A few months back I was laid off from my Job and, happened to fall two months behind on my car loan. When Toyota Financial Services contacted me by phone I had saved up enough money to set up payments for those two months and, also set up a third payment that would have put me above what I actually owed. I also have a Visa with TFS so when I asked the employee on the phone wether or not I could send my Car Loan Payments to the same address as my TFS Visa payments she told me that I could and, that there should be no problem. So I set up the payments online from my Bank Of America Account. Aprox. two months later I received a letter in the mail that stated that TFS had an intent to Accelerate my loan of over 18,000 for my 2005 Honda accord. I signed onto my BOA online account right away and, saw that the $450.00 dollar payments had in fact been takin out of my account for the amounts that I set up. Now when I called TFS Car Loan stated that they had never received my payments so I called the bank.
After calling the bank I found out that the payments were send out to TFS but, the address might have been wrong. So I called TFS again and gave them the address that I had for my TFS visa. The employee told me that TFS (visa) and, TFS (car loan) were two different companies and that those payments will have to be re-sent out again. So I called TFS (visa) and, they told me that the first check with my car loan account number on it was applied to my Visa account. I asked them if they could reverse the payment and while I had BOA on the phone also. The employee at TFS told me that he would put in a request for a refund and, that the amount would be returned within 5 business days.
A week later I had received no refund and also had gotten a repo letter from TFS. So I called again and, TFS told me that a refund should show up in my checking account any day now.
I waited for about two more weeks and, no refund. I waited a month and got no refund; meanwhile my missing car payment is delinquent with TFS car loan.
After a month had passed I called again and, was told that the refund payment was cancelled. Now by this time I was furious neither the employee nor the manager that I talked too could give me an answer as to why it was cancelled. Now I had fallin 4 months behind because not only did I have to wait for the cancelled checks to return but, I had to wait for a refund that I obviously was not coming back anytime soon. I also called TFS to asked why I hadn't received any phone calls on the matter. It turns out that they don't even have my correct number on file and, still till this day do not have the correct number for me despite me calling and, giving them the correct information every time. I have had to write letters to not only TFS (visa) but, to TFS credit dispute group. I also faxed over all the records showing that my payments were send out and, that the first payment was applied to my Visa and not my car loan. Do to a small bit of information my car is probably going to get repossessed. I plan on writing a letter to the FTC also to find out what I need to do to reverse this process. I will never use TFS for a loan again and will suggest that any consumer use other companies for Loans. This matter has caused me a great deal of inconvenience and, despite the letter of apology from TFS I still have not received my refund of $450.00 back.