Consumer complaint received 2024-10-26
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Problem with paying off the loan
Company: TOYOTA MOTOR CREDIT CORPORATION (IN)

My auto loan with Toyota Financial Services was only due for 7 more payments when my family and my car were out of state in CA and struck with a flash flood in XX/XX/XXXX. The car was deemed a total loss, which led my insurance company to take ownership of the vehicle and send a payoff check to TFS. I made a payment on the loan prior to our trip, which hadn't cleared TFS 's system yet at the time of the payoff quote, so the first check sent was for the wrong amount. That check was cancelled. A second check, number ending in XXXX was mailed, however when my insurance agent spoke to the TFS total loss department, he was told he used the wrong address and was then given a different address of XXXX XXXX XXXX XXXX, so that check was canceled by the insurance company and a 3rd check was sent for payoff - Check ending in XXXX in the amount of {$1500.00} dated XX/XX/XXXX. However, it turned out the second check with the " incorrect address '' was received by TFS and used to payoff the car loan, closing out the case with the Total Loss department and an overpayment check was sent to my attention. The overpayment check was destroyed as my insurance already paid me back for the overpayment. Then, since the cancelled check is what was used to payoff the loan, that payment bounced. The car loan was then re-opened. I happened to look at the TFS site on XX/XX/XXXX and seen the loan was re-opened and started calling TFS with my insurance agent. Neither of us could be reconnected with the Total Loss department as they refused on multiple occasions to re-open the case. Per all my notes, I've tried calling TFS at least 12 times since then to locate the 3rd check sent for this payoff. I've tried asking for a manager to step in, but kept being told they don't have managers or any means of escalating my call. I finally got one person to give me a manager name and told me to expect a call back within 72 hours. This never happened. The XXXX check was finally found by TFS on XX/XX/XXXX, but was told it would take 20-30 days since the receipt date to process the payment, which would be back dated to XX/XX/XXXX once processed. My calls then started being directed automatically to their collections department on XX/XX/XXXX. As of my calling in on XX/XX/XXXX, I was informed that the XXXX check was finally being applied to the account that morning for processing and to wait XXXX business days to see it online. As of XX/XX/XXXX, no changes to the account. I was then told there was a 20-25 day delay in processing, to wait and check in 25 days for the payoff to be resolved. I received another call from the TFS collections department on XX/XX/XXXX asking if I was making a payment. I told the agent to read the notes and tell me when I can expect the payoff check to be processed. She could not, but said she put in another ( 2nd ) total loss complaint and was pushing it to management. As of XX/XX/XXXX, my loan with TFS is still showing 2 payments delinquent and due for a 3rd.