Consumer complaint received 2024-06-08
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Denied request to lower payments
Company: TOYOTA MOTOR CREDIT CORPORATION (MD)

I have been a Toyota Financial Services customer since XX/XX/XXXX. I have always been pleased with their service and have recommended them to many friends and colleagues. 

Therefore, I was angry and dismayed over my most recent encounter with Toyota Financial Services on XX/XX/XXXX when I discovered that Toyota Financial had locked me into an extended payment agreement I had never agreed to. XXXX XXXX, Toyota Financial Services locked me into a Bad Faith extended payment program behind my back that I did not agree to. On XX/XX/XXXX, XXXX XXXX, who is a representative on behalf of Toyota Financial ( the offeror ) offered me ( the offeree ) an extended payment plan that included resuming my payments on XX/XX/XXXX which I had accepted. I never accepted an agreement for an extension that included resuming payments on XX/XX/XXXX. 

On XX/XX/XXXX XXXX XXXX, a Toyota Financial Service agent informed me that my account was 24 days past due for {$440.00} with no late charges. During the call, XXXX XXXX communicated to me that if I entered into a XXXX extension payment program it would change my loan maturity date from XX/XX/XXXX to a new maturity date of XX/XX/XXXX with a payment due date of XX/XX/XXXX. This move would take any outstanding balance currently owed and place it at the back end of the loan with a current {$0.00} balance of a payment due date of XX/XX/XXXX. 

I declined the XXXX extension payment program and I requested to apply for a XXXX extension payment program instead. XXXX XXXX communicated that a XXXX extension payment would allow me to skip 2 months of payments and change my loan maturity date from XX/XX/XXXX to a new maturity date of XX/XX/XXXX. This would also take any outstanding balance of {$440.00} that was 24 days past due at the time and place the {$440.00} at the back end of the loan with a current {$0.00} balance and payment due date of XX/XX/XXXX, NOT XX/XX/XXXX During the call, XXXX XXXX confirmed that Toyota Financial Services approved my XXXX extension payment and confirmed that my next payment of {$440.00} will be due on XX/XX/XXXX. XXXX XXXX communicated to me that because it was a XXXX extension payment program the maturity date was now moved from XX/XX/XXXX, to XX/XX/XXXX. I asked XXXX XXXX if my new payment date would be XX/XX/XXXX, and XXXX XXXX confirmed that it was. As a result, and due to my current hardship, I accepted the terms and conditions of the XXXX extension payment agreement for XX/XX/XXXX, and NOT for XX/XX/XXXX However, on XX/XX/XXXX Toyota Financial Services sent me a text message notifying me that I missed my Toyota Financial Payment of {$440.00} due on XX/XX/XXXX. I called Toyota Financial Services on XX/XX/XXXX, and spoke to XXXX XXXX to inquire about why I was incorrectly scheduled to resume payments on XX/XX/XXXX and not XX/XX/XXXX. XXXX XXXX informed me that I was due for both XXXX and XXXX payments on XX/XX/XXXX. I told XXXX XXXX that XXXX XXXX, a competent qualified expert operating on behalf of Toyota Financial Services, had originally communicated to me on XX/XX/XXXX that Toyota Financial had confirmed a XXXX payment extension under the condition that I was expected to resume my scheduled payments on the due date of XX/XX/XXXX, before ending the call. 

Second, when I spoke to XXXX XXXX, a Toyota Financial Service agent, she incorrectly informed me that I was due for both XXXX and XXXX. XXXX and XXXX are 2 months for a total of {$890.00}. So, when I told XXXX XXXX that XXXX XXXX had originally communicated to me that I was only 24 days past due ( not 2 months ) with a balance of {$440.00} and not {$890.00}. XXXX XXXX double-checked, discovered her error, and confirmed that I was under the extended payment program which would have moved any payments due to the back end of the loan according to the new terms and agreement leaving me with a {$0.00} balance at the beginning of my new payment due date. Again, a second misrepresentation of my extended payment agreement plan. 

I further explained to XXXX XXXX that I could not be held to a payment due date of XX/XX/XXXX. were based on the condition that I was expected to resume my payment on XX/XX/XXXX because there were no offers and acceptance for that due date in XXXX. I requested that Toyota Financial Services honor the offer that had been originally agreed to by both parties on the condition that I was expected to resume payments on XX/XX/XXXX, XXXX XXXX said that the only thing that could be done then would be to have a manager review the call and have that team member coached on what was said so it does not happen again. XXXX XXXX informed me that she would have her manager give me a call. I never received even a courtesy call or an explanation of the situation. 

I informed XXXX XXXX that was not an unacceptable resolution. I let XXXX XXXX know that I never would have been a part of an agreement that had me resuming my payments on XX/XX/XXXX. 

Not only was Toyota Financial wrong about my overdue balance owed before the payment extension program was implemented, but Toyota Financial was also wrong about when I was to resume my payments.