Consumer complaint received 2024-02-09
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with additional products or services purchased with the loan
Company: TOYOTA MOTOR CREDIT CORPORATION (IL)

I bought a XXXX Toyota XXXX at XXXX Toyota XXXX on XX/XX/XXXX. I decided to get a car loan with Toyota directly. While setting up a loan for this car purchase, I was pressured into signing up for extra warranties. The sales person did not give me enough time to read through the paperwork and told me he had other customers waiting. He assured me that the extra warranties had a 30 day cancellation policy so I could always change my mind after I purchased the car. 

Once I got home and had time to read the paperwork, I decided the extra warranties were not what I wanted. I emailed the financial manager on XX/XX/XXXX stating that I wanted to cancel all extra warranties. This was three days after I purchased the car, so well within my 30 day cancellation period. I went to the dealership directlyon XXXX XXXXto see the financial manager to talk about the cancellation of the warranties, but he wasnt there and the sales person told me that he would deliver my message. The sales person told me that the financial manager will call me when he gets to the office so I left. However, the financial manager never called me. I wrote another emailon XXXX XXXXand he finally responded and told me that because the loan was still processing I had to wait 2 to 3 weeks to cancel the extra warranties. This seemed very suspicious to me so I called the dealership againon XXXX XXXXand asked when I could see the financial manager. I went to the dealership with my friend as a witnesson XXXX XXXXand asked them to cancel the extra warranties but I received the same answer that my loan was still processing and couldnt be canceled. I continued to email him, explaining that I wanted to cancel the extra warranties right away, hoping to hear that it was finally possible to cancel. 

I finally received a cancellation form to fill out on XX/XX/XXXX. This form was not complete, so I emailed back asking for all the warranties to be included on the cancelation form. I received the correct cancellation form on XX/XX/XXXX. I submitted and signed the cancellation form for these specific warranties : Toyota Auto Care {$980.00} Dent Protection {$630.00} Tire and Wheel Protection {$650.00} Vehicle Protection Plan {$3500.00} These extra warranties total {$5800.00}. I was told it would take 7 to 8 weeks to process the cancelation form but nothing has happened. My total loan amount is still the same. I emailed the financial manager on XX/XX/XXXX asking for an update.The financial manager told me he no longer works for Toyota XXXX and left for a different location so he couldnt check my cancellation status. He told me that he would forward my email to the new financial manager at Toyota XXXX but I did not receive a response from them.I asked for the email address of the new financial manager on XX/XX/XXXX and never received a response. It has been 13 weeks as of XX/XX/XXXX. 

Additionally, there was one other extra warranty I wanted to cancel but the financial manager told me I was unable to cancel it. This is the warranty called Appearance and Windshield Protection, for the amount of {$630.00}. The financial manager told methis warranty cant be canceled at all.When I went to the dealership with my friendon XXXX XXXXwe asked for an explanation as to why this warranty can not be cancelled. They told me that the Appearance and Windshield Protection comes with the car. I believe if this product comes with the car, it should have been included in the original vehicle cost. 
Moreover, reading the the purchase agreement, the " Appearance and WindshieldProtection '' is under an optional accessory/product/service. And itstatesyou have elected to purchase optional items that are listed we do not require you to purchase any of these items. 
This is very unfair to not be able to cancel this because the financial person misrepresented this product to me at the time of my car purchase. 

I am filing this complaint with CFPB because I want Toyota to cancel the extra warranties immediately and for my car loan to be corrected. I have made 3 payments towards my car loan even though it has not been updated. Toyota states that I had 30 days to cancel the extrawarranties, and I canceled within the 30 days, so my car loan with Toyota should be corrected immediately so that I am not paying for the extra warranties that I do not want.