Complaint: Dear Toyota Rep Bradley Let’s be truly Toyota Motor Credit has continued to deceive many of their customers. And I am one of them. Please tell your customer who has had a Toyota Repo. How the game really works. According to the loan industry, Banks have insurance on loans. So if the bank reposes the automobile, does not your insurance cover the debt, then your company writes it off on the company taxes. The next year earning it shows profit. Not from the true earnings. But from all the collections. So tell me as a repeat customer your company has change the Texas Finance code to benefit TMC. Where does it state in this section interest is calculated from the last payment received. If it is a simple interest loan. Since Toyota loves the repeat customers so much, tell the customers and the public, why I was offered another 17.7% (tier 4) with 72(tier4) months as an encore customers. (This type of rate is for high risk) The first was 17.4% with 72 months. or say your customer has great credit. Instead of 5.99% Toyota offers them a 8.99% Your franchised dealerships receive all and any interest rates for the lenders. So stop telling customers you are an indirect lender. Tell your customers there is a range of tier 1, 2, 3, 4 what you offer the customer is not the true interest rate. Your bank is a tier 1 they purchased bonds to buy the rates. They purchase rates as low as 1-4% to sell. So how much profit are you stealing from the customers who are not knowledgeable. Please do not shop at Toyota of Irving (texas) or Patt Lobb(texas) or Ourisman Toyota (FAIRFAX) Tell the world why your company only pulls from Equifax. Because Equifax gives the lowest beacon score. Example Equifax rounds the numbers to the lowest. The truly daily is the pier Diem rate example 13.47 x 30 off the balance of the loan. 2005 This will be the interest taken out of the monthly payment. 2007 9.47×30 the due date the 24th of each month. MS.MORALES in the office of President. 310.468.1310 REMOVED PAYMENTS AND CHANGED DOCUMENTS SO IT WOULD ALWAYS Show 30 DAYS BEHIND. Toyota says to take 4 months off so the next payments go into interest. Toyota also added extra days on the payment history say you pay your bill on the 24th (the company see you paid it. phone pay e-pay (Toyota adds 2-3 more days. extra interest But nothing is documentment for the customers. HOW MUCH INTEREST DO YOU THINK TOYOTA TOOK IN THE FIRST YEAR. Balance $28,467,68 17.40% interest 2005 (1ST YEAR) $645.00 $500.00 $1,295.00 $956.00 $175.00 $645.40 $653.00 $75.00 $655.30 $1,832.00 $645.00 $590.00 $8,396.70 (TOTAL) $0.00 $8,396.70 2006 (2) YEAR $645.00 $645.00 $645.00 $645.00 $645.00 $646.00 $646.00 $646.00 $646.00 $646.00 $644.00 $644.00 $7,743.00 (TOTAL) $0.00 $7,743.00 2007 (3) YEAR $644.00 $644.00 $644.51 last month paid 1200 worth of interest but my pier diem day rate is 9.47. $1,932.51 $0.00 $1,932.51 Interest is calulated on a 30 day cycle. From the date of the installment. It does not matter if you pay early as long as you do not pay late. After the due date the interest start over base off the balance. 30 day cycle ( daily rate-per diem) Not if I pay 6 days ahead of schedule 342.002. INTEREST COMPUTATION METHODS. (a) The Scheduled installment earnings method is a method to compute an Interest charge by applying a daily rate to the unpaid balance of The principal amount as if each payment will be made on its Scheduled installment date. A payment received before or after the Due date does not affect the amount of the scheduled principal Reduction. (b) The true daily earnings method is a method to compute an Interest charge by applying a daily rate to the unpaid balance of The principal amount. The earned finance charge is computed by Multiplying the daily rate by the number of days the principal Balance is outstanding. (c) For the purposes of Subsections (a) and (b), the daily Rate is 1/365th of the equivalent contract rate. Amended by Acts 1999, 76th Leg., ch. 62, 7.19(a), eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 909, 2.05, eff. Sept. 1, 1999. Sunshine Fairfax, VirginiaU.S.A. Click here to read other Rip Off Reports on Toyota Dealers and Products
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