Jump to content

Toyota Financial Srvcs. Lied to wife


F1aReD
 Share

Recommended Posts

My wife has a 2009 Corolla with an auto loan for $14k (including all fees and taxes). I think it's a 5 year or 6 year loan, at 2.9%.

 

Well, needless to say she has been late many times which in turn has ruined her score. The problem is that every time we make a payment, it goes to the payment that's behind...so she's never caught up, she's always a month behind. Now her credit report shows a YEAR of late payments. We can't make 2 payments a month.

 

The other problem is that the payment is due the 1st of the month, pretty much the worst possible time, when everything else is due and we never have the money. She called TFS, and they kindly said "If you make this months payment on time (Nov.), we can change your due date to the end of the month and put the late payment at the end of the loan".

 

Okay. Made the payment and called back. Absolutely NOT. They will NOT change the due date, will NOT put ANYTHING at the end of the loan whatsoever. They are now demanding we make 3 car payments or they will repossess. So, they lied to get a payment? Actually had my wife in tears at one point because the idiot over the phone was laughing at her basically.

 

They were of absolutely no help at all and will not work with her in any way shape or form. Is there anything else we can do? My wife wants to give up and just let them have the car, it's a POS anyway. Horrible experience with Toyota overall and would NOT get another one, or at least not get a loan thru them.

Link to comment
Share on other sites

The problem is that every time we make a payment, it goes to the payment that's behind...so she's never caught up, she's always a month behind. Now her credit report shows a YEAR of late payments. We can't make 2 payments a month.

 

That is actually standard banking practice.  The payment is applied to the oldest balance.  If the June 1 payment is made on July 1st then the payment made is applied to June 1 but does not change that the July 1 payment is now due.  If she continued only making one payment a month then reporting that she is 30 days late each month would be accurate unfortunately.

 

They were of absolutely no help at all and will not work with her in any way shape or form. Is there anything else we can do? My wife wants to give up and just let them have the car, it's a POS anyway. Horrible experience with Toyota overall and would NOT get another one, or at least not get a loan thru them.

 

To be fair, Toyota isn't the one paying late it is your wife.  Once that late payment started the ripple effect was inevitable when it stayed one month behind.  

 

Don't speak to a CSR on the phone because those calls are transferred to a call center overseas that are manned by someone with a canned script that they will not deviate from.  Ask for a regional manager IN THE USA.  Then get what they agree to IN WRITING.  

 

As racecar said you can also refinance the loan with you personal bank.  

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.