Consumer complaint received 2025-08-07 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Changes in terms mid-deal or after closing
Company: TOYOTA MOTOR CREDIT CORPORATION
State: AZ

Complaint narrative:
I inquired about a used XXXX XXXX XXXX  XXXX at XXXX XXXX on Monday, XX/XX/XXXX, I discussed various payment options with sales representative XXXX XXXX. She sent me a quote breakdown that included payment options of XXXX, XXXX, and XXXX  months with a stated interest rate of 5.75 %. The disclosure for the 5.75 % interest stated it was sublect to equity and credit requirements. I explained to XXXX that I planned to use my old car as a trade in because I had equity on it. However, I wanted to sell car through XXXX because they offered substantially more than XXXX was offering. A XXXX named XXXX came over and attempted to pressure me into signing the contract for the XXXX without first completing the sale process through XXXX. He told me the XXXX vehicle would not be held for me while I sold my car through XXXX. I repeatedly told him I was not comfortable signing any contracts without the XXXX funds in hand. The next day on XX/XX/XXXX, I filled out a credit application with XXXX. My XXXX XXXX for that credit application came back at XXXX, which would be considered excellent credit. I maintained constant communication with XXXX throughout that day and explained that my XXXX inspection was set for XXXX. I even sent her a screen shot of the upcoming appointment and expressed that I intended to purchase the XXXX with the XXXX funds. However, due to the risk of the car being sold before I could complete the XXXX sale process, XXXX suggested that I trade my car in to XXXX and they could extend the loan to XXXX  months to help lower the monthly payment. During the negotiation process, XXXX offered to take {$1000.00} off the price of the car and the dealership sent me a second price sheet with breakdown of XXXX, XXXX, and XXXX  months. Again, the stated interest was 5.75 %. By this time, I finally had my inspection with XXXX and was able to successfully sell my car to them. The XXXX dealership paid for an XXXX for me to travel back to the dealership so I could complete the sale. Upon arrival I learned that XXXX was still allowing other customers to see and make offers on this same vehicle I planned to purchase, even after I completed the credit application and sold my old car to XXXX! They were allowing this to hapoen while I was en route to the dealership in the XXXX THEY paid for! I eventually got to the dealership and used the XXXX money, about XXXX XXXXXXXX, to put down on this used XXXX. During the finance portion of the sale where I discussed the final terms, the representative. Whose name i believe was XXXX XXXX, advised me that my monthly payment would be {$540.00}. I told him that was not what I had discussed with XXXX, as she told me via text message that it would be around {$400.00}. XXXX looked at the offer she sent me and said that XXXX made an error. XXXXXXXX XXXX  offer mistakenly included the XXXX XXXX  down payment from the XXXX cash but also included XXXX XXXX towards a trade in. So she essentially wrote it up like I was trading my car in to the dealership AND using the money I received after selling my car through XXXX. XXXX said that was an error on XXXXXXXX XXXX part and gave me the corrected monthly payment of {$540.00}. While going over the contract, XXXX never disclosed my interest rate of the final contract. At that time I had no reason to believe the interest rate would be anything other than the 5.75 % because they repeatedly quoted me that rate. At XXXX point I even asked XXXX what my XXXX XXXX was and he told me it came back at XXXX. It wasn't until Wednesday, XX/XX/XXXX - a day after I had already purchased the vehicle - that I realized the contract did not reflect the 5.75 % interest that XXXX quoted me, but was in fact 8.27 %. Prior to signing the contract I was never provided any information or given any indication that I was being offered anything other than 5.75 %. I was not advised that my credit or equity did not meet the requirements or receiving the 5.75 % interest so assumed it met the requirements. While signing the contract, XXXX spoke very quickly and it seemed like I was being rushed to sign it. That same XXXX XXXX came into the office and began joking with XXXX about how they almost sold my car to someone else from a XXXX dealership while I was in the XXXX. These pressured and hidden tactics were deceptive and XXXX did not disclose the 8.27 % interest to me at any point during the process.I would like to have the contract re-written for the 5.75 % interest that they quoted me several times.

Company response to consumer: Closed with explanation