Company Response
2/16/2024
February 16, 2024
Contact Name: Ms. O'Neil
Account Number: 0276828830
The Executive Office of Toyota Financial Services (TFS) is in receipt of the complaint filed against Toyota Motor Credit Corporation (TMCC) and TFS regarding the repossession of the above referenced vehicle.
Our records reflect that on September 28, 2019, Ms. O'Neil entered into a retail installment sale contract for their 2010 Toyota Rav 4, with 60 payments of $267.16 due on the 12th of each month.
Our records reflect that prior to the repossession of Ms. O'Neil's vehicle on January 17, 2024, TFS attempted to contact them several times by phone at the phone number on file, with no response, to discuss the status of their account. Furthermore, on October 31, 2023, we mailed Ms. O'Neil a cure notice, which informed them that their account was past due and required their immediate attention to prevent any repossession efforts.
TFS did not receive Ms. O'Neil's payment for the months of September, October, and November 2023. As a result, Ms. O'Neil's vehicle was approved for repossession.
Pursuant to the retail contract Ms. O'Neil signed for the referenced vehicle, if a customer should default on payments, we may take possession of the vehicle as permitted by law and require our customer to pay the amounts set forth in the contract. Therefore, we respectfully decline Ms. O'Neil's request for additional time to pay the fees associated with the lawful repossession, as their legal sale date passed on February 3, 2024. We have sent Ms. O'Neil's contract and rights letter under separate cover due to Business Consumer Alliance system limitations. TFS respectfully requests they contact redemptions at (866) 364-8758 with any questions in regard to the rights letter.
TFS makes every attempt to positively respond to all of our customers; however, we are required by federal law to report all information accurately to the CRAs based on Ms. O'Neil's payment history. As a result, we are unable to accommodate their request to remove the valid adverse credit markers.
It is our understanding that Ms. O'Neil may have the option to add a 100-word consumer statement to their credit profile explaining the circumstances that caused this occurrence. They may contact the following agencies to learn more about this option:
Equifax: PO Box 740256, Atlanta, GA 30374 (800) 685-1111
TransUnion: PO Box 2000, Chester, PA 19022 (800) 888-4213
Experian: PO Box 2104, Allen, TX 75013 (888) 397-3742
Innovis: PO Box 1538, Columbus, OH 43216; (800) 540-2505
We realize this may not be the response they desired, but we hope our above reply has resolved this matter amicably.
Please know that Toyota Financial Services strives for excellence in customer satisfaction. If there are any additional questions regarding this concern, please contact us at (800) 874-8822.
We may include Personally Identifiable Information (PII) as necessary to the complaint as submitted by the customer. We do not control how or whether the BCA safeguards our response or the PII in our response after submission. Toyota Financial Services is a service mark of Toyota Motor Credit Corporation (TMCC). Retail installment accounts may be owned by TMCC or its securitization affiliates and lease accounts may be owned by Toyota Lease Trust (TLT) or its securitization affiliates. TMCC is the servicer for accounts owned by TMCC, TLT, and their securitization affiliates.
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