READ THIS Before Co-signing with Toyota Financial Services
KENTUCKY -- We co-signed a loan for our daughter to buy a Toyota Corolla.
After a series of unfortunate events, she filed bankruptcy, but wanted to reaffirm her loan with TFS. They refused to reaffirm, but said they would accept her payments until the car was paid off.
They stopped sending monthly billings altogether. She mistakenly believed that, like her student loans, payments were deferred until all legalities had been settled. She had saved back the payments to make when the billings were resumed.
As you can imagine, her ignorance resulted in repossession of the vehicle. She received no notice of this impending action. Apparently, they do not have to notify her. Oh, sure...they can accept monthly payments with interest on the money borrowed by the bankrupt person, but they will not reaffirm, bill or notify the buyer of delinquencies.
That's bad enough. However, we, as co-signers, were NEVER NOTIFIED by TFS by phone or mail of the bankruptcy, delinquent payments, impending repossession, etc. until AFTER the car had been impounded...then, only to notify us by mail, 6 days after the fact, that the car would be auctioned if not redeemed.
On top of that, when we called them, they told us that they could not talk with us about it...only our daughter. When SHE called, they could only talk with US about it.
Each conversation (approximately EIGHT To TEN different calls) resulted in MIS/DIS-information. When we asked to speak to a supervisor, we were questioned as to why we needed to talk to a supervisor when they would tell us the same thing. OUR RESPONSE: GREAT! Based on the different information we had been receiving, it would be good to hear the same story from two representatives. We were then transferred to the "supervisor" Deanna who, in fact, we were told later, was NOT a supervisor, who gave us MORE inaccurate information!
The REPO department personnel were uninformed, rude, and downright deceitful. We redeemed the car immediately upon receipt of the actual redemption letter, which included approximately $500 in repo/storage fees. Had we been notified about the default on the loan, we could have settled this matter LONG ago without involving repossession and the associated fees.
Perhaps this is all legally correct, but it is SO WRONG for the consumer! A POOR way to do business, and we will certainly remember this experience in the future. This was our FOURTH Toyota purchased in 15 years and it will also be our LAST! All were GREAT vehicles! However, TMC's affiliation with TFS has soured our opinion to the point that we will look elsewhere for our automotive needs and will advise others to do likewise.