I used Toyota Financial Services to purchase a new 2017 Toyota RAV4 AWD Limited trim hybrid crossover. I arranged 60-month financing at 1.9% with automatic payments to be withdrawn from my checking account.
After my October 1st payment was withdrawn I only owed one (1) more payment from having the loan completely paid off! I used their mobile app to make that last payment on October 20, 2021. The app showed ZERO ($) balance remaining.
I checked my checking account balance over the next few days to see that payment hadn't been deducted from my account. On November 1st, Toyota took the regularly due payment, which was my last. On November 2nd, Toyota took an additional payment!!!! They were ONLY DUE ONE PAYMENT, they instead withdrew TWO payments on the 1st and 2nd of November 2021.
Since I have other debts I pay automatically from my account I checked in on the 3rd of November to see my account is in OVERDRAFT with overdraft fee penalty payments due BECAUSE TOYOTA FINANCIAL took TWO payments when they were ONLY DUE ONE!!!
I called them at the number provided (800) 874-8822. It was 25 minutes and a call back before I got to talk to an actual person. That representative took some time to understand what I just explained here. Then when I asked that my payment that was WITHDRAWN ELECTRONICALLY be refunded I was informed that they could NOT refund my money the same way they mistakenly took it!!!
I was informed that I would have to wait until a PAPER CHECK could be cut and sent to me by postal mail! I've already had one very unpleasant experienced dealing with the Toyota dealership where I purchased the car form. It seems they retained the same name with a different management team that's on the shady side. Now after making 5 YEARS of on time, every time payments to Toyota they pull this!
I've been buying cars for decades. This is my first Toyota and first time dealing with Toyota Financial Services. At this point, I very seriously doubt I will ever purchase another product from a company that treats me so poorly!
Was tricked into buying GAP policy while purchasing used car. Was told that this would pay off ANY remaining balance owed to Capital One Finance in event of total loss of car. I was charged $700.
On May 3, 2021 I was involved in a rear end collision by a truck. Fortunately not injured. Insurance company policy paid claim promptly. They sent me a letter stating they noticed my purchase had included a GAP policy from Toyota Financial. Both USAA and Capital One offered to assist with any documents needed to make GAP claim.
I filed agreement number GAP06713359 claim by phone. I was given a list of required items to get payment on May 13,2021. I then contacted Capital One and USAA and gave each a list of required documents and asked each to send what each company was supposed to provide.
At time of loss I owed approx $1500 in car payments. USAA paid Capital One the total amount required to close car loan. This money was taken from my settlement check. The loan was closed.
On May 18 I contacted Toyota to see if documents were sent by USAA and Capital One. Toyota claimed they did not recieve any yet. They would only accept documents by fax or mail, none electronically.
On about June 8 I called Toyota again. From this point on EVERYTHING was done by Toyota to hold up my claim. From waiting on hold for 20 to 30 minutes, to having to complete every question asked (every call) EACH call, instead of them just asking for agreement number.
First, their automated system said my agreement number was not valid EVERY call. Then I was always told I was missing documents and this was holding up claim. After hearing this, I immediately contacted USAA and Capital One who said they had sent all requested documents. I called Toyota and told them this. I was placed on hold for 10-15 minutes and then "some" of my documents were suddenly found, but I was told some were still missing.
I asked Toyota what was missing and it was pretty much EVERY document that had already been sent. I contacted USAA and Capital One and told them this. Not only did they re-send the docs, they also called and spoke with Toyota. Toyota claimed some kind of discrepancy with the payout amounts. USAA told me that this had already been explained and accepted by Toyota.
I waited about a week and got a letter from Toyota dated June 4 (was recd. June 14). This letter said I was still missing 6 items! Once again I called and was on hold from Toyota. After answering the exact same questions every call I told them that those docs hadf now been sent twice. After being on hold, I was then told they just found some, but I was still missing two others. I asked specifically WHAT 2 documents and was given names.
I called USAA and Capital again and they verified that all docs had been sent and they explained the discrepancy.
I called Toyota again and having to stay on hold for 20 minutes. I then told them about what was verified as sent and once again after being placed on hold I was told that YES they just found the remaining documents. I asked them if they were sure this time and they said if anything was missing I would get notice by mail.
On June 16 and 17, I also called for status. Same delay tactic. Then I was told the claim was being sent for final processing.
In total I made 9 calls to Toyota over a period of about 7 weeks. On June 22 I called back asking for status. This call took an hour. Initially I was again told I was missing documents. Once again, ALL documents quickly appeared again after I was placed on hold for 15 minutes. I was then told that someoner would look into this and I would be called back.
I was called back after some time and told that since USAA had paid Capital the remaining balance of my loan (about $1500) that my loan balance was zero so there was no valid GAP claim. This was done to settle claim and the payments from USAA to Capital were NOT additional benefit, but was taken from my settlement check. They would not budge.
Aside from the fact that Toyota did everything possible to tie up my claim and make me waste HOURS of my time, I'm pretty sure this was all done to run out the clock on me or make me give up. As I read similar horror stories from other people, this appears to be an industry wide scandal. Dealers (who get a cut) push this insurance on most everybody implying that this would make sure I didn't have to pay out of pocket in case of total loss. That was a big lie.
I wrote to Toyota Motor Credit on November 8, 2019 about my husband's accounts (7040056357571XXXX and 7040056245131XXXX) still being reported on his credit report unlawfully in hopes to get them removed.
Instead, I received the runaround from this company on November 18, 2019 through the CFPB website by claiming that they don't remove anything from the credit bureaus once they put them on there. Furthermore, you are demanding payment for a time-barred debt.
Here are your exact words, "Because we are required to report your account accurately, we are not able to accommodate your request to remove the tradeline from your credit profile. Please contact us at 800-826-9467 to make payment arrangements for the balance remaining on your account or for assistance with any other questions you may have." All are lies, fraudulent and defamation of character. How dare you!!!!
In fact, I have frequently disputed these two accounts through the credit bureaus with no success. I have even see lawsuits come against Toyota Motor Credit for failing to remove such accounts from peoples credit reports. This is fraudulent and illegal according to the FCRA. I want these accounts removed immediately from all three credit bureaus or further action will be taken. Thank you.
I have purchased at least 4 Toyota vehicles and used Toyota Financial Services for the financing of these vehicles. I paid off all 4 vehicles totalling more than a hundred thousand dollars. I was never late on any loans I have ever had with Toyota Financial Services.
I currently have a Toyota through Toyota Financial Services. In October of last year somehow they found that I owed them $60 and reported to all 3 credit bureaus in January that I am 60 days late on the car! Then I received a notice that they would like to repossess the car over the nonpayment of the $60! I have never seen treatment this bad in my 11 years financing with Toyota Financial Services!
I immediately called them and nobody was on the same page. The representatuves and the supervisors refused to open a credit inquiry to see what was going on. I have to live 7 years with a bad credit marker from these thugs! The customer service department only can state to fax a credit dispute to their credit team in Cedar Rapids Iowa.
I have reported these thugs to the CFPB many times and they lie to the CFPB! This company doesn't have loyalty towards their customers it seems they prey upon small matters to destroy their customers. These people are monsters! Their credit department are incompetent only out to ruin their customers!
Applied for financing and was approved by TFS but 4 Toyota dealerships provided 4 different answers / APR ranging from 8.49% up to 15.5% What type of parameters and guidelines is that? Same financial institution, car make dealership. No transparency, markups are against Toyota guidelines. Finance guy from Hartford Toyota ripped the documents when requested to call Toyota HQ to verify. Deposit still has not been returned.
Case number for our complaint is open and unresolved. Was told we would be contacted within 2 business days, never heard from anyone. Everyone is providing different answers or not assisting, being transparent. They are trying to help Hartford Toyota to avoid being reported for trying to rip off an Asian single mother of 4 that does not speak, understand, or read English too well. Police was called for disturbance.
The victim son was there to translate and help read over contracts in Finance. If the son was not present, victim would have signed and accepted the contract. When questioned and requested answers regarding rates, fees, and abbreviations, things escalated when victim realized she was being ripped off and lied to. Finance guy ripped the documents.
The son was escorted out, detained, handcuffed and searched. The son asked Hartford Police as to why he is being handcuffed, searched, detained, he was informed that 5 employees from Hartford Toyota said he had a knife and threatened them. Completely false accusations and statements from the employees. The son was released after no weapons or knife was found.
As an African American woman was charged a higher interest rate that non-minorities. In 2011 purchased a 2009 Toyota Camry Financed the care through Toyota Fiancial. Learned later that the interest rate on my loan was much higher than what I had been told.
Car was purchased at Copeland Toyota in Brockton, MA.
In February 2017, I lost a relative and since they never had life insurance, the was taken on by close relatives. Most of my bills fell behind including my car payment to Toyota Financial Services. On July 5, I received a phone call from TFS which I picked up. After the usual questions, the rep informed me she was calling to collect the outstanding amount due. Then she informed me that she wanted to know if I cared to find out the reason for the payment being late. I told her I was bereaved and explained the financial burden created as a result of our loss. After hearing this, she said that TFS could help me. She had me on hold for few minutes and came back informing me that I should make the past due payment of $337.99 for May 2017 then TFS will defer the next 3 months payment and that I would not make any payments until September 1. Excited with this news, I scheduled payment of $337.99 for July 7. In order to receive the deferred payments benefits, she told me I had to complete a form in accordance with New Jersey Law. She promised to send the form to me by email and regular mail which I agreed to. In few minutes, I received an email with an attachment. In order to open the attachment, the email read, "Please note that the link below will be available for 90 days; after 90 days open the attachment to view the message." Two weeks later I received a phone again from TFS and another rep called to inform that he was calling to collect another payment. I specifically asked him, "Do you have a log of phone conversation in your institution between you and your customers? " He answered yes. I said did you read the last one between the rep and myself? He answered yes. Then I said what did it say? He said she said she would mail the form to you. I said I received the email but instructions say I am not to open it until after 90 days. He said I am mailing another one now. Please complete it as soon as you receive it. I never receive the form even though I kept checking my mail daily. To my surprise and dismay, I received a statement saying I owed $1,231.79 due September 1 and I should pay the amount before September 11 to avoid late charges. I did not know what to do as this was the weekend of Labor Day. Surprisingly, on September 4, the vehicle was repossessed. I sincerely believe that this company is exploiting millions of people and if actions are not taken against it, it might send millions to their early graves. I need your help to know how to fight this case as this is fraud and I am definitely going to win this case.
They got me 4 years ago when I bought a 2011 Prius. The dealer got me approved quickly with an insane 15% interest rate. They said I should refinance later. Then every time I have ever called TFS I have been rudely treated like an enemy regardless of the reason I call. I've tried to refinance through them, but the just flatly offer an address where I should surrender the car (and surrender the equity I have paid in to them). The dealer keeps sending me refinancing promotions to come get a new vehicle and refinance at a lower interest rate, and every time I come in they make me sit there for hours while TFS refuses to hear any offer, even though my credit score is at least 100 points higher than when I started. And the total payoff amount keeps going UP. I did the math and I'd I make all the payments to the maturity date I end up paying twice the price I agreed on for the car. So I finally refinanced through my credit card company. They have been friendly, and the interest rate is much lower. I'm so glad TFS is out of my life. Please don't do business with them if you can avoid it.
I was told at the time of my purchase in 11/2014 that Toyota Motor Corp (Toyota Financial) approved me at 9.24% that I could refinance after 7 months for a lower rate by the Toyota dealership. I chose to finance with Toyota based on the fact that I had been a long time customer with excellent payment history, and thought another 7 months to prove myself to them would be acceptible. NOT ONCE and NO WHERE does it state on my Agreement, or on their site, they do NOT offer refinancing.
I called TFS customer Service and after being told 10 minute wait turned into 35 minutes and I get a customer service rep who is so quick to say they are not a financial institution and do not offer reifnancing or lower interest rates. What? I got financed through Toyota Motor Credit Corp which is Toyota Financial Services, and if they are financing me then they are a financing company. The only way for me to refinance I was told by customer service was that I would have to leave them to go to another bank or credit union to have that done. Again, I spent all these years building a good rapour and credit history with TFS for what? Had I known all of this I would have gone with another bank, as this is a complete waste of time.
THIS IS A SCAM! to get your business from some unethical pushy sales dealership and lock you in at a higher rate so you really can't do anything about it. You cannot refinance anywhere (now that I have tried and truned down multiple times by Credit Unions I belong to, and other dealerships won't even take me as I am too far upside down now and need to come to the table with MORE money). No bank will refinance any vehicle that is upside down. This is the same crap that the mortgage industry went through with values of homes no longer being what is owed on the mortgage. And we see how that panned out. SAME THING here....now what I financed just 10 months ago is no longer of value and I owe more than it is worth. I have been to three dealerships and they say I am about $5K upside down in just 10 months. Not that I even want to trade it, I can't if I even did. I have also tried Lending Tree, Rate Genius, and a dealership with over 60 lenders, all turning me down because of the negative equity and not being able to come to a reasonable car payment (especially for those who are desperate and must have car to work or go to medical appointments because they are on SSDI).
YOU cannot win no matter what, and I am sure I am not alone. I see requests about TFS refinancing all over the internet. And TFS thrives off of this SCAM.
If TFS is going to accept these pathetic deals, they should stand behind their customer and offer assistance to help lower their rate after a period of ontime payments, to help reward them, and to continue to feel valued. But NO they only work with dealerships and yet a dealership won't work with you after you've been screwed over. You are locked into a bad deal...hmmm sounds like the mortgage industry and their unethical ways of financing people.
Toyota Financial Services forces your hand to have to walk away only hurting the credit you have built and worked hard at repairing. This is poor business practice and a total scam. Not a finance company...welll you financed me. I am on SSDI and struggle to make ends meet along with medical bills and medications, yet I have put YOU TFS first in making my car payment, so where is the exception and YOUR loyalty....YAH AT THE SHADY DEALERSHIPS! Not with YOUR customers.
Toyota Financial Services Reviews
I used Toyota Financial Services to purchase a new 2017 Toyota RAV4 AWD Limited trim hybrid crossover. I arranged 60-month financing at 1.9% with automatic payments to be withdrawn from my checking account.
After my October 1st payment was withdrawn I only owed one (1) more payment from having the loan completely paid off! I used their mobile app to make that last payment on October 20, 2021. The app showed ZERO ($) balance remaining.
I checked my checking account balance over the next few days to see that payment hadn't been deducted from my account. On November 1st, Toyota took the regularly due payment, which was my last. On November 2nd, Toyota took an additional payment!!!! They were ONLY DUE ONE PAYMENT, they instead withdrew TWO payments on the 1st and 2nd of November 2021.
Since I have other debts I pay automatically from my account I checked in on the 3rd of November to see my account is in OVERDRAFT with overdraft fee penalty payments due BECAUSE TOYOTA FINANCIAL took TWO payments when they were ONLY DUE ONE!!!
I called them at the number provided (800) 874-8822. It was 25 minutes and a call back before I got to talk to an actual person. That representative took some time to understand what I just explained here. Then when I asked that my payment that was WITHDRAWN ELECTRONICALLY be refunded I was informed that they could NOT refund my money the same way they mistakenly took it!!!
I was informed that I would have to wait until a PAPER CHECK could be cut and sent to me by postal mail! I've already had one very unpleasant experienced dealing with the Toyota dealership where I purchased the car form. It seems they retained the same name with a different management team that's on the shady side. Now after making 5 YEARS of on time, every time payments to Toyota they pull this!
I've been buying cars for decades. This is my first Toyota and first time dealing with Toyota Financial Services. At this point, I very seriously doubt I will ever purchase another product from a company that treats me so poorly!
Was tricked into buying GAP policy while purchasing used car. Was told that this would pay off ANY remaining balance owed to Capital One Finance in event of total loss of car. I was charged $700.
On May 3, 2021 I was involved in a rear end collision by a truck. Fortunately not injured. Insurance company policy paid claim promptly. They sent me a letter stating they noticed my purchase had included a GAP policy from Toyota Financial. Both USAA and Capital One offered to assist with any documents needed to make GAP claim.
I filed agreement number GAP06713359 claim by phone. I was given a list of required items to get payment on May 13,2021. I then contacted Capital One and USAA and gave each a list of required documents and asked each to send what each company was supposed to provide.
At time of loss I owed approx $1500 in car payments. USAA paid Capital One the total amount required to close car loan. This money was taken from my settlement check. The loan was closed.
On May 18 I contacted Toyota to see if documents were sent by USAA and Capital One. Toyota claimed they did not recieve any yet. They would only accept documents by fax or mail, none electronically.
On about June 8 I called Toyota again. From this point on EVERYTHING was done by Toyota to hold up my claim. From waiting on hold for 20 to 30 minutes, to having to complete every question asked (every call) EACH call, instead of them just asking for agreement number.
First, their automated system said my agreement number was not valid EVERY call. Then I was always told I was missing documents and this was holding up claim. After hearing this, I immediately contacted USAA and Capital One who said they had sent all requested documents. I called Toyota and told them this. I was placed on hold for 10-15 minutes and then "some" of my documents were suddenly found, but I was told some were still missing.
I asked Toyota what was missing and it was pretty much EVERY document that had already been sent. I contacted USAA and Capital One and told them this. Not only did they re-send the docs, they also called and spoke with Toyota. Toyota claimed some kind of discrepancy with the payout amounts. USAA told me that this had already been explained and accepted by Toyota.
I waited about a week and got a letter from Toyota dated June 4 (was recd. June 14). This letter said I was still missing 6 items! Once again I called and was on hold from Toyota. After answering the exact same questions every call I told them that those docs hadf now been sent twice. After being on hold, I was then told they just found some, but I was still missing two others. I asked specifically WHAT 2 documents and was given names.
I called USAA and Capital again and they verified that all docs had been sent and they explained the discrepancy.
I called Toyota again and having to stay on hold for 20 minutes. I then told them about what was verified as sent and once again after being placed on hold I was told that YES they just found the remaining documents. I asked them if they were sure this time and they said if anything was missing I would get notice by mail.
On June 16 and 17, I also called for status. Same delay tactic. Then I was told the claim was being sent for final processing.
In total I made 9 calls to Toyota over a period of about 7 weeks. On June 22 I called back asking for status. This call took an hour. Initially I was again told I was missing documents. Once again, ALL documents quickly appeared again after I was placed on hold for 15 minutes. I was then told that someoner would look into this and I would be called back.
I was called back after some time and told that since USAA had paid Capital the remaining balance of my loan (about $1500) that my loan balance was zero so there was no valid GAP claim. This was done to settle claim and the payments from USAA to Capital were NOT additional benefit, but was taken from my settlement check. They would not budge.
Aside from the fact that Toyota did everything possible to tie up my claim and make me waste HOURS of my time, I'm pretty sure this was all done to run out the clock on me or make me give up. As I read similar horror stories from other people, this appears to be an industry wide scandal. Dealers (who get a cut) push this insurance on most everybody implying that this would make sure I didn't have to pay out of pocket in case of total loss. That was a big lie.
I wrote to Toyota Motor Credit on November 8, 2019 about my husband's accounts (7040056357571XXXX and 7040056245131XXXX) still being reported on his credit report unlawfully in hopes to get them removed.
Instead, I received the runaround from this company on November 18, 2019 through the CFPB website by claiming that they don't remove anything from the credit bureaus once they put them on there. Furthermore, you are demanding payment for a time-barred debt.
Here are your exact words, "Because we are required to report your account accurately, we are not able to accommodate your request to remove the tradeline from your credit profile. Please contact us at 800-826-9467 to make payment arrangements for the balance remaining on your account or for assistance with any other questions you may have." All are lies, fraudulent and defamation of character. How dare you!!!!
In fact, I have frequently disputed these two accounts through the credit bureaus with no success. I have even see lawsuits come against Toyota Motor Credit for failing to remove such accounts from peoples credit reports. This is fraudulent and illegal according to the FCRA. I want these accounts removed immediately from all three credit bureaus or further action will be taken. Thank you.
I have purchased at least 4 Toyota vehicles and used Toyota Financial Services for the financing of these vehicles. I paid off all 4 vehicles totalling more than a hundred thousand dollars. I was never late on any loans I have ever had with Toyota Financial Services.
I currently have a Toyota through Toyota Financial Services. In October of last year somehow they found that I owed them $60 and reported to all 3 credit bureaus in January that I am 60 days late on the car! Then I received a notice that they would like to repossess the car over the nonpayment of the $60! I have never seen treatment this bad in my 11 years financing with Toyota Financial Services!
I immediately called them and nobody was on the same page. The representatuves and the supervisors refused to open a credit inquiry to see what was going on. I have to live 7 years with a bad credit marker from these thugs! The customer service department only can state to fax a credit dispute to their credit team in Cedar Rapids Iowa.
I have reported these thugs to the CFPB many times and they lie to the CFPB! This company doesn't have loyalty towards their customers it seems they prey upon small matters to destroy their customers. These people are monsters! Their credit department are incompetent only out to ruin their customers!
Applied for financing and was approved by TFS but 4 Toyota dealerships provided 4 different answers / APR ranging from 8.49% up to 15.5% What type of parameters and guidelines is that? Same financial institution, car make dealership. No transparency, markups are against Toyota guidelines. Finance guy from Hartford Toyota ripped the documents when requested to call Toyota HQ to verify. Deposit still has not been returned.
Case number for our complaint is open and unresolved. Was told we would be contacted within 2 business days, never heard from anyone. Everyone is providing different answers or not assisting, being transparent. They are trying to help Hartford Toyota to avoid being reported for trying to rip off an Asian single mother of 4 that does not speak, understand, or read English too well. Police was called for disturbance.
The victim son was there to translate and help read over contracts in Finance. If the son was not present, victim would have signed and accepted the contract. When questioned and requested answers regarding rates, fees, and abbreviations, things escalated when victim realized she was being ripped off and lied to. Finance guy ripped the documents.
The son was escorted out, detained, handcuffed and searched. The son asked Hartford Police as to why he is being handcuffed, searched, detained, he was informed that 5 employees from Hartford Toyota said he had a knife and threatened them. Completely false accusations and statements from the employees. The son was released after no weapons or knife was found.
As an African American woman was charged a higher interest rate that non-minorities. In 2011 purchased a 2009 Toyota Camry Financed the care through Toyota Fiancial. Learned later that the interest rate on my loan was much higher than what I had been told.
Car was purchased at Copeland Toyota in Brockton, MA.
In February 2017, I lost a relative and since they never had life insurance, the was taken on by close relatives. Most of my bills fell behind including my car payment to Toyota Financial Services. On July 5, I received a phone call from TFS which I picked up. After the usual questions, the rep informed me she was calling to collect the outstanding amount due. Then she informed me that she wanted to know if I cared to find out the reason for the payment being late. I told her I was bereaved and explained the financial burden created as a result of our loss. After hearing this, she said that TFS could help me. She had me on hold for few minutes and came back informing me that I should make the past due payment of $337.99 for May 2017 then TFS will defer the next 3 months payment and that I would not make any payments until September 1. Excited with this news, I scheduled payment of $337.99 for July 7. In order to receive the deferred payments benefits, she told me I had to complete a form in accordance with New Jersey Law. She promised to send the form to me by email and regular mail which I agreed to. In few minutes, I received an email with an attachment. In order to open the attachment, the email read, "Please note that the link below will be available for 90 days; after 90 days open the attachment to view the message." Two weeks later I received a phone again from TFS and another rep called to inform that he was calling to collect another payment. I specifically asked him, "Do you have a log of phone conversation in your institution between you and your customers? " He answered yes. I said did you read the last one between the rep and myself? He answered yes. Then I said what did it say? He said she said she would mail the form to you. I said I received the email but instructions say I am not to open it until after 90 days. He said I am mailing another one now. Please complete it as soon as you receive it. I never receive the form even though I kept checking my mail daily. To my surprise and dismay, I received a statement saying I owed $1,231.79 due September 1 and I should pay the amount before September 11 to avoid late charges. I did not know what to do as this was the weekend of Labor Day. Surprisingly, on September 4, the vehicle was repossessed. I sincerely believe that this company is exploiting millions of people and if actions are not taken against it, it might send millions to their early graves. I need your help to know how to fight this case as this is fraud and I am definitely going to win this case.
They got me 4 years ago when I bought a 2011 Prius. The dealer got me approved quickly with an insane 15% interest rate. They said I should refinance later. Then every time I have ever called TFS I have been rudely treated like an enemy regardless of the reason I call. I've tried to refinance through them, but the just flatly offer an address where I should surrender the car (and surrender the equity I have paid in to them). The dealer keeps sending me refinancing promotions to come get a new vehicle and refinance at a lower interest rate, and every time I come in they make me sit there for hours while TFS refuses to hear any offer, even though my credit score is at least 100 points higher than when I started. And the total payoff amount keeps going UP. I did the math and I'd I make all the payments to the maturity date I end up paying twice the price I agreed on for the car. So I finally refinanced through my credit card company. They have been friendly, and the interest rate is much lower. I'm so glad TFS is out of my life. Please don't do business with them if you can avoid it.
I was told at the time of my purchase in 11/2014 that Toyota Motor Corp (Toyota Financial) approved me at 9.24% that I could refinance after 7 months for a lower rate by the Toyota dealership. I chose to finance with Toyota based on the fact that I had been a long time customer with excellent payment history, and thought another 7 months to prove myself to them would be acceptible. NOT ONCE and NO WHERE does it state on my Agreement, or on their site, they do NOT offer refinancing.
I called TFS customer Service and after being told 10 minute wait turned into 35 minutes and I get a customer service rep who is so quick to say they are not a financial institution and do not offer reifnancing or lower interest rates. What? I got financed through Toyota Motor Credit Corp which is Toyota Financial Services, and if they are financing me then they are a financing company. The only way for me to refinance I was told by customer service was that I would have to leave them to go to another bank or credit union to have that done. Again, I spent all these years building a good rapour and credit history with TFS for what? Had I known all of this I would have gone with another bank, as this is a complete waste of time.
THIS IS A SCAM! to get your business from some unethical pushy sales dealership and lock you in at a higher rate so you really can't do anything about it. You cannot refinance anywhere (now that I have tried and truned down multiple times by Credit Unions I belong to, and other dealerships won't even take me as I am too far upside down now and need to come to the table with MORE money). No bank will refinance any vehicle that is upside down. This is the same crap that the mortgage industry went through with values of homes no longer being what is owed on the mortgage. And we see how that panned out. SAME THING here....now what I financed just 10 months ago is no longer of value and I owe more than it is worth. I have been to three dealerships and they say I am about $5K upside down in just 10 months. Not that I even want to trade it, I can't if I even did. I have also tried Lending Tree, Rate Genius, and a dealership with over 60 lenders, all turning me down because of the negative equity and not being able to come to a reasonable car payment (especially for those who are desperate and must have car to work or go to medical appointments because they are on SSDI).
YOU cannot win no matter what, and I am sure I am not alone. I see requests about TFS refinancing all over the internet. And TFS thrives off of this SCAM.
If TFS is going to accept these pathetic deals, they should stand behind their customer and offer assistance to help lower their rate after a period of ontime payments, to help reward them, and to continue to feel valued. But NO they only work with dealerships and yet a dealership won't work with you after you've been screwed over. You are locked into a bad deal...hmmm sounds like the mortgage industry and their unethical ways of financing people.
Toyota Financial Services forces your hand to have to walk away only hurting the credit you have built and worked hard at repairing. This is poor business practice and a total scam. Not a finance company...welll you financed me. I am on SSDI and struggle to make ends meet along with medical bills and medications, yet I have put YOU TFS first in making my car payment, so where is the exception and YOUR loyalty....YAH AT THE SHADY DEALERSHIPS! Not with YOUR customers.