I entered into a lease agreement with Toyota Financial Services (TFS), a service mark of Toyota Motor Credit Corporation (TMCC), in January of 2006. There were to be 36 payments in total. The first payment on the lease was collected by the local Toyota dealer. I also signed up for automatic payments for the remaining 35 payments.
I received my first billing statement from TFS and it clearly indicated that it was for the 2nd month out of 36 months. No problems at all with the arrangement. Every month the lease payment was deducted from my checking account and evey month I received a Billing Statement indicating that another month on the lease had elapsed.
In December of 2008, the 36th payment was deducted from my account. TFS also at that time closed my online access to the account and sent my account from their Customer Service Department to their Central Recovery Department.
When reconciling my bank statement I noticed that in January of 2009 TFS deducted a 37th payment from my checking account.
I contacted TFS and after a prolonged time with Central Recovery was told that they have no record of a 37th payment, but that Customer Service can see more of the account history. I was transferred to Customer Service. The agent took the information and after placing me on hold for 40 minutes discovered that indeed the system "accidentally" withdrew a 37th payment. She said that it would be cleared up in a week and to call back in one week. I called, left a message, called again, left another message... no return call from Customer Service.
I tried again with Central Recovery. The agent wanted to teach me how to count to 36. He said he would look into it, but I sure he thinks I am another crackpot. I tried a Customer Service Manager and was told that the account is being handled by "Corporate" this means Central Recovery. I have yet to get a manager or supervisor in Central Recovery.
I do not believe that this was an accident. It has to be programmed into their system. I am meticulous with my accounting, so I caught the extra payment. I can see how easy it would be most people and businesses leasing a vehicle to overlook the extra payment.
Please let me know if this has happened to you.
Let's find out if this is an anomaly or standard practice.
Audit your auto lease! You should have made one payment to the dealer and 35 payments to TFS NOT 36.