Complaint Review: Toyota Motor Credit/Toyota Of Irving/Patt Lobb/ Ourisman Toyota
- Toyota Motor Credit/Toyota Of Irving/Patt Lobb/ Ourisman Toyota
19001 South Western
- Phone: 310-4681310
- Category: Auto Dealers
Toyota Dealers And Products Toyota Irving, Toyota Motor Credit abusive practice being used by auto dealerships to overcharge consumers without their knowledge Torrance California, Irving Texas
*Consumer Comment: comment
*Consumer Comment: Please be respectful, everyone does not have bad credit.
*Author of original report: Please be respectful, everyone does not have bad credit.
*Consumer Comment: Does it really matter who keeps the money when you've been overcharged?
As consumers, we would like to call to your attention an abusive practice being used by auto dealerships to overcharge consumers without their knowledge. We believe that the practice is especially prevalent in situations involving minorities who have little or no prior experience with consumer loans. This practice often involves a two-tier approach. In addition to misleading consumers regarding their credit ratings and, therefore, the interest rates available to them, dealers knowingly quote rates to buyers at the high end of the rate scale available to them based upon their credit tier in order to sell their installment sale contracts to finance companies, including the auto manufacturer captive finance companies, at premiums that are not disclosed to the buyers. This practice results in significant additional costs to unwitting consumers who often happen be those who can least afford it. The practice also violates at least the spirit of the federal Truth-in-Lending laws in that it deprives consumers of material information necessary to make an informed decision as to whether accept a particular loan. In recent years, there has been legislative and agency action in the residential mortgage industry to require disclosure of a similar practice in that industry, the payment of yield spread premiums to mortgage brokers and bankers. We believe that similar action is necessary to adequately protect consumers against the abusive practices prevalent today in the auto dealer industry. Accordingly, we call upon the auto industry to voluntarily begin requiring dealers to disclose the range of interest rates available to a consumer based upon his or her credit tier and the premium payable to the dealer for the various rates available in his or her tier and we also call upon Congress and the FTC to enact legislation and rules that require this disclosure.
Thank you for your time and attention to this matter.
Let's be truly Toyota Motor Credit has continued to deceive many of their customers. And I am one of them. Please tell your customer who has had a Toyota Repo. How the game really works. According to the loan industry,
Banks have insurance on loans. So if the bank reposes the automobile, does not your insurance cover the debt, then your company writes it off on the company taxes. The next year earning it shows profit. Not from the true earnings. But from all the collections.
So tell me as a repeat customer your company has change the Texas Finance code to benefit TMC. Where does it state in this section interest is calculated from the last payment received. If it is a simple interest loan.
Since Toyota loves the repeat customers so much, tell the customers and the public, why I was offered another 17.7% (tier 4) with 72(tier4) months as an encore customers. (This type of rate is for high risk) The first was 17.4% with 72 months. or say your customer has great credit. Instead of 5.99% Toyota offers them a 8.99% Your franchised dealerships receive all and any interest rates for the lenders. So stop telling customers you are an indirect lender.
Tell your customers there is a range of tier 1, 2, 3, 4 what you offer the customer is not the true interest rate. Your bank is a tier 1 they purchased bonds to buy the rates. They purchase rates as low as 1-4% to sell. So how much profit are you stealing from the customers who are not knowledgeable.
Please do not shop at Toyota of Irving (texas) or Patt Lobb(texas) or Ourisman Toyota (FAIRFAX)
Tell the world why your company only pulls from Equifax. Because Equifax gives the lowest beacon score. Example Equifax rounds the numbers to the lowest. The truly daily is the pier Diem rate example 13.47 x 30 off the balance of the loan. 2005 This will be the interest taken out of the monthly payment.
2007 9.47x30 the due date the 24th of each month.
MS.MORALES in the office of President. 310.468.1310 REMOVED PAYMENTS AND CHANGED DOCUMENTS SO IT WOULD ALWAYS SO 30 DAYS BEHIND.
Toyota says to take 4 months off the next payments go into interest. It have always been 23 days ahead.
Toyota also added extra days on the payment history
say you pay your bill on the 24th (the company see you paid it. phone pay e-pay (Toyota adds 2-3 more days. extra interest But nothing is documentment for the customers.
HOW MUCH INTEREST DO YOU THINK TOYOTA TOOK IN THE FIRST YEAR.
Balance $28,467,68 17.40% interest
$644.51 last month paid 1200 worth of interest but my pier diem day rate is 9.47.
Interest is calulated on a 30 day cycle. From the date of the installment. It does not matter if you pay early as long as you do not pay late. After the due date the interest start over base off the balance. Not if I pay 6 days ahead of schedule
342.002. INTEREST COMPUTATION METHODS. (a) The
Scheduled installment earnings method is a method to compute an
Interest charge by applying a daily rate to the unpaid balance of
The principal amount as if each payment will be made on its
Scheduled installment date. A payment received before or after the
Due date does not affect the amount of the scheduled principal
(b) The true daily earnings method is a method to compute an
Interest charge by applying a daily rate to the unpaid balance of
The principal amount. The earned finance charge is computed by
Multiplying the daily rate by the number of days the principal
Balance is outstanding.
(c) For the purposes of
Subsections (a) and (b), the daily
Rate is 1/365th of the equivalent contract rate.
Amended by Acts 1999, 76th Leg., ch. 62, 7.19(a), eff. Sept. 1,
1999; Acts 1999, 76th Leg., ch. 909, 2.05, eff. Sept. 1, 1999.
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This report was posted on Ripoff Report on 04/18/2007 02:52 PM and is a permanent record located here: http://www.ripoffreport.com/reports/toyota-motor-credittoyota-of-irvingpatt-lobb-ourisman-toyota/nationwide/toyota-dealers-and-products-toyota-irving-toyota-motor-credit-abusive-practice-being-used-244632. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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