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Toyota Finacial Don't Mess Around...

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    • Edited 1 times, last by Leezy on .
    I'll try to make as short as possible. Just kind of looking for opinions on the matter in which Toyota acted.

    Basically a good friend of mine bought an 09' Corolla S in late 08'.. She had a high paying job, was enrolled in school, and was living in her own in a very nice apartment. Two years later in 2010 she was laid off and struggling with her bills. She moved to a smaller apartment and dropped some classes to make it by every month. But, she was still struggling to make her rent, pay for school, and make her car payment. Eventually the car got repo'd, auctioned, and she was left with $4k bill left over from the car loan. She was given 1 of 3 options. Pay $3500 in a lump sum to settle the debt, make payments cut into 12 (so 1 year), or be sued. She didn't have the money for either of those payment options so she was sued. Her bank account was frozen, all her savings were garnished, and to cover all the other fees (court, lawyers, etc) a portion of her unemployment check is garnished every week... She is now unable to pay for any school and is on her last 30 days in her apartment due to Toyota garnishing her bank account and taking her rent money...

    Did Toyota act accordingly? Is their money worth more than the cost of a person's living expenses? Keep in mind, from the time she got laid-off to the time she got sued was only a 5 month period!
    thats big business for ya..its sad but its true unfortunately..
    • Edited 1 times, last by LOSTINHIGH on .
    stuntmann88 wrote:
    thats big business for ya..its sad but its true unfortunately..

    as much as this sucks and i was myself a couple times close to getting my car repo'd but you have to keep in mind that no1 MADE her sign the contract with toyota financial..toyota lays out very very clear in the agreement what can and will happen should you not be able to pay the monthly note.. she knew the risks when she bought the vehicle that is why i will NEVER EVER finance an other vehicle again .. Toyota is doing what any other buisness would do to recoup their money... but tell her im sorry to hear that she going thru a rough time and hopfeully she can get back on her feet!!!
    Sucks. She cant move back in with her parents until she gets back on her feet? its not uncommon these days and perfectly understandable with the current state of our economy.
    Welcome to reality...if Toyota let everybody off without paying their signed agreed lease then Toyota would be out of business.

    She understands that she breached her contract. She intended on paying the money back unlike a lot of people. Its just the options they gave her were unrealistic. If she had that kind of money lying around she'd still have the car... I agree on taking a small amount out of her check every week, whether it be an unemployment check or a payroll check. But, to garnish her checking/savings accounts is pretty ridiculous imo... Especially during a 5 month time period.
    you also have to understand the financial companies want you to have bad credit so they can charge you a high APR. Thank god I live in texas where they cant garnish your wages or touch your bank account even if you get sued and lose so most texans just wait the seven years for it to drop off our credit report.
    All I know is it is going to suck for her a lot longer than just the immediate BS that's going on.
    DAMN ! That`s so sad ! everyone is out for blood !
    Im glad I went thru my credit union to get my tC !
    • Edited 2 times, last by AnotherDude on .
    Wow, she lost the lawsuit? That suuuuucks...but if she lost the lawsuit, the judge can order whatever they want and it's perfectly legal. It's the judge that's screwing her over, not Toyota. Should've just clicked the Decline call button whenever they called her....

    Linkie
    Well its in the fine print of the contract! I accidentally read that section & said "that's a shocker".

    See in 07 I signed apartment lease for 950 a month with two peeps. They didn't tell me the whole story on why they wanted me as roomie: bad credit.

    So I ended up fighting with depression to the point I stopped caring. I'm late on all credit cards & student loans. Collectors were calling least 25 times a day while I'm working nights. Then I'm walking into work with 0 sleep and ended up screaming at bosses & coworkers. Lucky for me: work's head manager likes me and let me keep the job when I explained I was going through personal problems.

    Everything was late except for TFS. They ended up walking away like bandits. Getting more money for payments cause I knew I couldnt get to Work or another car soon.

    This is reason why I rolled 200k on 72 month loan. Collection agencies cant get u when your driving in the middle of Chicago with cell phone turned off.

    Now if I ever lost my job: I would give TFS my 401k cash out. That way I can still have a car while working at some retail store: probably Carmax.
    I forgot to mention: replying on iPhone is a pain....

    One of the roomies tried suing me for back rent.

    The messenger for courthouse walk to my front door & ring door bell. Didn't answer cause I was inthe shower. He called that night and I was shocked about it to point i was emotionally freaking out. He knew; so we agreed to a time to get served. He never came! Went to court anyway while wearing a suit. The roomies were wearing jeans and shirts. Yeah it's small claims BUT IT'S STILL COURT!

    Judge basically took me more seriously than them. He thought me signing lease was like cosigning and ended up getting dropped.
    Just use cash.

    If you can't afford the payment, don't put yourself in the bind.
    TFS can also be shady. I almost ended up suing them. In fact, I will if they make another (this would be #3) unauthorized withdrawal from my bank account for a car payment. They did it twice, when no payment was due. I've found at least 6 other people they did this to. So, if they do it again, I will be filing a class-action lawsuit against TFS. They aren't totally innocent. And just so you know, they keep your debit/credit card information on file so they can withdraw straight from your account.
    AnotherDude wrote:
    Wow, she lost the lawsuit? That suuuuucks...but if she lost the lawsuit, the judge can order whatever they want and it's perfectly legal. It's the judge that's screwing her over, not Toyota. Should've just clicked the Decline call button whenever they called her....

    Linkie

    Yes, she lost... I mean, she owed the money what else could she say? She knew she was in the wrong and wanted to pay them whatever she could afford. TFS froze her bank account before they went to court so she couldn't empty it.
    • Edited 1 times, last by itmovesme on .
    I don't understand why you guys aren't just doing "One time" transactions online? Log on every month and give them the "Okay?"

    I've been TFS customer for 5 years now and always done it that way. They never made multiple transactions in a month.

    Yeah they will have your banking account number BUT if they did mess up. You can walk back into the bank and get the money back!
    itmovesme wrote:
    You can walk back into the bank and get the money back!
    That sounds just a little too easy LOL
    byronthecarguy wrote:
    itmovesme wrote:
    You can walk back into the bank and get the money back!
    That sounds just a little too easy LOL

    TFS has went into my account twice and taken money out without my permission. I've never paid online or by phone. They only had my account numbers from when I actually bought the car and filled out the application. Both times caused me to overdraft and be hit with multiple fees... The bank told me there was nothing they could do.
    thats life
    Also keep in mind that Toyota the car company does not directly set rules for how their loan services are provided, there are multiple divisions of Toyota Financial Services:

    World Omni Financial being the largest and I believe goes by the name Southeast Toyota Finance.

    In any case, the rules are the same when it comes to dealing with a bank, if you do not pay in 2 or 3 months, they come and get your car. Even having the car, you still need to make up the difference of what you owe after they auction the car. It is always cold business when it comes to banks.
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