Consumer complaint received 2021-11-29
Company: TOYOTA MOTOR CREDIT CORPORATION
State: NH
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem while selling or giving up the vehicle

Complaint:
At the end of XX/XX/XXXX I totaled my XXXX XXXX. I returned to XXXX XXXX XXXX, the dealership I had purchased my car from, to buy a new car. I had purchased GAP insurance for the XXXX XXXX at XXXX XXXX when I had financed the car. I have XXXX XXXX XXXX and they covered {$15000.00} of the balance of my car. There was a {$3000.00} balance which would be covered by my GAP insurance. I leased a new vehicle and when I went to make my first months payment in XXXX realized there was still an account open for the XXXX XXXX. This account had me XXXX payments behind with a balance remaining on this car that had been paid off by my insurance and GAP insurance. At this point I began to contact the dealership to try to understand why my car had not been paid off and I have been given the runaround ever since. I have been told multiple times that it is Toyota Financial I need to communicate with as they are the actual company who would take care of this matter. Every time I call Toyota financial I am left on hold for more than 45 minutes I am given an operator who does not know how to remedy my situation I am told to call a different phone number and when I call that phone number I receive the same runaround. I have put in request to have supervisors call me back Ive never received a call back from anybody. In the meantime while trying to get to the bottom of why theres {$1000.00} balance left over on a car that should be paid off I was applying for an apartment and was notified theres a negative credit report from Toyota financial saying I owe them {$1000.00} so now I realized that they did not remedy the situation they have never contacted me and instead sent the balance that they should have covered XXXX collections in my name, which is now negatively affecting my credit. When I speak to the finance department in XXXX  XXXX XXXX Ive been made aware that the discrepancy all happened from someone in their loans department entering in the amount of money my insurance paid off on the total amount due on my car incorrectly therefore gap insurance paid an incorrect amount because it looked as though there was only {$2000.00} balance when it was actually {$3000.00}. Three weeks after them realizing what their mistake was there has been no resolution I have still not received a single phone call and my credit is still being negatively affected. I have asked multiple times to speak to a supervisor or someone who can actually remedy the situation for me not only to close my account but also to remove the negative report to the credit agency and fix my credit. I dont believe as a consumer that I should have spent the months of XXXX, XXXX and XXXX trying to get Toyota financial to fix their own mistake. And as a consumer I absolutely should never have received a negative credit report on something that they did incorrectly. I have yet to receive any type of solution to the situation and in the meantime my credit is being affected negatively.

Company response to consumer: Closed with explanation