Consumer complaint received 2023-03-31
Company: TOYOTA MOTOR CREDIT CORPORATION
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
I recently entered into a contract agreement and with Toyota Financial Services XXXX Toyota Motor Credit Corporation on XX/XX/XXXX. This contract/ retail installment agreement was for a new XXXX Toyota XXXX XXXX to be used to meet my family travel needs. I submitted a credit application for financing and my credit was checked and I was told I was approved under the condition that I provided a down payment. Upon checking my credit, I was told that i would need to provide a minimum down payment of {$500.00} to {$1000.00} or i would not be able to acquire the car. I agreed to sign once given the details. I was then given a retail installment sale contract with details outlined regarding the purchase of the XXXX and in the itemized details the cash price was {$49000.00}, which was advertised at a specific total of {$41000.00}. Toyota then accepted a down payment of {$500.00} cash. Furthermore, the dealership then continued to not give full disclosure of truth and lending. Also i was not fully disclosed and made aware that this was a consumer credit transaction. I was also not given my right of rescission as to this certain transaction of 3 days. This company has made many violations and has committed fraudulent and deceptive practices. They are in violation of the following laws : 1. 15 U.S. Code 1635 - Right of rescission as to certain trascactions 3 days.

2. 15 U.S. Code 1635 ( b ) - not liable for any finance charge or other charge, and any security interest, return to the obligor any money or property given as earnest money, downpayment, any property to the obligor, the obligor may retain possession of it.

3. The rescission forms are required by 15 U.S. Code 1635 and must be delivered together with a statement containing the material disclosures.

4. 15 U.S. Code 1662 ( b ) It is illegal to require any downpavment in connection with a consumer credit transaction.

5. 15 U.S.Code 1605 ( a ) finance charge sum of all charges insurance for the vehicle and insurance to cover health, life, accident, and gap insurance and NO CASH DOWNPAYMENT 6. 15 U.S. Code 1611 ( 1 ) ( 3 ) Criminal liability for willful and knowing violation fined up to {$5000.00} for giving false, inaccurate, and failing to provide information which is required to be disclosed 7. 15 U.S.Code 1640 ( a ) DOUBLE THE FINANCE CHARGE for each violation UCC 9-611. NOTIFICATION BEFORE DISPOSITION OF COLLATERAL. authenticated notification of disposition.

8. 15 U.S.Code 1605 ( a ) 1605 ( a ) No downpayments or any cash in connection with a finance charge.

9. The CONTRACT has been a one sided agreement.

10. 15 U.S. Code {$6800.00} ( a ) financial institutions must prevent unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer 11.15 U.S. Code 6802 did not disclose to me my right to opt out of the disclosure of my nonpublic information.

12.15 U.S.Code 1692e ( 4 ) Threat of repossession is fraud and illegal in the collection of any debts. This is a right secured to me by this code herein and the 4th amendment of the U.S Constitution.

13. 15 U.S. Code 16921. Unfair practices threat to seize or take 14. 15 U.S.Code 1692j False and deceptive form ( contract ) 15. 15 U.S.Code 1692k civil liability rewards for any damages, which may include stress, harassment, anxiety, mental anguish, 16. 16 CFR 433.1 ( b ) seeks or acquires goods or services for personal, family, or household 17. 16 CFR 433.2 ( a ) invoking my right as the debtor to assert all claims and defenses Further more I have not received any response back regarding the notarized letters, documents, affidavits, and requests. The attached files show everything I have sent and delivered through postal mail which was registered mail. See attached files that outline receipts and etc.

Company response to consumer: Closed with explanation