Vehicle loan or lease -- Managing the loan or lease -- Complaint #5189978
Complaint Overview
Complaint ID: 5189978
Company: Toyota Motor Credit Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with the interest rate
State: Texas
ZIP Code: 751XX
Date Received: 2022-02-06T12:00:00-05:00
Date Sent to Company: 2022-02-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I bought a new XXXX XXXX XXXX XXXX XXXX from Toyota of XXXX, Texas dealership on XX/XX/XXXX. I had a good credit score of XXXX. I had a very unpleasant customer experience for the rate which was offered to me of 3.99 % which is way too high. I had put down cash for {$10000.00}. I also have a loan with Toyota Financial Services with 0.00 % APR and almost be paid up by XX/XX/XXXX. The disclosed rate for XXXX brand interest rate is 1.99 % and it does not specify clearly which one. The XXXX XXXX is a very new addition to the XXXX XXXX and thus opened the possibility of extortion. At this time my rights have been violated and am feeling being deceived and to avoid embarrassment I had to forcefully accept against my XXXX since there was no other option at the table. I was told If I back out I would lose my deposit of {$1000.00} which I had paid last week on XX/XX/XXXX. I had made it clear at that time I would be financing. I was not informed of my rate earlier, which would have been applied which would have enabled me to make an informed decision and thereby it is a violation of the Federal Act of " The Truth in Lending Act '' which helps protect consumers from unfair credit practices. All the above took place at the time during the last stages of signing and when the vehicle was to be taken out. Had I got to know earlier I could have tried getting a loan from outside and especially thru my employer which was offering at a far lower rate plus my employee discount rate. I was looking forward to the interest rate to be offered by Toyota which at times are far lower. I reached out at my grievances on XX/XX/XXXX to the Finance Director of XXXX XXXX and also XXXX -Relationship Manager. I had also lodged a complaint with Toyota Financial services and their customer service reached out - XXXX Case # XXXX dated XX/XX/XXXX and till date there has been no resolution. After reaching out Toyota Financial they said it was soley at the discretion of the dealership and rates are fixed at their end. Reaching out to the Toyota of XXXX dealership they are unable to assist and not able to arrive at a decision where they entirely violated the truth in lending and victimize their unknown customer intentionally.
Frequently Asked Questions
What is Complaint #5189978 about?
Complaint #5189978 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 2022-02-06T12:00:00-05:00.
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.