Report: #1252932

Complaint Review: Toyota Motor Credit Corp - Nationwide

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  • Reported By: jstblv — Fitchburg Massachusetts USA
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  • Toyota Motor Credit Corp Nationwide USA

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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. 


This report was posted on Ripoff Report on 09/04/2015 10:23 AM and is a permanent record located here: https://www.ripoffreport.com/reports/toyota-motor-credit-corp/nationwide/toyota-motor-credit-corp-toyota-financial-services-tfs-no-refinancing-no-loyalty-to-exi-1252932. 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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#9 General Comment

I had the exact same experience as this guy

AUTHOR: trevor - (United States)

POSTED: Tuesday, March 20, 2018

I had the exact same experience as this guy, This is my second car purchase and financing from the same Toyota dealership ( i thought stupidly maybe id get good deal second time around since i made all my payments but they didnt care) I always payed over my required amount, They charged me absurd amounts due to credit the car was labelled used and 12K I have paid over 20K at signing (stupid me).

They said it was required but it would end up being that much if i paid over the amount of the required payments lol what a joke ( i pay double the amount that is required) after a few years now its finally under the initial amount it was supposed to be will probably take me this year (next 12 months) to pay off completely but defenitly not using any toyota dealership ever again maybe carmax or something like that idk *toyota going places ... or building an empire on the crushed dreams of good clients you decide.

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#8 Author of original report

Let's Move On

AUTHOR: - ()

POSTED: Tuesday, June 07, 2016

 I am not even reading your rebuttal as I am moving on and have. Everyone has an opinion and I no longer care about this matter. I am so past it. I even have a different car and a different bank as God blessed me with a screw up at a toyota dealership service appointment which resulted in my car being flooded from under the floorboards and through the mats and I was finally released from the nightmare and given a fresh start with a 5% interest rate and am with a credit union now...blessed and happy! Final words: when you don't see a way, God has a way...just have faith and trust him. I got double blessings from this matter.

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#7 Consumer Comment

Reward you for paying what you owe?

AUTHOR: MUDDYGURL - (United States of America)

POSTED: Monday, June 06, 2016

"...now that I have tried and truned down multiple times by Credit Unions I belong to....What happened to rewarding for good payment measures...."

I do not understand.. turn it around.....if a grocery store has been good to you by offering lots of sales, do you want to pay them MORE  for the food because they do so?

a Childlike view of the world if you expect them to go one step BEYOND your agreement.  

Do you give the gas company more  on your payment to reward them for a nice warm house in winter? Or do you scream when the bill goes up 5cents when they must cover all the welfare deadbeats getting super low cost heat ?

Why is it  one way with you?

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#6 Author of original report

re response to FloridaNative

AUTHOR: - ()

POSTED: Monday, September 07, 2015

 Thank you for your response...I have tried a couple credit unions and folks like rategenius and lendingtree but am not even able to get my foot in the door with a refi even to discuss putting money down. The forms don't indicate that and is based on what you owe. I belong to two credit unions and I have gone in and asked and the negative equity you can't resolve as they refi what is left on the loan. Forcing one to keep paying or walk away and of course every time I request I get dinged on my credit report and then turned down for too many requests...you never get ahead. I have offered to put money down but then then I hear "we don't finance vehicles over 6 years old"....something I had no idea of. Again had I known upfront about TFS I'd have considered working with another bank so I could refi with them 7-10 months down the road as it was a new loan. You sign on the dotted line thinking it is temporary and short term and then find out AFTER you were screwed by TFS and the dealership. I can see dealerships acting this way, but TFS SHOULD WANT to help and work with their customer to keep a positive relationship and avoid a possible repo. TFS should hold dealerships accountable for bad and unreasonable contracts so we the consumers have a better chance at keeping the car. Life happens and we can't always know what it may bring down the road forcing your hand to refi or trade and then find you are screwed with no help. I agree about not trading but can't being upside down and dealers not wanting to give fair market value...been there too. So the whole process was a scam by TFS accepting the crap the dealership put infront of them, and we know how they play with numbers to make it go through, mortgage scam did the same thing ...also forcing people to lose their homes and now new programs are in place and those mortgage companies are held accountable with fines. It is time for dealerships and the finance companies be held accountable for financing bad deals, as they are taking advantage of those who are not finance experts. I have spent the last 10 months perfecting my credit report and score and still I can't do anything. Scams and lies from the moment you walk in the door. I know I am not alone as the internet is full of requests and searches for refi with TFS, and which brought me here even. I am done with this scam and the dealership and TFS !!! God has my back and the enemies formed against me. I leave it there.

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#5 Consumer Comment

You are not stuck in your current finance contract

AUTHOR: FloridaNative - (USA)

POSTED: Monday, September 07, 2015

I am a consumer not affliated with Toyota (except I drive one) and not affliated with the dealership or TFS. I am very familiar with contracts and financing and what the Toyota dealer did is a common car dealership trick.

It is extremely common for the finance person or the sales rep to promise you the ability to refinance at some future date but they know at the time that they do NOT refinance. The only way a dealership can "refinance" is to talk you into a trade. Which is a really, really bad idea - it compounds the problem if you do trade into another vehicle. Do some research and you will see how common this trick is by car dealerships. They count on the consumer falling in love and leaving their common sense at home.

A written contract can not be changed with a "verbal agreement".  The "verbal agreement" you had with the sales rep was null and void the moment you signed off on the written agreement. Coast, one of the other responders, has it right when he says the agreement is in the 4 corners of the contract. That is where the dealership hoodwinked you.  

But, you aren't stuck in your deal.  In order to refinance you can go to any credit union or bank.  Naturally you will have to qualify for the new loan and if you purchased with a high interest rate or no money down (or very little in relation to the loan), then you will be upside down.  That means you will have to bring money to refinance until you aren't upside down.

Interestingly enough, you can finance a larger portion than the value of the vehicle if you have better credit. So the first order of business for you is to work on your credit score. Check legitimate credit sites to find out your FICO score and what to do to rebuild. It may only take you a month or two to get to a decent range to refinance. Then check with credit unions to see what their terms and conditions are for the vehicle refinance.

Next time you go to buy a vehicle - don't listen to the sales rep or the F&I person. They lie. Not all of them, but many. Go in with your financing inhand and they won't be able to swindle you again.

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#4 Author of original report

re response to rebuttal sunday 9/6

AUTHOR: - ()

POSTED: Monday, September 07, 2015

 Verbal contracts are just as binding as those on paper. Actions speak louder than words and the agreement and contract was misrepresented and misleading resulting in my signature on paper. The consumer has to trust the dealership representing Toyota and there was no proof that my high interest rate in fact was legit and not part of the scam to get more money out of me, or the consumer. You don't get to see the approval interest rate ahead of time...it is flexible across the board from 0% - 24% according to the ranges I've seen online. Truth always comes out AFTER one signs on the dotted line and verbal agreements thrown out the window and not honored. Bate and switch!!

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#3 Consumer Comment

Contract Interpretation

AUTHOR: coast - (USA)

POSTED: Sunday, September 06, 2015

“…told was I can refi to get a lower rate after 7 months…”

Intent is determined only by the written terms of the contract. The terms of the loan do not extend beyond the four corners of the contract.

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#2 Author of original report

response to rebuttal

AUTHOR: - ()

POSTED: Saturday, September 05, 2015

 I have financed in the past with TFS and never thought of refinance and now with a new dealership and purchase of a car they offered a higher interest rate telling me I could refinance after 7 mos...never stating that would have to be with a totally different lender. With rates as they are I am now not able to refinance, love the car, hate the payment. Supposed to trust the dealership that I was getting a good deal...when after all said and done and down the road 7 mos I am not able to refinance with TFS or anyone rlse cus TFS has me upside down on my loan...much like the mortgage companies taking advantage of those home loans and then not able to refinance. It is a scam cuz they are in bed with the dealerships and making money off a bad loan and not willing to help their customers out. What happened to rewarding for good payment measures. No remorse, only a bad deal I find out now when I try and refinance which they don't offer and is not written or told upfront. And the bad loan practice between the two you can't refi with another bank either. You walk into it wanting the best rate and then are screwed over by TFS accepting the dealership maneuver for financing...which is the exact sam scam the many mortgage lenders did causing people to lose their homes cuz they couldn't refi after being told they could. Same here, don't want to lose the car as expectation told was I can refi to get a lower rate after 7 months because it was a new loan.

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#1 Consumer Comment

Not a scam

AUTHOR: coast - (USA)

POSTED: Saturday, September 05, 2015

“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.”

That makes no sense because you claim to be a long time customer with an excellent payment history so why would an additional 7 months change that?

“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.”

The lender is under no obligation to change the terms of the financial agreement; therefore, there is no scam. If you caved to high-pressure salesmanship and are dissatisfied with the terms of the agreement, then you are suffering from a case of buyer’s remorse.

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