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Ripoff Report | Toyota Financial Se Review - Cedar Rapids, Iowa
Report: #1509297

Complaint Review: Toyota Financial Services - Cedar Rapids Iowa

  • Submitted:
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  • Reported By: Michael — Sykesville Maryland United States
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  • Toyota Financial Services Cedar Rapids, Iowa United States

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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. 

This report was posted on Ripoff Report on 06/22/2021 02:30 PM and is a permanent record located here: https://www.ripoffreport.com/report/toyota-financial-services/cedar-rapids-iowa-gap-refused-1509297. 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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#4 Consumer Comment


AUTHOR: Karl - (United States)

POSTED: Sunday, June 27, 2021

is only available at this site. Just type in 281113 and it appears in the comments section at Ripoff Report 281113.


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#3 Consumer Comment


AUTHOR: Karl - (United States)

POSTED: Sunday, June 27, 2021

is only available at this site. Just type in 269041 and it appears in the comments section at Ripoff Report 269041.


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#2 Author of original report

Still a ripoff

AUTHOR: Michael - (United States)

POSTED: Thursday, June 24, 2021

To the last person who responded, I in NO way was trying to double-dip. When the policy was sold, it was represented to pay off any existing balance AT TIME OF LOSS. I even left Toyota with less to pay since I had made many additional principal payments. I also paid for this on a 6 year term and the car was totalled in less than 4 so I should be entitled for at least pro-rated refund. The responder is either one that sells this kind of rip-off product or works for Toyota. All one needs to do is put "gap insurance fraud" into a search engine and they will find hundreds of complaints just like mine. 

If my claim was never valid from the beginning, why wasn't I told this the FIRST call? Why was I repeatedly asked for additional paperwork when they already had it? Why did I have to waste hours on the phone between everyone involved? Why did 2 other companies notify me that they noticed I had GAP insurance and they would be glad to help with this? 

Why not ask others who fell for this scam about how the process is dragged out for weeks, requesting paperwork thta was already provided? Why does the company never contact customers in quicker ways like call back or email? Instead, only mail and fax. 

Most people are never told that they will waste days trying to gather the long list of required paperwork, much that the customer doesn't have? Why could they settle my entire car insurance claim in DAYS, but it takes MONTHS to collect on a GAP claim? They should have to tell customers about these facts. 

The car was paid off out of my funds FOR A CAR replacement so my final payments didn't lapse while waiting months for the GAP check.  Even though I no longer had the car title, I still had to make the last 5 payments or it would appear as late/missing payments on my credit report? Read about this and many finance companies destroying peoples credit with things like this.

Notice how dealers wait till the very end of financing part before they either slip in GAP insurance or tell you how sorry you will be that your car doesn't have GAP. They push this hard and at a time when buyer just wants to go home with the car.  They do this because it is pure profit and that most GAP claims are never used or they are fought when trying to claim. This is a fraud from beginning to end. 

Also....GAP means "Guaranteed" auto protection! Another fraud.

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#1 Consumer Comment

You are wrong

AUTHOR: Robert - (United States)

POSTED: Thursday, June 24, 2021

Based on your "report" you were trying to double-dip. It doesn't matter HOW your balance got paid off.  If the other insurance company paid off your entire balance, then GAP doesn't apply.  But Let me guess...you signed the paperwork from the Insurance company without actually reading what you were signing. Sure it sucks but you put yourself in this situation.

This was done to settle claim and the payments from USAA to Capital were NOT additional benefit, but was taken from my settlement check.
- Again it doesn't matter how it got paid off.  But, this is now an issue you have to take up with Capital One and USAA. Unfortunately, since you probably signed away your rights to any future claims don't expect any more money.

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