Toyota Financial Services - Auto Finance Provider Refuses To Refinance Deals It Financed!
New 2012 Toyota YARIS - Complaint
TORRANCE, CALIFORNIA -- MY ELDERLY WIFE AND I bought a new 2012 Toyota Yaris last fall (2012) , for what we were told would be less than $19,000. The dealers is Lustine Toyota of Woodbridge, VA 22191, 703-492-3627.
After the paperwork was complete, however, the actual "sale" price came to $28,383.84. Monthly payments would be $394.22 for 72 months. The "deal" included several costly "service" contracts that we thought were included in the original price, but instead added nearly $10,000 to the cost! A real budget buster!
After reviewing the contract we too hastily signed, we cancelled $4,500 worth of the contracts and requested that the resulting reduced price of the Yaris be refinanced by the dealer's finance group, Toyota Financial Services (TFS), which collects payments through a Carol Stream, Illinois, location,.
TFS, however, REFUSED to refinance the contract, claiming it is an "indirect lender," and not able to recalculate or refinance a car deal. Turns out TFS is not subject to government regulations or other usual credit-granting rules. Our position is that if TFS can FINANCE a car, it should be able to REFINANCE the deal.
Lustine's management also refused to renegotiate or reduce the usurious cost of the car.
Now, unless we attempt to refinance the car with a reputable bank, we will pay TWICE the Blue Book value ($13,638) for the Yaris over the course of six years!
What bank would refinance a $13,000 car for $23,000 ? No advantage to either party.
1) DO NOT BUY A CAR FROM LUSTINE TOYOTA UNLESS YOU ENJOY DEALING WITH UNABASHED GREED.
2) DO NOT AGREE TO FINANCE A TOYOTA VEHICLE THROUGH TOYOTA FINANCIAL SERVICES.