Consumer complaint received 2017-10-11
Company: TOYOTA MOTOR CREDIT CORPORATION
State: PA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Lender trying to repossess or disable the vehicle

Complaint:
1. I, XXXX XXXX XXXX XXXX hereby submits my complaint to the Consumer Financial Protection Bureau against Toyota Financial Services for the following reasons : 2. I have been unemployed for nearly one year, and during that time I exhausted my savings to main my payments on my vehicle secured with Toyota Financial Services. 
3. I am a professional person who has throughout my career made a respectable living, and believe that Toyota Financial Services should approve a payment plan for my vehicle. 
4. My interest rate on my vehicle is 16 %, an extraordinary rate that borders on being usurious. 
5. A recent communicate from my wife XXXX with a representative of Toyota Financial Services went to the point that it was explained that I was now gainfully employed, and that I could within the next two weeks make a payment of {$3000.00} on my vehicle loan, bringing the unpaid balance down to {$3300.00}. She was told that the vehicle needs to be repossessed instead. 
6. A repossession would mean that upon resale, a collection could be placed my personal credit rating, and that a deficiency judgment could be procured against me personally, giving me no choice but to file for personal bankruptcy. 
7. I do not accept a volunteer surrender and a repossession would place me without transportation to and from my employment, causing a serious financial set back. 
8. Toyota Financial Services must accept my {$3000.00} payment on or before XXXX XXXX, 2017, and I will agree to additional monthly payments of {$3000.00} until the vehicle loan is brought up to date, if not exceeding to the point of over-payment on said account. 
9. The hard stance by the representative of Toyota Financial Services is uncalled for, and the interest rate must be brought to within a reasonable limit of 7.5 %. 
10. My payments will be made by cashiers check payable to Toyota Financial Services, and all payments will be made by cashiers check until its brought current and/or showing over-payment on the account. 
11. Toyota Financial Services most likely securitized my vehicle loan into a pool of funds known as a securitized trust, and accordingly, I request a full accounting as to the actual ownership of the debt in question. 
12. I request an investigation into the hard money lending practices utilized by Toyota Financial Services, as they have use excessive interest rates in the procurement of my vehicle loan. 
13. Toyota Financial Services is part of Toyota Financial XXXX XXXX, governed by the Federal Deposit Insurance Corporation FDIC Certificate No. XXXX. 
14. The FDIC must investigate the border line usurious rates Toyota Financial Services procures on American consumers. 
15. I will make the payments as scheduled, and I demand proof of debt ownership without a qualified written request within the guidelines of the Fair Debt Collection Practices Act. A federal act and legislation that Toyota Financial Services is in serious violation of.

Company response to consumer: Closed with explanation