In August we purchased a vehicle financed by Toyota Financial. My husband was deployed in September. At that time we still had not received any billing statement, I contacted them got the info needed and began payments.
In December we received a large bill which indicated we had not paid a single payment. After a lengthy conversation Toyota stated that they had made an error and that it was being corrected (remember my husband was deployed at this time.) Months later when refinancing our home we discovered that we had been reported to the Credit Bureau for those payments while my husband was under SSCRA.
It took two years for this false reporting to be removed. Shortly after that, this year we again received a very large bill from Toyota which indicated that we were extremely behind in payments, after receiving one just six days earlier showing that we were up to date and that the next payment wasn't due for a month. Later we were informed that they had reconfigured the account to removed the SSCRA information.
We then started receiving collection calls on the account even though we had paid ahead since the inception of the loan. After multiple calls to their offices I finally contacted the Corporate office and was informed that the monthly billing statements are a "courtesy" and that they are not a contract. Therefore, if the billing amount indicated is incorrect they can still force you to pay the additional monies. I was also told that there should not be any derogatory action taken if this happens, however we have again been reported to the credit reporting agencies as being delinquent in our loan payments.
As a consumer I am horrified that this level of incompetence exists and even more affronted that any company would call a billing statement a "courtesy". I will never ever do business with ANY Toyota branch or product again after this. Oh on a side note I requested a copy of my billing history and was informed that they do not keep a billing history because it is not necessary... It is frightening to me that this company doesn't have any record of their billing statements only payment histories.
Totally Ticked in Massachusetts
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