Consumer complaint received 2024-04-27 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: TOYOTA MOTOR CREDIT CORPORATION
State: AR

Complaint narrative:
To Whom It May Concern, Urgently, I am writing to remove a repossession charge-off listed on my credit report by Toyota Motor Credit Corp , which is significantly and negatively impacting my credit score. Despite my best efforts, I have been unable to resolve this matter directly with Toyota Motor Credit Corp.

I discovered an outstanding balance on a vehicle loan for which I was a co-signer. Unfortunately, the primary account holders, my parents, are deceased, and I was unaware of the remaining balance on the loan. Upon learning of this obligation, I reached out to Toyota Motor Credit Corp in XX/XX/XXXX. I was told by them that the account was sold to XXXX XXXX XXXX. I immediately contacted XXXX XXXX XXXX to arrange a payment plan, as I am committed to fulfilling any financial responsibilities associated with the loan. XXXX XXXX XXXX told me that any positive payments towards the account would not be reported since they are a non-reporting agency. I was told by them I would need to call Toyota Motor Credit Corp back to see what they can do to ensure that if I make a payment, it would be reported as a positive payment on my credit report.

I then contacted Toyota Motor Credit Corp to see if there was anyway for them to report any positive payments. Toyota Motor Credit Corp informed me that they would not report any positive payments until the full {$26000.00} is paid in full. They have explicitly stated that the account will not be removed from collections until the entire balance of {$26000.00} is paid in full. This inflexible stance is profoundly concerning and leaves me with limited options for resolution. There is no positive resolution for me to pay the amount when there is no reporting of payments. This account is scheduled to leave my credit report in XX/XX/XXXX. There is no incentive for me to pay the amount since it will not be reported at all as a positive payment. 

Furthermore, it is unjust that Toyota Motor Credit Corp is unwilling to allow positive payments to be applied to the account. As a co-signer, I am eager to rectify this matter and demonstrate my willingness to fulfill my financial obligations. However, Toyota Motor Credit Corp 's current approach only prolongs the negative impact on my credit history without providing a viable path toward resolution. This is greatly unfair to a consumer like myself. They expect me to literally " throw away '' money towards this account, and not one positive payment would be noted. I am not in a position to pay the full amount. 

Given the circumstances surrounding this account, including my lack of awareness of the outstanding balance and my XXXX efforts to address the issue, I respectfully and urgently request that the repossession charge-off be promptly and permanently removed from all major credit reporting agencies, including XXXX, XXXX, and XXXX. This removal is crucial for me to move forward with my financial endeavors and rebuild my creditworthiness, as I plan to attend graduate school and purchase a home. 

I appreciate your attention to this matter and request that you conduct a thorough investigation into the actions of Toyota Motor Credit Corp and XXXX XXXX XXXX. A fair and equitable resolution can be reached with your intervention. 

Thank you for your prompt attention to this dispute. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation