Toyota Financing, Repossession & Unethical Auction

An acquaintance had his car repossessed after losing his job and not being able to keep up with payments.  He kept hoping that things pick up and he could start making his payments again but then one day there was a pounding on his front door.  A man had already hooked up his car to a tow truck and was ready to cart it off but just wanted to give him his business card “just in case”.

He told my friend that the car would be at a certain location for at least a month in case he could catch up with his payments.  A last ditch effort phone call to Toyota’s financial department to stop the repossession was in vain. They refused to take the last bit of money on a credit card my friend had and off the car went.

Well not only did the car not remain at the location specified by Toyota’s tow truck driver (some 50 miles away from my friend’s present location), it was transported 200 additional miles away making it totally impossible for him to get it back.

Within a week and a half of the tow, Toyota sent him a letter informing him he would have to pay all the back payments, plus “cleaning” costs, more magical fees and then they sprung it on him that they moved the car to some city he had never heard of.  They didn’t take the car back to the dealer from whom he purchased it – 50 miles away, in a town where he used to live.  They didn’t keep the car at the location specified by the tower – in the county where he was now living.  They took it to never-never land!  So even if he could catch up on his payments, how on earth was he going to make the journey to the new location?  He couldn’t.

The reason I say Toyota Motors financing department sucks is the manner in which they went about auctioning off the car.  They deliberately sold it for less than half it’s fair market value and expected him to pay for their losses.  That’s insane!  The law usually understands the concept of fair market value but apparently not in the case of a repossessed auto and how car companies play the repo game.  At least not in California.  It’s unethical.  And the law should be changed to provide a measure of fairness to the poor chap who gets his car towed away.

I know you could argue that he was his own fault for not making his payments.  Well it wasn’t his fault that he lost his job because of the unethical actions of banks in creating this crapping economy! (KS, San Francisco)

8 responses to “Toyota Financing, Repossession & Unethical Auction

  1. The laws are getting written to protect company’s and not the consumer. If you have a loan on anything else their not allowed just come up in the middle of the night and steal it. Even homes they have take you to court. It’s a system full of back room deals. All to steal extra dollars from the consumer. I seen these repo people pull and drag people out of their cars. Run them off the road. Block their driveways. Harass the consumer. Cops will not help you. The item isn’t even their. I even seen where the two drivers was looking in the window of kids room ages 3-6 . Repo’s should be handle through court Just like homes are. Where you get a chance to make a deal or pay it off. They are not allowed to sale items for bottom dollar prices for kick backs.

    • Thank you for your input. It does seem that repos are running rampant much like the crazed bounty hunters we see on TV and yes, our courts support companies at the expense of an individual’s rights and it has gotten worse in recent years with the Supreme Court’s outrageous rulings.

  2. Oh they are unethical. I sold a car that I was three months behind on. They cashed the check then repossessed the car from the person who bought the car! Had the money in their hands for payoff! Not to mention their repossession people and their unethical practices. Then, after we found out about it, they had the nerve to want to know if we wanted the car back, (provided we pay the repo fee etc…) Duh, if I could have paid for the car, I wouldn’t have sold it. We also had a ten day payoff from them when we sold the car??? Dumbest company on the planet.

  3. Same thing in La had one year left on my car and was 3 months behind but still making payments and they came and picked up my car at my job. Never got the letter they were supposed to send me as to the sell date or amount owed but told me it would have to be paid off in full for me to get my car back along with all the fees they had listed. They still pulled a full payment out of my checking account after they picked my car up. I worked for a Toyota dealership and I can promise I will never have Toyota financial do a loan for me again. Ill pay a higher interest to someone I know won’t come get my car and will work with me to keep it cause they don’t want it.

  4. I had my car repo’d 8 days ago. paid 27,000 and had another 2,000 to pay off and I was 3 months behind, which is my own fault but my husband lost his job and I called toyota and tried making arrangments for the last 4 payments but they wouldnt help me..so they came and took the the car and they wont let me pay it off until I rec’ve a letter and than have to send the money WU and than have to wait another week to get confirmation to get my car out with storage fees etc…. every time I call I get a different story, this is what Toyota does..they wait till you almost have it paid off and they come take your vehicle! when you call the customer service the reps treat you like shit on there shoe. when I get my vehicle back I will Never buy another Toyota…in the past when I have made payments they still had me as being delinquent when they cashed my checks! they are the worst company to deal with……the vehicle I purchased wasnt even worth 6 years of payments…Never Again!

  5. Its unethical in ky as well. I have never owned anything other than Toyota, but never again…
    I was told to send pymt WU but they wouldn’t accept it…its been 4 days and they still haven’t got letter ready….
    If I could do over they would have had to called law..that ::would’ve been useless except for fact they were trespassing! They lie and lie..& then talk to you worse than a dog when you try to find out bout our letter!!!

  6. Pingback: Toyota Meltdown « USA Views: The Voice of Reason

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