Consumer complaint received 2023-08-07
Company: TOYOTA MOTOR CREDIT CORPORATION
State: NE
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Lender trying to repossess or disable the vehicle

Complaint:
On XX/XX/XXXX, notification was received from the credit bureaus that my auto loan with Toyota Motor Credit has been closed/charged off. Initially, thought there was an error due to previous glitches with the system at Toyota. 

I last viewed a statement that was date on XX/XX/XXXX with next payment due date of XX/XX/XXXX. Payment had been made on XX/XX/XXXX, plus recurring {$250.00} was bill paid from my checking account, which were not reflected on the account. 

I signed on to TFS website to show that my auto loan balance was {$0.00}. No information on where the balance payment came from, no notation that it was transferred, nothing indicating that it was charged off. I received no letters via mail, email, or phone to indicate repo was ordered and the loan accelerated until I spoke with a rep on XX/XX/XXXX. Which the number Toyota listed on my " closed '' account to call for help was not the number I was forwarded to. She stated that the full amount of the loan was due in full for a total of {$19000.00}. The number to call back at with payment was XXXX. 

I made payments via XXXX XXXX with confirmed transaction numbers by a Toyota Rep on XX/XX/XXXX in the amounts of : XXXX {$2000.00} XXXX {$1200.00} XXXX {$1500.00} A repo agent picked the vehicle up on XX/XX/XXXX, as we were unable to POF to redeem that day. 
They said to refinance as an option, but unable to attempt to refinance since the account shows as closed/charged off on my credit report, which when ran by a lender it shows no outstanding auto loans and can't refinance. On XX/XX/XXXX, a Toyota Rep in the CHARGE OFF dept stated that the payoff balance was {$19000.00}, but since the payments that I made were processed and applied to subtract what I sent in from the balance, the bal then would be {$15000.00} to be paid in full to redeem the car. 

Toyota had yet to send a letter via mail with rights/intent to sell, therefore I called to request my options, plus to get the address to send the check to. This was on XX/XX/XXXX. 

The lady stated it was sent to my email, which was verifed as correct on XX/XX/XXXX with intent to sell on XX/XX/XXXX unless balance with repo fees included is paid in full. The amount quoted was {$20000.00}, which she stated didn't include the payments that were processed and supposed to be applied on XX/XX/XXXX. She read me the rights to redeem and I verified my plan to refinance or secure funding to POF. But, I requested a ledger be sent as they have completely left no access to a balance or transaction history for me to view at this point or sent a letter in the mail with any information aside from a billing statement on XX/XX/XXXX. 

This rep stated she will email the rights/intent to the email at the end of the call, in which she also stated she would let them know to put the car on hold. She also stated to call back again to verify the payoff amount has the payments applied and get the correct amount. A bill pay posted out of the bank to XXXX on XX/XX/XXXX as I had yet to cancel them. 

XXXX I called and spoke with a XXXX in the redemption department, who stated my balance had remained unchanged and still reflected XXXX and he would email XXXX the XXXX XXXX. The vehicle is set to go to auction on XX/XX/XXXX per the rep on XX/XX/XXXX. XXXX stated he would send a ledger of payments too, but that hasn't been sent to the email only the rights letter. Therefore my payoff balance is incorrect, but they aren't applying the payment or reissuing a letter with the new balance. 

Without the ability to refinance due to the status they listed on report and the unknown balance that would need to be overnighted XXXX to redeem my vehicle prior to auction. The car is worth {$15000.00} more than what I have left on my 0 % interest loan. They will make no money on the sale per the quotes on XX/XX/XXXX for auction price. 

XXXX is being deceptive and withholding access to see my loan balance. THIS NEEDS HANDLED ASAP

Company response to consumer: Closed with explanation