Consumer complaint received 2024-03-28 00:00:00
Product: Vehicle loan or lease — Lease
Issue: Getting a loan or lease — High-pressure sales tactics
Company: TOYOTA MOTOR CREDIT CORPORATION
State: NJ

Complaint narrative:
On XX/XX/XXXX, I went to a Lexus dealership to explore leasing/financing options and get a new car. I was presented with my options for monthly payments when leasing vs. financing, as well as how those payments would change depending on the amount put down. I was fully transparent that I would likely want to own the vehicle at some point but thought the lease approach worked best given the high interest rate environment. 

I chose the leasing option given the relatively lower monthly payments. After agreeing, I waited for about an hour to see the finance person and sign the contract. I went into the office at around XXXX XXXX, after the dealership was technically closed. 

The finance person walked me through the details but did not provide a physical copy of the contract for me to review. I was told the amount for the monthly payments, the initial amount due, and the purchase price of the car at the end of the contract. Again this was all verbal and no physical contract was presented to me. I again reiterated that I would likely purchase the car at the end of the lease and thought that this would save me as I was told that the amount I put down at signing would reduce the lease-end buyout price ( I recognize now that this is not how it works and that the down payment doesn't do anything for the buy-out price - but no one corrected me ). 

I signed on a digital pad after he walked me through the details. Since I did not come in with a check, they said that they can not provide me with a copy of the physical contract until I provide the check. I provided the check on the following Tuesday, XX/XX/XXXX, but was not given the contract until today, XX/XX/XXXX. 

Upon reviewing the contract, I noticed that there was a disclosure for the " Total cost of the lease, assuming you do not default and exercise your purchase option '' which was ~ $ XXXX. This was not disclosed to me at the time of signing and, had I been aware of this, I would have rethought my option to lease and, instead, finance the car. Also, at the end of the contract, there is a disclosure that says that I have one business day to review the contract before signing. This was not disclosed to me either. 

While I recognize that I should have requested a written contract, I strongly feel that XXXX XXXX XXXX was not upfront and only selectively disclosed certain fees/costs associated with the lease. They failed to disclose all costs that were presented on the contract and to inform me that I had one business day to review the contract prior to signing. I felt very pressured as the sales associate told me that I had to leave with the car that night to get the best deal. 

I also feel like I was treated unfairly by Lexus Financial Services approaching the contract signing process by having a finance person verbally talk me through it and sign on a little electronic pad. This was after waiting an hour to see the finance person and being at the dealership so late.

Company response to consumer: Closed with explanation