Consumer complaint received 2020-10-12
Company: TOYOTA MOTOR CREDIT CORPORATION
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
On Saturday, XXXX the XXXX I went into XXXX XXXX XXXX located at XXXX XXXX XXXX XXXX, XXXX XXXX, TX XXXX, to inquire about trading in my XXXX  XXXX XXXX. I spoke with the salesman XXXX and advised him why I was looking to trade in the vehicle. After hearing my reason he advised me he would be more then happy to help and thinks they can make something work. We sat at his desk and he advised me the only vehicle he had that would work for the trade would be a XXXX  XXXX XXXX. I was not presented the vehicle but I advised him that was fine. He then advised me " Ok I will be back, let me see what I can do ''. 

About 30 minutes later he returned and advised me they can do the trade at about XXXX . I advised him that was fine and he began to work on the credit application. He did not verify any information but my income which I advised was XXXX $ a month. He went back to completing the application and did not return for a while. 
2 hours later he asked me to follow him into the office of XXXX the finance manager who I thought was going to verify my information before submitting my application to the bank. Upon entering his office I was not briefed on the application, I was not shown any of the information that was being submitted, I was only asked to verify and sign that my name, address, and social security number were correct. 
I waited an hour to get my new vehicle and was sent on my way. They advised me they did not have paperwork ready because banks were closed and was told to return later in the week to pick them up. 

On Wednesday, XXXX the XXXX I was advised my paperwork was ready so I went back in to pick it up. XXXX escorted me to his office and stated I needed to resign the contract because the bank changed the terms to a lower interest rate but that it was mandatory to take gap insurance which would be an additional charge. The monthly payment increased from XXXX $ to XXXX $ and at this point I was not wanting to take the vehicle anymore. XXXX advised me that since I signed the first time I was required to take the deal. With no other options provided I was forced to sign the new contract and left with no paperwork again. 

It would take them almost 3 weeks to give me paperwork on the deal. Once received and reviewed I realized the loan to value of the vehicle did not make sense and that the full warranty was added to  the vehicle. I decided to call the bank, Toyota financial and see how they were able to complete this kind of deal if every other bank denied it. Thats where I found out that they altered my information on my credit application and submitted false information to get me approved. I advised the bank on the correct information and advised them I had no part in submitting false information. They advised me they will get in contact with the dealer and that they would contact me. I never received a call from the dealer so I decided to call myself. I escalated the call to the finance departments head manager XXXX. XXXX advised me that there was nothing that could be done until I went into the office but that they would work with me to fix the issue. 

I went into the office on Saturday, XX/XX/XXXX to see what it was that happened with my deal. I spoke with XXXX who listened to the situation listed above. I advised XXXX that his salesmen lied on the application to get me approved. XXXX stated he apologizes because he was the one who submitted my application and can admit he did not verify the information because ( and I quote ) " He did not think he had to babysit and adult man ''. I advised again that what was done was bank fraud and would have preferred the bank deny me. He then advised me he was trying to be the good guy by doing everything he could to get me approved. I advised him what was done was illegal and I did not want to take the deal once the terms were changed. He replied that XXXX was not correct with what he said and I could have walked away. He began to advise me that my deal was denied even after changing and falsifying my information so he had to ask the bank to " do him a favor ''. 

I again advised him that I would've rather gotten denied because what he committed was bank fraud and I did not want to be apart of it nor take the deal once the terms changed. He began to advise me that we are past all of the fraud and that the deal is done. I advised I will be contacting the FTC and attorney general. He then tried to change the topic by telling me he would sweeten the deal and get me in another car. He began to show me deals he could " make happen '' but that he would not take away any negative equity on the vehicle I already had. I did not like anything that was going on so I decided to leave and again advised I will be contacting the FTC and attorney general regarding this situation.

Company response to consumer: Closed with explanation