Complaint Review: Toyotamotor Credit Corporation - Carol Stream Illinois
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- Author Not Confirmed
- Toyotamotor Credit Corporation P.O. Box 5855, Carol Stream, Illinois United States of America
- Phone: 800-279-9032
- Web:
- Category: Car Financing
Toyotamotor Credit Corporation Stole my down payment and after I had enter a Chapter-7 -under a stay lied to the judge claiming that I owe them 17,472.70 -37 month behind at $754. per moth and never admittin that my payment were on Carol Stream, Illinois
*Consumer Comment: Wait a minute
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On July 15, 2006 I trade my Honda Accord vauled at 7,500 and $5,000 cash in on a 2002 ES Lexus 300. My notes were $544.64 per moth for 48 months. The car had 67, 000(plus) miles; but the Dealer ship financial person wrote 23K miles. Anyway, the loan went through and I purchase (a 1 time fee) $599.00 for any disablity claims that may arise. The car price was $26, 500 before my $12, 500 down payment.
Within the fist 8 months I suffered a serious head-on car accident and reported it to the GAP/ Toyota Motor Credit Corporation and was told that the car notes would be met-pending a medical evaluation. The medicail information was submitted and my attorney's information as well. I was told a week of two later that my car payments were taken car of until the Doctor releasses me. Two more car accidents and three years of chapter-7 bankruptcy (3 years) later. Toyota Motor Credit filed a lawsuit against me for a motion to relief of stay and that I owe them $17,472.70 but the car is only worth $9,000. I couldn't believe it! In addition, when I tried to defend my self the bankruptcy was suddenly discharged and now I recived a cure the default notice or surrender the car. What is going on? When I contact TMCC they wanted nothing to do with me concerning my claim and denial of the debt as well as a reaffrimation agreement. I was told you have 2 weeks to cure the default or else.
Victoria
This report was posted on Ripoff Report on 06/13/2011 01:53 PM and is a permanent record located here: https://www.ripoffreport.com/reports/toyotamotor-credit-corporation/carol-stream-illinois-60197-5855/toyotamotor-credit-corporation-stole-my-down-payment-and-after-i-had-enter-a-chapter-7-u-740221. 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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#1 Consumer Comment
Wait a minute
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Monday, June 13, 2011
You have a lot going on here, and it is hard to tell exactly what. So it may or may not be a RipOff(on both sides). Here are some summary points, where perhaps you can fill in some of the detail.
When was the BK filed and was it "discharged" or "dismissed", and are you sure it was a Chapter 7. This is important and you will see why shortly.
Generally any disability insurance will cover the car payments if you become disabled and can't work. Your regular car insurance(or the other parties) insurance will be the one you deal with in the case of an accident. The only time GAP would come in is if the car it totalled and you need to pay the difference between the settlement and the loan balance. If you were current on your payments this should not have been an issue. But I can't even tell if the car was totalled or just needed to be repaired. However, if you didn't have regular insurance you may have not only voided the GAP coverage, but broke several laws as well(depending on your state).
Back to the BK. Once a debt is "discharged" the creditor can not come back after you for any balance owed. However, in the case of a secured loan(such as a car) you have two choices at the time of Discharge. Give up the car or continue paying the payments until the balance owed is paid. If you make payments and signed a re-afirmation agreement you effectivly took the car OUT of BK and if you stop making payments you are subject to the same thing as if you had never filed BK in the first place. This could include Reposession and being sued for the deficency balance.
If by some chance you were not required to sign a re-afirmation agreement(I believe that before the reform of 2005 this was optional, after 2005 it was mandatory if you want to keep it) you can still keep the car if you make the payments. If you stop they can still reposess the car but can not come after you for the balance.
So if you were sued and are sure that this debt was included in the BK and discharged and you don't fall under any re-afirmation agreements then take all of your paperwork to court and use that as your defense.
Now all of this is for nothing if your BK was dismissed. If it was dismissed nothing was discharged and all your creditors can come after you.
If you are unsure it may be good to contact a BK attorney and have them go over all of your paperwork to see exactly where you stand with TMCC. It may be worth the couple hundred dollars it would cost you to possibly save you a 17K mistake.
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