact harmed my credit report, my emotional wellbeing and my personal life. These facts futher show that TFS still has unreasonable policies and procedures in XXXX. 
TFS also failed to state why XX/XX/XXXX was reported as late payment to CRAs. 

5. Unaddressed Concerns : Your response fails to explain why a return payment of {$1300.00} was labeled as as a " Return fee '' and not " return payment '' or why my transaction history and billing statements do not match. 

6. The retail installment agreement contract fails to clearly state or notify me of a daily per diem interest of {$2.00}. This overcharge of daily interest is unlawful and violates the truth and lending act. 

7.In my contract was included the bundle of " XXXX XXXX XXXX XXXX XXXX which cost {$2400.00}, which Toyota deceptively included in the total finance charge. They failed to refund me the full amount, failed to refund me directly, applied the refund to the following months, then overcharged me in interest for the payment instead if applying it towards the principle and failed to adjust the monthly payments moving forward. 
In XXXX the CFPB ordered Toyota Motor Credit Corporation to pay {$60.00} million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The company withheld refunds or refunded incorrect amounts on the bundled products and knowingly tarnished consumers credit reports with false information. 
The cost of the bundled products, financed by Toyota Motor Credit, averaged between {$700.00} and {$2500.00} per loan. Including these products in a vehicle sale or lease can significantly increase the loan amount, monthly payment, and finance charge. Toyota Motor Credit profits from the sale of these products by collecting more finance charges on the increased loan amount. 

Thousands of consumers complained to Toyota Motor Credit that dealers had lied about whether these products were mandatory, included them on contracts without the borrowers knowledge, or rushed through paperwork to hide buried terms. Nevertheless, Toyota Motor Credit devised a scheme to retain the revenue from these products by making it extremely cumbersome to cancel, and then failed to provide proper refunds for consumers who succeeded in cancelling. The company also falsely told consumer reporting companies that borrowers had missed payments, and it failed to correct consumer reporting errors it knew were wrong. 
Toyota Motor Credits actions violated the Consumer Financial Protection Acts prohibition against unfair and abusive acts and practices, as well as the Fair Credit Reporting Act and its implementing regulation.Toyota Motor Credit prevented many consumers from cancelling product bundles by making the process unreasonably difficult. Consumers who wanted to cancel over the phone were directed to a retention hotline operated by employees whose primary objective was to dissuade such cancellations. Between XXXX and XXXX alone, Toyota Motor Credit funneled more than XXXX consumer calls through this hotline. Representatives on the hotline were instructed to keep promoting the products until a consumer had verbally requested to cancel three times, at which point the representatives would tell the consumer that it was only possible to cancel by submitting a written request. Instead of issuing a refund check or lowering the monthly payment amount upon a consumers cancellation of bundled products, Toyota Motor Credit applied the refund amount as an additional payment toward principal, reducing the number of monthly payments. Applying the refund in this way effectively delayed the return of the consumers money until the end of the sale or lease agreement term. The company used this fact to discourage cancellations, telling consumers on the retention hotline that their monthly payments would not decrease and that they would not receive direct refunds. Toyota Motor Credit failed to refund prepaid GAP and CLAH premiums to consumers who paid off the loan or ended the lease before the end of the contract. Toyota Motor Credit also relied on faulty calculations which resulted in incorrect refunds for consumers who canceled their vehicle service agreements.

8.Given Toyota Financial Services ' ongoing negligence and deceptive practices, which violate the Fair Credit Reporting Act ( FCRA ), Consumer Financial Protection Bureau XXXX CFPB ) regulations, and the Truth in Lending Act, I find it difficult to trust your judgment in handling this matter. Therefore, I request full involvement from the CFPB to ensure compliance and equitable resolution. It's crucial that these violations are addressed transparently and fairly. 



9.I am extending Toyota Financial Services the opportunity to resolve this matter in good faith by conducting a thorough investigation, implementing the necessary corrective measures, and engaging in meaningful discussions to reach a fair settlement. This is your chance to demonstrate accountability and compliance with applicable laws and ethical business practices. I expect a clear, detailed response outlining the steps you will take to rectify these issues, along with a timeline for resolution. Should you fail to address these concerns adequately, I will have no choice but to pursue all available legal and regulatory remedies to ensure full accountability. '' 10. BILLING ERROR. 

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