Vehicle loan or lease -- Managing the loan or lease -- Complaint #5144883
Complaint Overview
Complaint ID: 5144883
Company: Toyota Motor Credit Corporation
Product: Vehicle loan or lease
Sub-Product: Lease
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: District of Columbia
ZIP Code: 20016
Date Received: 2022-01-24T12:00:00-05:00
Date Sent to Company: 2022-01-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We have 3-year auto loan through Mazda Financial services XXXX We had the account set up for recurring payment which processed successfully on XX/XX/21, XX/XX/21, and XX/XX/21. In XXXX, my wife and I attempted to change the recurring payment account to our joint checking account. Mazda Financial Services allowed us to make the change, and we received an email on XX/XX/21 that our recurring payment was about to proceed. Our complain is in regard to what happened next. Mazda Financial cancelled our recurring payment without notifying us. The account went unpaid until XX/XX/21 when we realized that they had not debited our account in XXXX, XXXX, and XXXX. The recurring payment had been cancelled and completely removed from our account. We immediately paid the full outstanding balance and setup the recurring payments once again. Mazda reported our late payments to the credit agencies/companies and our credit score took a massive hit, to the point where our application for a home loan was denied. We had stellar credit scores before this happened. We were making a good-faith attempt to pay the monthly balance through auto-pay, so we believe this is extremely unfair given we were not notified of any issue. When we called Mazda Financial Services they couldn't even tell us why exactly the payments had been cancelled, and couldn't tell us what account they had attempted to transfer the payments from. We have no way of knowing what caused the error/cancellation of our recurring payment.
Frequently Asked Questions
What is Complaint #5144883 about?
Complaint #5144883 was filed against Toyota Motor Credit Corporation regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2022-01-24T12:00:00-05:00.
How did Toyota Motor Credit Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Toyota Motor Credit Corporation?
Yes, visit the Toyota Motor Credit Corporation company profile at readthecomplaint.com/company/toyota-motor-credit-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.