Consumer complaint received 2024-04-03 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Company explaining amount owed
Company: TOYOTA MOTOR CREDIT CORPORATION
State: NJ

Complaint narrative:
On XX/XX/XXXX, TOYOTA MOTOR CREDIT CORPORATION acquired my consumer credit application and retail installment agreement contract for family and household goods from XXXX XXXX, in a consumer credit sale transaction utilizing the consumers open ended consumer credit plan Social Security card number XXXX for the purchase of a XXXX XXXX XXXX  VIN # XXXX, with a purchase money loan in accordance with16 CFR 433XXXX ( d ) and Truth in Lending Act regulation Z. 

The acquisition and securitization of my self-liquidating commercial paper security application in accordance with17 CFR 216.11 b6 ( application + retail installment contract agreement ) occurred for the purpose of obtaining an extension of credit. This process involved TOYOTA MOTOR CREDIT CORPORATION 's direct broker dealer partner XXXX XXXX submitting consumer 's credit application/ promissory note and obtaining cash advances at an par value amount through Certificates of Indebtedness, using consumer 's social security number. At which time should TOYOTA MOTOR CREDIT CORPORATION have released the lien on the title for the XXXX XXXX XXXX  when the cash value was received. TOYOTA MOTOR CREDIT CORPORATION exploited consumer 's security interests and continues to do so by mishandling consumer 's indebtedness, securitizing cash advances, in addition to consumer 's monthly receivables which are interest dividend proceeds that are due to the consumer, from the unauthorized trading of my U.S. Treasury marketable security application and contract security agreement. 

Due to the Bankruptcy Act of 1933 and the Trust Indenture Act of 1939, all debts fall under the responsibility of the United States per Title 18 USC 8. The term " obligation or other security of the United States '' encompasses all bonds, certificates of indebtedness, national bank currency, FRNs, Federal Reserve bank notes, coupons, United States notes, Treasury notes, gold certificates, silver certificates, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of the United States, stamps and other representatives of value, of whatever denomination, issued under any Act of Congress. 

Said promissory note and security agreement contract was sold/transferred/assigned by XXXX XXXX, Dba XXXX XXXX XXXX to TOYOTA MOTOR CREDIT CORPORATION and then transferred and securitized by XXXX XXXX XXXX  XXXX ( a wholly-owned subsidiary of Toyota Motor Credit Corporation ) and then transferred and sold to other associates and affiliates according to XXXX XXXX XXXX XXXX D Owner Trust Underwriting Agreement on file with the Security Exchange Commission dated as of XX/XX/XXXX and signed by XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX and Toyota Motor Credit Corporation XXXX XXXX XXXX XXXX XXXX  XXXX  XXXX XXXX XXXX as a self-liquidating commercial paper receivable in accordance with17 CFR 216.11 b6 as a letter of credit and security agreement of collateral ( lien on certificate of title ) for a cash advance to secure performance of payment of the consumers obligation on the contract for the finance charge of {$11000.00} which is the sum of all charges payable directly or indirectly to whom the credit is extended in accordance with 15 USC 1605b and all payment owed by the consumer on the contract agreement in accordance with Page 3 part 2.c. of the contract security agreement in which the consumer granted a security interest to TOYOTA MOTOR CREDIT CORPORATION in the certificate of title for the return of the principal and interest of the security application/ asset-backed promissory note and security agreement contract that was tendered in good faith and transferred and sold to Toyota Motor Credit corporation ( Administrator/Servicer ) received cash a cash advance at which time the consumers obligations were complete on the contract agreement and the lien on the title of the XXXX XXXX XXXX  should have been released and certificate of title sent to the consumers address. 


In accordance with 15 USC 1605b the finance charge is the sum of all charges in connection with any consumer credit transaction in accordance with the contract security agreement page 1 under FEDERAL TRUTH-IN-LENDING DISCLOSURES the finance charge was only {$11000.00} which is the sum of all charges owed by the consumer on the contract to secure performance of payment for the XXXX XXXX XXXX  to be paid in full and the amount financed was {$31000.00} which means that there is a credit balance of {$20000.00} TOYOTA MOTOR CREDIT CORPORATION owes the consumer for performance of the consumers obligation on page 3 section 2. c. of contract agreement. 
Toyota motor credit corporation is in breach of contract specifically Page 3 part 2. c. by unlawfully claiming the consumer is late on any payment and in default in a consumer credit transaction ( 15 USC 1666b ) and that the consumer owes a debt when the contract security agreement explicitly states that the grant of security interest secures performance of payment of all the consumer owed on the contract which is only the finance charge in accordance with 15 U.S.C. 1605b and also secured all other agreements on the contract. 

The purchase money loan agreement/credit sale contract secured payment for all amounts owed on the contract. '' According to 16 CFR 433.1 ( i ), a retail installment agreement/ consumer credit contract is indeed purchase money loan and a credit sale, especially since the consumer 's social security number was utilized in the transaction. Moreover, CONGRESS classifies this type of transaction as a credit card transaction and in accordance with 15 USC 1666b TOYOTA MOTOR CREDIT CORPORATION ( a creditor ) may not treat a payment on a credit card account under an open and consumer credit plan as late for any purpose. Toyota motor credit corporation is in direct violation of 15 USC 1666B by reporting my consumers payments late XXXX  times to XXXX credit reporting agency,XXXX Times to XXXX XXXX credit reporting agency and XXXX times to XXXX credit reporting agency . 

Toyota motor credit corporation is also in breach of page 3 section 3. d. of contract security agreement by unlawfully repossessing the XXXX XXXX XXXX VIN # XXXX and threatening to sell my property without giving any written notice to the consumer or obtain the consumers written or oral consent and by failing to enter into binding arbitration, if there was a discrepancy about an unpaid balance, default on the contract agreement or any repossession of the vehicle, the security agreement contract explicitly states that any and all disputes shall be settled by binding arbitration. 

The consumers security application and security agreement contract was then transferred XXXX XXXX XXXX XXXX XXXX ( a registered investment company in accordance with 12 USC 1820a ( d ) ( 6 ) ) and securitized as a receivable as self-liquidating commercial paper in accordance with 17 CFR 216.11 b6 and was then transferred/sold to XXXX XXXX. ( as Indenture Trustee/Securities Intermediary ) to be securitized as a book entry certificate of deposit asset and then sold to XXXX XXXX  XXXX XXXX-D OWNER TRUST with XXXX XXXX XXXX XXXX as owner trustee according to XXXX XXXX XXXX XXXX-D OWNER TRUST underwriting agreement on file with the Securities Exchange Commission and XXXX XXXX  XXXX XXXX-D OWNER TRUST indenture on file with the Securities Exchange Commission along with other affiliates such as XXXX XXXX securities XXXX, XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX  XXXX. , XXXX XXXX  XXXX XXXX XXXX as joint global coordinators book runners and representatives all of which are third parties which the consumer never authorized his information being shared without his consent which is in direct violation of the Gramm Leach Bliley Act 16 CFR 313.10. Toyota Motor Credit Corporation is disclosing the consumers non-public personal information to nonaffiliated third parties. 

In accordance with Office of the Comptroller of Currency ( OCC ) asset securitization L-Sec handbook , Federal Reserve Bank Operating Circular No.10 page 5 section 3.0 - 3.3 and Federal Reserve Act section 16 paragraph 2 a cash advance at par value was received on for my application/promissory note which secured performance of payment of the finance charge owed on behalf of the consumer at which time the lien on certificate of title should have been released. The above mentioned transaction ( purchase money loan or cash advance ) was falsely misrepresented as an auto loan when in fact it is a purchase money loan in accordance with 16 CFR 433.1 ( d ) and Truth in Lending Act regulation Z.

In accordance with UCC 8-302 Toyota Motor Credit Corporation is falsely claiming holder in due course rights to the security interest collateral known as certificate of title and the XXXX XXXX XXXX, and all proceeds being made from my U.S. Treasury marketable security which is a financial asset to the consumer and Toyota Motor credit corporation and their affiliates are unjustly enriching themselves with the utilization of the consumers fnancial asset and Social Security number trading on the secondary market. Because at the time of the transfer of the contract security from TOYOTA MOTOR CREDIT CORPORATION to XXXX XXXX XXXX XXXX, TOYOTA MOTOR CREDIT CORPORATION transferred the holder in due course rights of the security note to XXXX XXXX XXXX XXXX who then transferred it to other affiliates and is being held by XXXX XXXX XXXX  XXXX-D OWNER TRUST in the name of the consumer as the certificate holder. TOYOTA MOTOR CREDIT CORPORATION is using false and misleading representations to claim holder in due course rights to a contract that it is no longer in possession of pursuant to the underwriting agreement and trust indenture on file with the Securities Exchange Commission. 
The consumer is the beneficial owner in accordance with 17 CFR 240.13d-3 and 31 CFR 1010.230 of all rights, titles and interest of the all the certificated and uncertificated securities and interest dividend proceeds being derived from the asset backed promissory note/application after the cash advance was received in the name of the consumer under loan account number XXXX, and in accordance with 8 UCC 8-501 said account is a securities account in which a book entry financial assets are being credited to the consumers securities account pursuant to the underwriting agreement and trust indenture on file with the Securities Exchange Commission. 
Toyota Motor Credit corporation ( Administrator/Servicer/Sponsor ) with XXXX XXXX as XXXX XXXX XXXX XXXX XXXX XXXX including its affiliated entities such as Toyota Financial Services, XXXX XXXX XXXX XXXX  XXXX XXXX ( Depositor ) XXXX XXXX  XXXX  XXXX-D Owner Trust ( as issuer ), XXXX XXXX. ( as Indenture Trustee insecurities intermediary ) with XXXX XXXX as trustee, XXXX XXXX XXXX XXXX ( as Owner Trustee/Certificate Registrar ) XXXX XXXX XXXX XXXX as XXXX and all related persons, partners and subsidiaries, is alleged to be engaging in securities fraud and tax evasion through substantial false and misleading misrepresentations in holder in due course rights. These misrepresentations involve collusion, forgery, intentional omissions, and distortions related to consumers ' credit. Toyota Motor Credit Corporation is engaging in tax evasion by receiving a copy of 1099-A and failing to fulfill their fiduciary duty to discharge the debt and of falsely making inaccurate derogatory marks on the consumers credit reports. 
This account was intended for household primary goods. TOYOTA MOTOR CREDIT CORPORATION has inaccurately categorized the account as a retail installment agreement when, according to the law, it was a consumer credit sale. Additionally, TOYOTA MOTOR CREDIT CORPORATION has failed to charge off the debt on its tax records after receiving copies of 1099-A via email from the IRS and a physical copy via Certified mail from the consumer. on XXXXand the consumer, sent correspondence via Certified Mail to TOYOTA MOTOR CREDIT CORPORATION with the attention to the legal department, and TOYOTA MOTOR CREDIT CORPORATION XXXX XXXX XXXX XXXX trustee for XXXX XXXX. ( Securities intermediary ) This correspondence was Notice to formally withdrawal of consent to the Special Power of Attorney and the relinquishing of any security interest derived from U.S. marketable treasury securities as well as secondary market exchanges. In accordance with Uniform Commercial Code Article 3 section 3601 ( a ) the debt is discharged. The Retail Installment Agreement specifically sates on page 3 in paragraph 2. c., that the security interest granted in the certificate of title for the XXXX XXXX XXXX secured performance of payment for the the purchase money loan agreement/credit sale " and secured payment for all amounts owed in the contract. '' According to 16 CFR 433.1, a retail installment agreement is indeed a credit sale, especially since the consumer 's social security number was utilized in the transaction. Moreover, CONGRESS classifies this type of transaction as a credit card. It is noteworthy that TOYOTA MOTOR CREDIT CORPORATION shareholder reports and underwriting agreement on file with the Securities Exchange Commission explicitly state that the extensions of credit ( the collateral ) may take the form of " PROMISSORY NOTES '' and " Letters of Credit. '' Despite these facts, TOYOTA MOTOR CREDIT CORPORATION continues to pursue payment for the debt of a vehicle when the debt was already paid. Despite investing considerable time on the phone in attempts to resolve the issue with TOYOTA MOTOR CREDIT CORPORATION customer service, my efforts have been in vain. TOYOTA MOTOR CREDIT CORPORATION continues to insist on payment for an alleged debt, yet they have not furnished me with a genuine FULL copy of the original agreement executed by all parties with wet-ink signatures. Additionally, they have failed to grant me access to any master account/consumer account associated with the securitization of the credit sale agreement. TOYOTA MOTOR CREDIT CORPORATION has not provided consumer with official treasury forms that were filed under consumer 's social security number. Consumer reporting agencies ( XXXX, XXXX, XXXX, ) hard inquiries prove consumer credit was pulled. By the rules that govern TOYOTA MOTOR CREDIT CORPORATION and it's affiliates under the FCRA, FTC and 16 CFR 433.1, 16 CFR 433.2 and 16 CFR 433.3, TOYOTA MOTOR CREDIT CORPORATION is bound to follow all guidelines when offering retail installment agreements, and per the contract, as a consumer my rights can be asserted at any time. The debt securities, along with all associated rights, title, and interest, have been sold to other companies. TOYOTA MOTOR CREDIT CORPORATION acting as a servicer, is not allowed to genuinely collect since it transferred the liability ( holder in due course rights ) to its subsidiary, XXXX XXXX XXXX XXXX XXXX, ( Depositor ). 

According to TOYOTA MOTOR CREDIT CORPORATION 's underwriting agreement ( pg. 2 ) on file with the Securities Exchange Commission, the finance company bundled consumer commercial paper securities, including all related rights, and sold them to XXXX XXXX XXXX XXXX XXXX, ( Depositor/Servicer ) as part of a securitization process. The latter then sold the portfolio of receivables to XXXX XXXX XXXX XXXX-D OWNER TRUST, an asset-backed securities issuer trust. XXXX XXXX XXXX XXXX-D OWNER TRUST utilized the purchased receivables as collateral for issuing notes and residual certificates. As indicated in TOYOTA MOTOR CREDIT CORPORATION 's shareholder report, the finance company serves as the sponsor and servicer of the underlying collateral, but it no longer owns the obligation resulting in TOYOTA MOTOR CREDIT CORPORATION having no rights to payment or to repossess vehicles. Additionally, SEC filings and reports reveal that tranches of " auto loan receivables '' are being sold to numerous investors on public exchanges, such as the ones named above and consumers have not received any value in return for this exchange. Per the Securities Exchange Act, collateral can only be in the form of SECURITIES ( not vehicles ). The consumer, as the bona fide purchaser, holds the right to residual returns, as indicated by statements bearing consumer 's name detailing book-entry securities and residuals from derivative certificates apparently hedged with partner companies. In SEC filings, TOYOTA MOTOR CREDIT CORPORATION 's affiliated companies affirm that the consumer is entitled to claims and rights, being a bona fide purchaser for value or an actual secured party with a perfected security interest according to applicable state law. Under the IRS rules regarding 1099c,1099oid & 1099a, companies must provide consumer with a copy of appropriate 1099c for accurate IRS reporting for any debt over {$600.00}. TOYOTA MOTOR CREDIT CORPORATION has not provided copies of the IRS forms filed with the U.S. Treasury and it does not appear that they are filing the proper taxes with IRS. It appears from my consolidated statement this account may be classified as an IRA, which clearly it is not. According to TOYOTA MOTOR CREDIT CORPORATION 's shareholder reports the debt discharged amounts as gains on extinguishments, and the monthly receivables as GOOD WILL. 

Due to TOYOTA MOTOR CREDIT CORPORATION 's non-compliance consumer will have no choice but to file Forms 3949-A and 211 along with other applicable OMB IRS forms with the treasury to audit consumer 's account to make sure accurate reporting and taxes are rendered, along with all OMB IRS forms needed to conduct an audit on consumer account. Due to the recent change in consumer laws please serve this as NOTICE that upon a VALID PROOF OF CLAIM notarized under penalty of perjury, consumer refuses to remit any funds until all documentary evidence of the accounting on the public and private side of consumers account in accordance with 45 CFR 501.6, 15 USC 44 and 31 USC 1501 i.e. TOYOTA MOTOR CREDIT CORPORATION 'S internal Master Account. TOYOTA MOTOR CREDIT CORPORATION is to immediately stop any debt collection activities and credit reporting until said company provides all information under the penalty of perjury for documentation. 


TOYOTA MOTOR CREDIT CORPORATION along with XXXX XXXX XXXX  XXXX-D OWNER TRUST ( The Issuer ) is in breach of contract and in breach of trust Pursuant to the contract agreement with the consumer and the Trust Indenture on file with the Securities Exchange Commission dated as of XX/XX/XXXX where it explicitly states on page 13 of Article 3 ( III ) Section 3.07 Persons Deemed Certificateholders, it clearly states that prior to due presentation of a certificate for registration of transfer the Owner Trustee or Certificate Registrar may treat the person in whose name any certificate shall be registered in the certificate register as the owner of such certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever. As the certificate is in the name of the consumer and the consumer is entitled to all distributions in accordance with section 5.02 of the Trust Indenture. And also on page 16 of the trust indenture agreement Article 5 ( V ) application of trust funds certain duties section 5.02 APPLICATION OF TRUST FUNDS ; CERTAIN DUTIES part ( a ) it explicitly states For so long as any Notes are outstanding, on each Payment Date, the Indenture Trustee will distribute to the Certificateholders, on a pro rata basis, based on the Percentage Interests thereof, the amounts distributable thereto pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of the Indenture. From and after the date on which the Notes of all Classes have been paid in full, the Paying Agent shall distribute to the Certificateholders ( XXXX ) amounts released to the Trust pursuant to Sections 4.02 and 8.05 ( b ) of the Indenture and Section 5.01 ( d ) of the Sale and Servicing Agreement and ( ii ) amounts that are distributable to the Certificateholders in accordance with the instructions of the Servicer pursuant to Section 5.06 of the Sale and Servicing Agreement. And also on page 17 of the trust indenture section 5.03 Method of Payment : it states that distributions required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the related Record Date either by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register or by wire transfer, in immediately available funds, to the account of any Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five ( 5 ) Business Days prior to such Payment Date.

Company response to consumer: Closed with explanation