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Toyota Financial Services - Customer No Service
Complaint
Review by Darrell27 on 2012-03-16
Rating: 
TORRANCE, COLORADO -- On March 7, 2012 I traded in a 2012 Tacoma for another 2012 Tacoma due to lower interest payments. Both vehicles are financed through Toyota Financial Services. As of March 16, 2012 the old loan hasn't been paid off by the Toyota dealer. The sales manager told me the payment is sent electronically and should have been sent in already. NOOOOO KIDDINNG! When I called TFS they said they had no control over the dealership and wouldn't contact them on my behalf. I told the representative I was upset since I'm paying interest on the old loan as long as the old loan is in affect. She went on to say since the dealership has had my vehicle since March 7th I'm not paying interest. I've purchased over 50 new vehicles in my life and I know as long as the loan is outstanding, interest is being charged. I then called Toyota's Customer NO Care Experience and explained the situation. Again I was told they had no control over what the dealer does with the old loan. I called back and spoke to another agent and was told the same thing. Toyota doesn't care about it's customer's at all. Calls to the dealership are not returned nor e-mails or voice messages. Every day that ticks by I'm out the money I just paid for March's payment. Walking down my driveway a few minutes ago I found a metal piece that obviously came off my new truck. I have no idea what it is, as my wife has the truck. I know it came off the truck because my gate is locked 24 hours a day and the only vehicle that's been in my driveway is our new truck. Plus the piece I found is the same color as my new truck. I'll probably be trading this truck in soon.
Comments:
Posted by trmn8r on 2012-03-16:
You were told multiple times that you shouldn't be paying interest. Is there a chance this advise is correct?
It sounds like whom you really need to speak with is the dealer. Don't they answer the telephones? Is the problem that the finance department doesn't answer calls? I would think you could escalate your inquiry to the dealership management to get a response. Good luck.
It sounds like whom you really need to speak with is the dealer. Don't they answer the telephones? Is the problem that the finance department doesn't answer calls? I would think you could escalate your inquiry to the dealership management to get a response. Good luck.
Posted by traceylynn on 2012-03-17:
It can take up to 30 days for the check to post to your old account. It MAY be sent electronically but they do not post on non-business days, the Federal Reserve has to be open for them to post electronic payments which is Mon-Fri. If it is done with a cashier’s check ( I had a loan on my Mountaineer thru TFS and they paid it off when I traded it in with a cashier’s check) it can take even longer. They payoff that they got should of been good for 30 days. It has only been 7 business days right now, you have to give them time to process and post all of that. The interest you are charged for those days unfortunately is just the cost of doing business (speaking from experience with them and other car loans as well). I have never had a payment post on a trade in right away, in fact the ones I did in the past took anywhere from 20-30 days to post.
Posted by BigAl on 2012-03-17:
Your problem is with the dealership. The finance company has no say in this. This may not be your problem ---but--- some car dealers are very slow to payoff tradeins. There are some legitimate reasons for this. Here are two. 1.- The dealer is waiting until they receive the monies for the contract you signed for your current car. This way they do not tie-up their operating capitol. 2.- If they payoff your vehicle immediately and your transaction unwinds for whatever reason there is a huge problem to solve.
Posted by Darrell27 on 2012-03-17:
electronic Payments are done immediately as soon as they're submitted. Where my wife works as soon as a payment is submitted, the money is taken out of their checking account instantly. You would think since both vehicles were financed through Toyota Financial and the dealer is a Toyota dealer, they would want this done asap. For the comment about interest not accruing, this is false. Interest is accruing daily on the loan.
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