Sarah Mirando  |  October 7, 2010

Category: Legal News

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Toyota Repossession Class Action Settlement
By Mike Holter
 

Toyota

Nearly 40,000 California residents who had their vehicles repossessed and sold by Toyota Motor Credit Corporation may be able to recover up to 100% of any money they paid to TMCC after their car was repossessed, thanks to a class action lawsuit settlement.

 

According to the class action lawsuit, after Toyota Motor Credit Corporation repossessed customers’ vehicles, it issued NOIs (“Notice of Our Plan to Sell Property”) to California customers that were legally defective. That means TMCC was not entitled to collect any money owed on what they called “deficiency balances” from customers following the repossessing and sale of their vehicles.

 

The TMCC class action settlement includes all California residents who had a vehicle repossessed by, or voluntarily surrendered their vehicle, to TMCC and who received an NOI from TMCC between November 7, 2003 and May 1, 2008 that said they owed TMCC a deficiency balance after the vehicle was sold.

 

If you made a payment to TMCC after receiving the NOI, you can receive up to 100% of your deficiency balance or post-repossession payments on your TMCC account, depending on how many claims are filed. You must file a valid claim form by December 23, 2010 in order to receive a refund. However, if you made a payment to TMCC via collection agency Pentagroup Financial after January 28, 2010, you do not need to submit a claim form to receive a refund. TMCC will automatically return 100% of your payments made after January 28, 2010. Any payments you made after August 27, 2010 will also be returned in full without the need to file a claim form.

 

In addition to the refunds described above, TMCC will also cancel class members’ deficiency obligations and instruct the credit reporting agencies to delete the collection accounts from class members’ credit reports.

 

Excluded from the settlement is anyone who redeemed their vehicle or reinstated their contract with TMCC, who no longer have a contractual obligation to TMCC due to bankruptcy, or who received a judgment from TMCC for the deficiency balance on or before November 24, 2009.

 

If you wish to opt out of the settlement, you must submit your request for exclusion by November 29, 2010.

 

Any questions about the Toyota Motor Credit Corporation Class Action Lawsuit Settlement should be directed to the Claims Administrator at (877) 440-7555.

 


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Updated October 7th, 2010

 

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13 thoughts onToyota Repossession Class Action Settlement

  1. Vanessa says:

    Toyota financial services or toyota motor credit and Toyota lease trust did what take my pass due bill money they want the car i had 5 months left took me court took my car i was paying high interest rates i black person i been took average of i want suit them all these differences name who i dealing with court did know so i give them they car it was lease car they want 19087 not 1456 that was past due .5 months left they make my credit report bad i will never lease a car they are bad company to deal with i had trade in from one of there company they has to pay Chrysler financial on lemon car 14567 and it was lost to than so that why they took my car and did take 1456 it ripoff

  2. Anonymous says:

    I received my check fo $2545, just cuious if I’m getting a 1099 fom?

  3. Anonymous says:

    Toyota Repossession Class Action Settlement
    Help… I got a letter in the mail telling I should of received a ck, but never arrived. Contacted Toyota but no clue on my case I have until aug.8 to do so b4 they close the acct….. I’m list on what to do.

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