Consumer complaint received 2022-07-14
Company: TOYOTA MOTOR CREDIT CORPORATION
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
Notice of Rescission Toyota Motor Credit Corporation is defined as a covered person that engages in offering and providing consumer financial products and services to Consumers consequently, they are amenable to Federal Consumer Law and It is unlawful for any covered person to offer or provide to a consumer any financial product or service not in conformity with Federal consumer financial law, or otherwise commit any act or omission in violation of a Federal consumer financial law ; or to engage in any unfair, deceptive, or abusive act or practice. 
The Truth in lending Act 15 U.S.C. 1635, provides borrowers with an unconditional right to rescind any consumer credit transaction. Under Section 1635 ( f ), if a lender has failed to provide to the borrower either the notice of rescission or accurate material disclosures, an extended right of rescission is provided that expires three years after the transaction consummation date or upon the sale of the property, whichever occurs first. 
Toyota Motor Credit Corporation failed to provide the said notice of rescission and consequently the consumer has an extended right of rescission that expires three years after the transaction consummation date or upon the sale of the property, whichever occurs first. 
This is notice of my intention to exercise my right to rescind under the Truth in lending Act 15 U.S.C. 1635. As a result of my exercising my right to rescind which is a right protected by the laws of the United States, I am not liable for any finance or other charge, and any security interest given by the me, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, Toyota Motor Credit Corporation shall return to me any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If Toyota Motor Credit Corporation has delivered any property to the me, I may retain possession of it. Upon the performance of Toyota Motor Credit Corporation s obligations under this section, I shall tender the property to Toyota Motor Credit Corporation, except that if return of the property in kind would be impracticable or inequitable, I shall tender its reasonable value. Tender shall be made at the location of the property or at my residence, at the option of the me. If Toyota Motor Credit Corporation does not take possession of the property within 20 days after tender by the me, ownership of the property vests in the me without obligation on my part to pay for it. The procedures prescribed by this subsection shall apply except when otherwise ordered by a court. 
This means that the XXXX  XXXX XXXX is to be returned to me as the security interest is to be terminated and I have the right to retain possession of the property. Upon the performance of Toyota Motor Credit Corporation obligation, which is to return to me any money, my original retail installment contract ( property ), and the downpayment within 20 days I will tender the XXXX XXXXXXXX XXXX at my residence to Toyota Motor Credit Corporation. If Toyota Motor Credit Corporation does not take possession of the property within 20 days after tender by the me, ownership of the property vests in the me without obligation on my part to pay for it.

Company response to consumer: Closed with explanation