Consumer complaint received 2023-01-30
Company: TOYOTA MOTOR CREDIT CORPORATION
State: MD
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
Hello CFPB, My name is XXXX XXXX, and I am writing a formal complaint against XXXX XXXX of XXXX XXXX and XXXX XXXX XXXX. 

On XX/XX/XXXX, my nephew XXXX XXXX, and a friend of his went to the XXXX XXXX XXXX XXXX XXXX dealership to purchase a new car. My nephew was APPROVED for the XXXX XXXX LC XXXX but at the highest APR available. This vehicle has an estimated value of {$95000.00}. I dont know what the vehicles MSRP was at the time, but the final sales price appears to have been {$140000.00}. My nephew did not want to place a down payment despite him having a high-paying full-time job and a successful business generating over $ XXXX. The dealership manager enticed him to find someone with good credit so 1 ) no down payment would be required, 2 ) the monthly payment could go down and, 3 ) help improve his chances of qualifying for a much lower APR. 

I NEVER stepped foot into this dealership. I NEVER applied for the XXXX XXXX XXXX  XXXX. I was very ill around that time and believed to have had XXXX. I was heavily medicated in hopes of recovering faster. I could not go anywhere and was not in any condition to do anything. Even if I was there to apply, I NEVER had the income to afford this type of luxury vehicle nor do I now. My income was only {$50000.00} at the time when I was employed as a Branch Manager for XXXX Bank. My credit score has always been in the XXXX and my family is well aware of that I dont live an extravagant lifestyle. 

I can not understand how XXXX XXXX of XXXX XXXX made ME the primary borrower when I NEVER stepped foot into that dealership, nor did I interact with anyone regarding this matter. An exceptional credit score does not equal the ability to repay but thats what this dealership seems to believe. I also learned the vehicle title is ONLY in my nephews name which seriously raises questions about their business practices. 

Toyota Motor Credit is their in-house financing and I suspect that they inflated and manipulated information to make it appear that I was a high earning individual that was present and to add insult to injury, nearly {$50000.00} worth of warranties was added. No bank would approve something as outrageous as this. 

The dealership manager had something insidious planned and its clear that his goal was to upsell as much warranty as he could since the monthly payment significantly went down. It infuriates me that my information was used, and that this dealership used unethical high-pressure sales tactics to make the sale go through in their favor. According to my nephew, the dealership manager coerced him to add more warranties so the banks would see it as favorable with less risk and increase his approval odds. 

I heard that some of the sales people that worked there left due to the unethical and illegal sales practices in this dealership enforced by their XXXX XXXX. Look into this. 

My nephew, XXXX XXXX simultaneously lost his full-time job and business and has been struggling to make his monthly payments since last summer XXXX. I have been receiving daily automated calls from XXXX, phone # XXXX since then and I recently began receiving calls from Toyota Motor Credit, phone # XXXX. I spoke to someone from the XXXX number, and they understood the situation, but nothing could get resolved. I received several calls from the XXXX number in the last week of XX/XX/XXXX but every time I answered, the call would drop after 3 seconds of dead air. I feel harassed and want this to stop. Ive received over 70 calls This has caused me financial harm and I want my name removed from the loan. I am also seeking financial compensation for the financial harm, the emotional and mental distress this has caused me.

Company response to consumer: Closed with explanation