In February of 2006 I purchased a used- 2004 Toyota Tacoma. My husband and I decided to make this purchase and decided to go with Toyotal Financial Services. This was a mistake I have not yet been able to correct.
Four months later, I was in the processes of divorce. The loan with TFS was in my name. The bills, in my name, the payments were made by me. But yet, they put my (now ex) husband's name on the registration. I called to get this changed, they said it could only be changed if something were to happen to him or I refinanced. At that same time, I found out that the truck which was only worth about 10,000 (if I were to refinance) had been financed for 23000!!!! I told them that this was a mistake, as my loan papers suggested a nice sum of only 14500. Come to find out, TFS had added LIFE INSURANCE and DISABILITY INSURANCE to my account as well as an EXTENDED WARRANTY which I had no knowledge of.
I tried to get them to remove these products from the account and they claimed they had no way to do that. They claimed that I was responsible for contacting these third-party companies to remove such items. I still do not know if they are off of my account despite my efforts.
As for making payments. My payments were on time until DECEMBER 2006. Mind you, this was after my beginnings of divorce with non-support and a child who needed a christmas. I only owed them 40 more dollars on my monthly payment for december. Instead of working with me they marred my credit and claimed I owed a double payment. They will conscientiously debit my bank account, but not credit my TFS account. I have had to deal with this numerous times. I almost have to call every month!
In other words, I have a truck that I can't refinance because of an out-rageous payoff. I can't sell it because my ex's name is attached. So I asked, "what are my options?" And they kindly told me "Well maam, you can surrender the vehicle back to the dealership." And of course this would still go on my credit as a repossession. So I kindly replied, "Then you can come and find it."
I would love nothing more than to see this company shut down. I would love nothing more to see them being reviewed by some higher-up than me. Because they are not customer oriented, they could care less.
Review about: Toyota Financial Loan.