Vehicle loan or lease -- Struggling to pay your loan -- Complaint #5270651
Complaint Overview
Complaint ID: 5270651
Company: Toyota Motor Credit Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Struggling to pay your loan
Sub-Issue: Loan balance remaining after the vehicle is repossessed and sold
State: Virginia
ZIP Code: 22042
Date Received: 2022-02-28T12:00:00-05:00
Date Sent to Company: 2022-02-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I purchased a new XXXX XXXX XXXX in XXXX, I put {$2000.00} down I Also trade in my car to tried to lower the principal amount, the Toyota dealership located at XXXX XXXX XXXX, XXXX XXXX VA XXXX offer me a loan with Toyota Motors at the time I did not know what my interest rate was, at the time of signing the loan documents I found out that my payments will be {$730.00} after making almost a year of monthly payments at a very hard interest rate I was not able to continue with the payments, I fall behind for 3 months and, soon after Toyota repossess my car. I got sick and I did not work for a few months so I could not make the monthly payment of the Toyota motor on time. after they repossess the car they sold it, Toyota motor never disclose to me the amount the car was sold for. they told me that I now owed {$13000.00}. now that I have worked hard and have some savings, I called Toyota motors to request a settlement back on XX/XX/XXXX they told me they will escalate the issue and will get back to me in the next 30 to 60 days. today is XX/XX/XXXX and no one has called or mailed me a letter in response to my request. I'm willing to settle this account with the company but they keep on ignoring me, it is very frustrating while I'm trying to work with Toyota they keep reporting to all 3 bureaus of credit, they don't want to give me the opportunity of getting this situation address. this is been a very frustrating situation to me.
Frequently Asked Questions
What is Complaint #5270651 about?
Complaint #5270651 was filed against Toyota Motor Credit Corporation regarding Vehicle loan or lease specifically about Struggling to pay your loan. It was received by the CFPB on 2022-02-28T12:00:00-05:00.
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.