ComplaintsforToyota Motor Credit Corporation

• Initial Complaint

  12/07/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Was a co-signer for a 2019 Toyota Tacoma lease (3 yr) account #************* and the lease was extended at the end of the lease. It was unknown to me for an extension and was signed in agreement with my signature. Missed payment by individual during extension and only came about when credit score popped with significant decrease. Contacted Toyota and indicated I had signed. I contested with the agency as no signature and they denied my claim. The individual as extended 2 additional times and I have had my hand forced to sign the extensions as they indicated they wont return vehicle until a replacement available and Toyota indicated if I dont sign then the derogatory marks would continue due to failure to return vehicle vehicle I asked for a copy of the signed 1st extension and they failed and refused to provide.

  Business response

  01/12/2024

  January 11, 2024
  BBB Case # ******** 
  *****************************
  Account # ***********
  
  This is in response to the complaint filed against Toyota Motor Credit Corporation (****) by *****************************. 
  
  First and foremost, TFS would like to thank ***************************** for bringing her concerns to our attention. 
  
  After a thorough review of Ms. ******** account, we discovered that the payment due for September 26, 2023, was paid on November 2, 2023. Ms. ******** September 2023 payment was reported 30 days past due to the Credit ****************** (CRAs) on October 31, 2023, as we did not receive payment until on November 2, 2023. 
  
  ****************** signed the lease contract on October 21, 2019, with a listed lease maturity date of 12/10/2020 and is obligated to the agreement. Section 33 of the contract states that, if you keep possession of the Vehicle past the Scheduled Maturity Date, you agree to continue to pay the Monthly Payments. However, continued payment does not cure any default, including a default under section 28(g), and does not permit you to keep the Vehicle unless you obtain our advance written consent to extend the Lease Term. 
  
  Our offered Lease Maturity Extension(s) allow you to maintain possession of the vehicle beyond the original agreed upon Maturity date without consequence of defaulting for failure to return the vehicle.
  
  Unfortunately, we are unable to accommodate to Ms. *********************** request to remove all negative information that was reported as we are required to report accurate information to the CRAs. 
  
  Please know TFS strives for excellence in customer satisfaction, and we sincerely appreciate ********************************* for bringing this matter to TFSs attention. If ****************** should have any further questions, she may contact our Customer ********************** Center at **************, Monday through Friday. 
  
  We may include Personally Identifiable Information (***) as necessary to the complaint as submitted by the customer. We do not control how or whether the BBB safeguards our response or the *** in our response after submission.
  
  

  Customer response

  01/18/2024

   
  Complaint: 20935930
  
  I am rejecting this response because:

  my issue is that as a co-signer the lease was initially extended without my consent or requiring a signature. My issue is that there was no formal documentation sent to me regarding the first lease extension that resulted in the subsequent negative remarks as I was told by Toyota that I had to sign the 2nd and 3rd. I feel that by not being required or notified about an extension of a lease makes the co-sign designation null and void. If there is a signature, I can guarantee you it is not my signature if to compare with the initial lease and the subsequent forceful signing for the extensions. This is where I have issue with Toyota Financial at this time and the undue financial stress it has caused with this misstep in your accounting department 

  
  Sincerely,
  
  *****************************

  Business response

  01/26/2024

  January 26, 2024
  BBB Case # ********
  *****************************
  Account # ***********
  
  This is in response to the complaint filed against Toyota Motor Credit Corporation (****) by *****************************. Our response remains the same.
  
  As stated in our previous response, we discovered that the payment due for September 26, 2023, was paid on November 2,2023. Ms. ******** September 2023 payment was reported 30 days past due to the Credit ****************** (CRAs) on October 31, 2023, as we did not receive payment until November 2, 2023.
  
  ****************** signed the lease contract on October 21, 2019, with a listed lease maturity date of 12/10/2020 and is obligated to the agreement. Section 33 of the contract states that, if you keep possession of the Vehicle past the Scheduled Maturity Date, you agree to continue to pay the Monthly Payments. However, continued payment does not cure any default, including a default under section 28(g), and does not permit you to keep the Vehicle unless you obtain our advance written consent to extend the Lease Term.
  
  Our offered Lease Maturity Extension(s)allow you to maintain possession of the vehicle beyond the original agreed Maturity date without consequence of defaulting for failure to return the vehicle.
  
  Unfortunately, we are unable to accommodate to Ms. *********************** request to remove all negative information that was reported as we are required to report accurate information to the CRAs.
  
  Please know TFS strives for excellence in customer satisfaction, and we sincerely appreciate ********************************* for bringing this matter to TFSs attention. If ****************** should have any further questions, she may contact our Customer ********************** Center at **************,Monday through Friday.
  
  We may include Personally Identifiable Information (***) as necessary to the complaint as submitted by the customer.We do not control how or whether the BBB safeguards our response or the *** in our response after submission.
  
  

  Customer response

  02/01/2024

   
  Complaint: 20935930
  
  I am rejecting this response because:

  same Response. How can you allow a lease to be extended the first time without appropriate signatures as I did not sign. That would be fraudulent activity in my line of work. 
  

  this is the bone of contention. If I did not sign the lease extension on the 1st extension the lease and any after effects such as non payment should not be on my account as during the initial lease extension there was no correspondence or information regarding such extension. 
  

  This is what large companies do- keep blaming the consumers, in the respect the error is on the corporation for not doing due diligence. Please provide me a copy with the 1st lease extension with signatures so I can pursue legal action against Toyota motor corporation as you have no problem defrauding consumers due to your own internal errors.

  
  Sincerely,
  
  *****************************

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