Vehicle loan or lease -- Managing the loan or lease -- Complaint #7216424

Complaint Overview

Complaint ID: 7216424

Company: Toyota Motor Credit Corporation

Product: Vehicle loan or lease

Sub-Product: Loan

Issue: Managing the loan or lease

Sub-Issue: Billing problem

State: Virginia

ZIP Code: 22901

Date Received: 2023-07-06T12:00:00-05:00

Date Sent to Company: 2023-07-06T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

On XX/XX/2023 I purchased a Mazda XXXX from the local dealer. I chose a 3 year financing plan. On XX/XX/XXXX I received the one and only communication from Mazda Financial Services, a letter sent by USPS mail giving me information about how to set up an online account etc. I set up my account on www.mazdafinancialservices.com the same day and I set up all my bank account details. I set up a recurring plan with first payment to be processed on XX/XX/XXXX and then on the XXXX of each month thereafter ( eight days before due date, to allow for ample time to be processed by my financial institution ). Although I did not opt for paperless statements, I have not received any bill, invoice or notification from Mazda ever since. I have not received any email with information about bills or outstanding balance either. The only thing I received was an email two days before the bank transferred was due to inform me that an electronic payment will be processed on the certain date. The payments have been processed regularly at the specified date. An example of such email is detailed below : Thank you for our payment. Your recurring payment of {$880.00}, on XX/XX/2023, XXXX, is being processed. That was all. Yesterday, I logged in for the first time since XXXX on the Mazda website, to increase my monthly payment, so that I can pay the loan faster. Then I realized that I had been charged late payments since XXXX. Apparently, my first payment was due XX/XX/XXXX ( that is six days after the first communication from Mazda was received ; mind you that letter on the XXXX was not a bill, but rather information on how to set up an online account ). The payment that was due on XX/XX/XXXX never showed up on the online account at the time I created it on XX/XX/XXXX. At that time my account showed that no payment was due until XX/XX/XXXX. Mazda has been charging me {$88.00} in late fees since XXXX, but never once have they sent me an email notification or a letter informing me that there is unpaid balance or that my account is late. And why would they? It was good business to keep charging me an extra {$88.00} dollars every month. This is fraud! I was never sent a single bill by this company! Ever! I was never informed by email or mail that a payment was past due date. They just kept charging me late fees, hoping that I will not notice. This has to be illegal. Again, I have never opted out of paper statements and despite this I have never received any sort of statement, bill or notification. Please change the laws to punish this kind of abuse. Companies need to send notifications of past due payments by mail ( there was no email either ). The consumers need to be somehow notified that their account is past due and that they are being charged very high late fees. Thank you!

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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