Consumer complaint received 2020-10-15
Company: TOYOTA MOTOR CREDIT CORPORATION
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Difficulty submitting a dispute or getting information about a dispute over the phone

Complaint:
Toyota Financial Services ( TFS ) deceptive practices After more than twelve years living in XXXX, I moved with my family to XXXX XXXX  on XXXX, XXXX of XXXX. As my maturity date on the lease from XXXX XXXX was to expire XX/XX/XXXX ( lease started on XX/XX/XXXX ) I asked for an extension of six months. While I kept maintained monthly payments I was struck with credit score dump in  XX/XX/XXXX by nearly 30 points by TFS. The resolution took about two months, since TFS requires a written request sent to its P.O. Box ( and doesnt promise resolution earlier than up to 60 days ). This is incredibly inconvenient as it places my mortgage and business at jeopardy and it is not my fault. I have never experienced this in any other lease, even with TFS until the last one during a pandemic this year, which makes it even more aggravating.

I filed a complaint with XXXX  ( XX/XX/XXXX XXXX  Case # XXXX ) and CFPB ( COMPLAINT ID XXXX SUBMITTED ON XX/XX/XXXX ). TFS partially recovered my credit score after that, yet they never admitted that it was their mistake to begin with. 

We are here again on XX/XX/XXXX with another hit on my credit score. This time they took my score down by nearly 51 points, right before I  had agreed to return the car on XX/XX/XXXX. TFS reported the account closed ( even though they admitted over the phone that it wasnt closed ) with a balance of over XXXX owed and blamed the credit bureaus for automatically reporting the account as closed in their system. We paid the TFS representative a one month extension and asked him several times to make sure that this wasnt going to impact our credit
score, to which we were told it had no bearings on it. After we spoke to the representative at TFS today ( XX/XX/XXXX ) who is a dispute resolution specialist he told us he doesnt have any credit marks on the account yet the credit agency reported this a few days ago ) and he asked for another letter requesting an investigation ( basically the same exercise I had to go through back in  XXXX ). Our circumstances are still in the same place as they were back in XXXX, in terms of our mortgage and business here so as you can imagine a 51 point credit dumb is asinine. We do not have time for another 60 days of an investigation for repeated mistakes from TFS, especially at a time when I have to get a new lease and return their car with a much lower credit score, subjecting me to much higher rates due to their mistake. 

Our payment history has always been on time there have been XXXX late payments. We leased two cars from Toyota ( one in XXXX and this one in XXXX ). My parents owned a XXXX XXXX, XXXX XXXX, and a XXXX XXXX over the last two decades. Its unfortunate that TFS has tarnished the brand name of Toyota after our long standing family history with the carmaker.

We urgently need my credit score repaired as a result of TFS mistakes. TFS was already sued for their bad practices during a repossession process in Class Action Lawsuit ( BC 584530 in 2015. See attached court materials ). A subsequent lawsuit followed regarding  discriminatory practices in XXXX supported by CFPB and DOJ. The organization seems to have a history of consumer abuse, and should be dismantled for the sake of preserving Toyotas better brand. 

Please help me resolve this dispute with Toyota and repair my credit score for the wellbeing of my family, my mortgage, my business, and  the image of Toyota. 

Sincerely XXXX

Company response to consumer: Closed with explanation