Consumer complaint received 2024-02-07
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with fees charged
Company: TOYOTA MOTOR CREDIT CORPORATION (LA)

I have been a valued customer of Toyota for many years and a repeat customer of XXXX XXXX. I have financed several new car leases through XXXX. XXXX acts as if you are family to gain your trust. He knows I am XXXX on medication for XXXX XXXX as well as a single mom. I feel deeply that Toyota XXXX took advantage of me during a pandemic. My son and I sat down at XXXX Toyota first and XXXX second to discuss a used XXXX XXXX. Toyota XXXX told me to wait to purchase because the warranties would be better on the new XXXX. XXXX told me to purchase in XXXX because the new XXXX would skyrocket come XXXX and to trust that he would always give me the best deal. XXXX and I discussed figures before entering the finance room. XXXX always prepared the deals prior to us getting to the dealership and we quickly signed electronically trusting him. Being that my family and I have been loyal customers of XXXX, I proceeded with signing the deal electronically without reviewing the paper docs which were not offered to me. I had great credit and traded a leased vehicle with {$1600.00} in equity. The finance guy went over adding several maintenance plans but no one ever told me the ins and outs of the deal. Being a woman that does not like wheeling and dealing I just felt XXXX was my representative, especially because he told me I did not need a man to assist with the deal when my ex husband tried to call him, XXXX said I had him, I didn't need my ex.. 
I recently visited two dealerships to trade in the vehicle and learned, my trade in value today is only $ XXXX {$20000.00} and my payoff is {$43000.00}! XXXX Toyota manager could not believe the sales price of this vehicle. He said to contact XXXX XXXX and have them place Toyota Financial on the phone immediately to remedy the situation. XXXX and the finance gentleman price gauged during the pandemic by burying me in vehicle payments and finance charges, They added thousands of dollars on the front sales price of the used vehicle and an additional {$3000.00} to my trade-in payoff balance and extended my loan term to 84 months without discussing the numbers with me. They never offered a private lender because XXXX or any other lender would not have allowed a {$20000.00} vehicle to be sold and financed for {$43000.00} out the door when a new XXXX did not cost that much. They snuck a deal through Toyota Financial for 84 months without discussing the loan terms, price, and negative equity that I would ensue. I am financing a XXXX XXXX XXXX for {$61000.00}! How did they finance this deal through Toyota Financial with exuberant negative equity? I asked the general manager at XXXX XXXX Toyota, XXXX XXXX to make it right today and assist me with trading the vehicle out as a valued customer, single mom on XXXX taking nerve pain medication and he yelled, " you drove this vehicle and put XXXX miles and now you want to return it? We are in the business to sell cars and you signed the deal. '' After, I explained other dealership managers ( XXXX Toyota and XXXX XXXX ) both stated they did not understand how this deal was legally financed because I am still financing the car today with a payoff of {$43000.00}! They stated they would help as best as they could but XXXX needed to remove numerous warranties, and a mechanical breakdown package and he said theyll tell you anything to sell you a car. I said so basically you dont care about me as a loyal customer and he laughed and said take me to small claims court and hung up. If I was in an auto accident when I left the lot on XX/XX/XXXX what would insurance and GAP have covered? Consumers now need to question whether an auto balance would be owed if anything happened to their vehicle through Toyota Financial because their deals are extremely unfair. Is there not a cap on what a dealership and finance company can legally charge for a used vehicle? I was always told Toyota Financial gave the best finance deals at Toyota above any other lender ; lowest interest and best value.. This is absolutely not true.. This deal reflects it.