About Toyota Financial Services
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Toyota is a Japanese car manufacturer that makes cars, trucks, SUVs and hybrids. Read reviews for their models:
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I had to write about my bad experience with Toyota, In August 2021 I did lease a vehicle under swap lease and until now I'm paying for a car that I can't drive because of The lack of service with paperwork!!
August 11 I sent a check for $9400 to pay off my RAV4 EV loan. That plus a $440 check that followed was in excess of what was owed. I heard nothing back waiting for a check and title. I called a few weeks later and found they had misapplied the funds. They misread the account number. Fine, they promised in a few days it would be fixed and I would get my title and check.
Today after hearing nothing, I called and got some idiot who found all the records and unable to explain why the problem existed. He said they would have to sit on the funds for 10 days (funds that were cashiers checks weeks ago) and then in a month or two resolve it!!!! (If I am selling my car how does THAT work???) SO I get a resolutions person on the phone who says they will have information for me in 3-5 business days! WTF? What if I had failed a payment? I bet they act faster. They just do not care at all that they continue to screw up and I am left waiting for my pink slip!
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Some advice: Do not finance your vehicle through Toyota Financial Services. Go through a local credit union or another institution you trust. Here's my story - in June of 2021 I began the process of buying out a lease. With used car prices spiking, it was a great time to purchase and resell, so I was eager to get through the process quickly.
I called and spoke to a representative (after being on hold forever, as others have mentioned), who told me the payoff amount verbally and instructed me to just "pay it through the online portal and we'll send you the title." I should've realized that it was bizarre to send >$30k into the ether for a $400 monthly lease payment without any further information, but I did as instructed and waited... and waited... and got nothing. No email, no message, no title in the mail.
After weeks, I called again and was told I'd be on hold for 90 minutes, so instead I sent a message through the online portal. After a few days, I got a response contradicting what I had been told on the phone. Not only was the amount they originally asked for incorrect (didn't include sales tax), but I would need to fill out a form and send payment via cashier's check instead of a digital payment. Meanwhile, the $30k I had already sent digitally was mysteriously marked as "credited" back to me, despite never actually being returned to my bank account. After asking for clarification, the rep sent me a digital payoff form and told me I would just have to send the difference (sales tax) as a cashier's check, and mail that along with the form. The amount "credited" would be applied towards the purchase, despite being supposedly the "wrong" way to pay. They then closed the online help ticket.
I again did as instructed, but called again to check whether I would really need to send the sales tax by cashier's check. This time, after being on hold forever again, a different rep said I could just use the online portal to pay... contradicting the last rep... again. Wary now, I triple-checked, but they insisted it would be fine. So I sent the payment online and waited.
After a couple more weeks (it's now late August 2021, so much for a quick turnaround), I received a letter saying my account had been sent to collections for "defaulting" on two lease payments (~$800), despite the fact that I had now sent them nearly $35k online to buy the rest of the lease and vehicle! Yes, I agree, it defies reason! I have now sent them yet another support request online seeking clarification after waiting 90 minutes on hold to no avail.
It is truly baffling how hard Toyota has made it for me to purchase a vehicle. They are now holding an enormous amount of money ransom, while simultaneously claiming my account is somehow in default, and otherwise stonewalling me. They should absolutely be investigated for their incompetence, breach of contract, and borderline theft. Avoid these clowns at all costs!
I love my car but will refinance as soon as possible because I cannot deal with shady businesses.
-You cannot pay any extra each month and have it apply toward principal. When I called to request this after realizing they were applying my extra funds to future payments I was given a recorded message explaining the 3 manual ways principal payments can be made.
-When I asked for the upcoming payment and how much of that is principal VS. interest they hung up on me.
-The service person talked over me during the entire call. It was unacceptable. It was clear she had an agenda to follow and there is nothing service oriented about how she handled my questions.
This is easily the worst customer service in the business. Huge fail.
It took TF two weeks to process my lease end payoff. Despite nearly daily calls to their "customer service" reps, they never sped things up. I gave them my express mail acct, but they sent title by snail mail.
You would think that after paying off a car, the title would soon follow. This is not the case with me. Long story short, I paid off my car 2.5 years ago. I have a letter from Toyota stating that vehicle was paid in full. The only problem is they have not sent the DMV or me the certificate of lien release. When I called the DMV, they said it is electronic and they can't send me title without Toyota sending them the certificate of lien release. Of course when I try to call Toyota, there is a long hold. I can't wait 3 hours to talk to a person. Why they don't have a call back system for long waits such as 3 hours, is beyond me. Further, why is it on me to prompt them to do their part? Toyota, great cars, poor financial management department.
I’ve been calling for over two hours, I traded in my vehicle and the dealership wants me to call Toyota Financial Services to let them know since payment is due next week. But no one is answering the damn phone. And it’s been over two hours. What the hell is going over there that they can’t answer the phone. This is ridiculous, when I first call I get the automated system. I go thru all these steps to get a real person just so knows answer the phone and then get lit on hold for over two hours. This is not right. Someone needs to step in and throw down the hammer.
As everyone knows there is a CURRENT global pandemic. I am a Toyota customer and was directly affected. Besides losing my job, I also contracted Covid in 2020. When you have Covid, you can’t go to work until you test negative. This can take several weeks. I spoke to Toyota Financial and asked to make a payment arrangement as I was not working due to the pandemic. They agreed. Little did I know they were going to destroy my hood credit by saying my payment (which was part of an agreement) was late. At the time I made the arrangement, they also didn’t tell me that I can make a partial payment, and this would be ok!
They put me through a long tedious process of submitting disputes in writing, which I sent certified ($$). Then asked to RE-submit by fax ($). And then call and call desperately trying to navigate the broken IVR (the voice that asks you describe your issue in 3 words or less, but never understands) for weeks and retell every person about your crappy 2020, just to be told to call back.
This company is deceptive. And I guess most companies that make money off regular people are. But to tell me “We provided courtesy removals DURING the pandemic, but this is outside of that window” is a slap in the face to someone who actually had the virus. The pandemic isn’t over. You should be more consistent and considerate with the global situation. (Steps off soapbox)
Trust me. Just don’t use autodraft through this company! My local water provider does a better job..., Very disappointed since I love Toyota trucks & cars so much. Shouldn’t have the Toyota named attached to this service!!
I have been keeping a log of the poor service that is provided by Toyota Financial Services. Let's begin with the poor runaround telephone automated system they use. After waiting periods of a stated 21 minutes or 41 minutes I still waited longer. You may ask why did I wait, it is because they applied my final payoff amount of $4,229.72 to another account or could not figure out where they applied the funds. My check to Toyota was sent to Toyota at the end of January 2021 and paid by my bank on Feb. 4, 2021 but they sent me a bill at the end of Feb. for the February payment. That's when I knew something was wrong.
I have called them 6 -8 times speaking to various representatives who know very little or place you on hold and don't come back. I had to send them a 9 page fax outlining all my efforts, copies of the bank statement and check, copies of the payoff notice and statement. I requested that someone call me with follow up info that day. I waited a day and NO call or follow-up. I had to call again and ask for the number or supervisor who is handling my account. When calling the "RESOLUTION DEPARTMENT" today the rep "wanted to know how I got this number." He went on to say notation was made and still being processed. If they want their money I expect the service I paid for. Never again will I involve myself with Toyota.
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