Anyone Having Payment Problems with Toyota Financial Services

I’m nearing the end of paying off my 2019 Corolla that I bought new. I had about $1,875.25 left to pay. I always make my payments on time and pay ahead through my bank account linked to my TFS account. Recently, my last two payments for October and November were both reversed without any notification via email. I was shocked and upset to receive calls from collectors harassing my co-signer about overdue payments. I called the 800 number on my billing statements and paid the overdue amount of $952.07 due by January 1. I had to pay over the phone with my debit card because paying directly from my bank account stopped working for some reason. After Christmas, I checked my account and saw a payment due of $923.18 by January 1. I panicked, especially since I live paycheck to paycheck and it’s the holidays. When I called TFS, the reps were cold and kept repeating the same information about late payments for November, which confused me. I ended up paying the $923 due. Doing the math, the total of $953.07 plus $923.18 equals $1,875.24, which is my remaining balance. I’m exhausted and angry. I contacted my bank’s fraud protection because I was worried I’d been scammed. The woman was very helpful and said she would call TFS with me. We got connected to a decent rep who escalated the call to a resolution specialist and advised me to call back on January 2. I faxed over my bank statement showing the funds were withdrawn from my account. Fast forward to today, January 2, 2024, and I log into my TFS account to find the $952.07 payment showing as reversed again! I’m livid and close to hysteria. I called and waited about 45 minutes to speak with a resolution specialist. They said they had to put the funds on hold while they cleared the late payment status, but the payment was actually successful, even though it appears as reversed on my end. Has anyone else felt like they were being scammed by Toyota Financial Services? Or can anyone explain why this is happening now? I’ve had no previous issues with TFS.

TL;DR: I’m having issues with payments going through as I’m about to pay off my car. TFS reps have been unhelpful over the phone. I was concerned I was being scammed. My bank account linked to TFS has stopped working for the last couple of payments. Has anyone else had this much trouble with TFS and how did you resolve it?

UPDATE: Having my bank call Toyota helped resolve my issue. I use a credit union and the rep validated my concerns. It’s disappointing to see so many others going through similar situations. I advise everyone to monitor TFS closely and keep records of your bank statements, especially when making payments. If you have issues, keep calling to escalate things.

I just financed my car through them. Now I know to keep an eye on them.

That sounds terrible. At least there wasn’t much left to pay off.

They recently changed some things on their site. I had auto pay set up, but I checked after a few weeks and it kept reversing charges. I had to re-enter all my bank info. I hate the TFS website. Good luck.

@Mason
Yes! I noticed the update too. I re-added my info and was still facing this issue :weary:

The last payment I sent in mid-December was denied too. I’m not sure what happened; it wasn’t clear.

It’s not just you. I bought my RAV4 in October after waiting 11 months. My first payment was due December 9. When I tried to set everything up online at the end of November, TFS had no record of my loan. I had to fight to sort that out, and now I can’t add my bank account info. I guess I’ll have to call them again today to make a one-time payment.

I’m suing them and the dealership I bought my car from. I’ve had issues for months and discovered a lot of fraud. TFS is involved in banking and wiring fraud. They’re overcharging my last payment and couldn’t explain why it’s nearly double my payment amount for over a week. They said it’s because the dealership fraudulently marked my down payment as deferred, which doesn’t add up. I found out I’ve overpaid! My GAP insurance was fraudulent, and my service contract was never activated. I filed multiple claims and got promises to call back, but no one has. I was going to send a demand letter, but it seems no one works there! I’m blown away by the fraud and forgery on my contract.

@Delilah

I’ve over paid! My GAP

Fixed that for you.

Although payed exists (the reason why autocorrect didn’t help), it’s only correct in:

  • Nautical context when it means to paint a surface, or cover with something like tar to make it waterproof. The deck is yet to be payed.

  • Payed out when letting strings, cables, or ropes out. The rope is payed out! You can pull now.

Unfortunately, I didn’t find any nautical or rope-related words in your comment.

Beep, boop, I’m a bot

@Delilah
TFS is awful! I’m having a terrible experience too and had to escalate to my Attorney General because they’ve ‘lost’ every fax my title office sent them. It’s been months of lies. Their agents are the most incompetent people I’ve ever talked to.

I just found out my payments have been failing since October. I know it’s a long time to not check, but I’ve been recovering from surgery since November and I have auto pay set up. They NEVER notify you when a payment fails, and I’ve tried to pay towards the late balance twice, but both times it took too long to process, and my account couldn’t cover it, so they just declined it. I live paycheck to paycheck, and being on short-term disability makes it tougher. I’ve had problems with reversed payments in the past too. They’re terrible, and I’m also close to paying off my car.

Oh, I forgot to add something disturbing with TFS. They kept changing the amount due from November to the current amount, doubling my payment amount. I asked in December, and they said it was a mistake, just pay my regular payments. I did, and the amount due has only gone down a little over $100. This is not the outstanding balance either; suddenly, that disappeared. I was a couple of days late on my February payment because I thought I was waiting for their resolution team to respond. I called to inquire about my claim and they marked my account as past due for the first time ever, even though I wasn’t close to the 10-day period before getting a late fee. They told me there was a bankruptcy note on my account, which would disturb anyone who’s never filed for bankruptcy. They couldn’t tell me anything and said they were sending me to collections the next day. I have never missed a payment! I called a few hours later, and the same woman I talked to before picked up! I’ve called multiple times each week since November. Then, I got a weird voice recording every time I called the number over the weekend saying they might not have processed my last month’s payment properly and are working on it. I called on Monday and they said the bankruptcy note was a mistake. I still don’t understand what they’re doing. I don’t want to pay more than I’ve already overpaid on my loan. This is madness!

@Delilah

already over paid off my

Fixed that for you.

Although payed exists (the reason why autocorrect didn’t help), it’s only correct in:

  • Nautical context when it means to paint a surface, or cover with something like tar to make it waterproof. The deck is yet to be payed.

  • Payed out when letting strings, cables, or ropes out. The rope is payed out! You can pull now.

Unfortunately, I didn’t find any nautical or rope-related words in your comment.

Beep, boop, I’m a bot

I’ve used TFS many times and it’s always difficult. The only thing an agent can do is repeat the standard apology for the inconvenience. File a complaint with the CFPB. TFS is on their list for doing things they shouldn’t. They make canceling optional products hard. They hold up refunds they owe to themselves. Their dealers accidentally slip in gap protection and tire warranties. I find that the CFPB can slap them with fines, but the main benefit of filing a CFPB case is that someone who knows how to resolve things will look into it. Plus, they have to explain in writing to the government what happened. Make sure to publish your complaint so others who are dealing with the same nightmare can see. Good luck!

I’m having similar issues. My lease isn’t due until November, but today I got a text saying it’s due. The ‘contact support’ links all lead to 404 errors, and it looks like my auto draft payments stopped working at some point. When I try to access my account, it shows the right vehicle but none of the additional info it’s supposed to show (name, VIN, mileage, etc.).

They skipped an auto pay for me last year. I never really check my statement but saw a late fee of $164.78 for a missed payment in April 2023. I haven’t changed anything, and it goes through every month. I guess I should learn to check. I’m trying to reverse the late payment but have had no luck.

This happened to me too with no notice that my payment failed. The dealership didn’t tell me how I would be paying month to month, so I had to figure that out on my own. Does this affect credit? I’m so scared. I initially paid on May 22, but it failed on May 23 and my due payment was set for May 27. I ended up paying on May 30 successfully. Will my credit or my co-signer’s credit be affected?

@Blakely

I initially paid May 22

Fixed that for you.

Although payed exists (the reason why autocorrect didn’t help), it’s only correct in:

  • Nautical context when it means to paint a surface, or cover with something like tar to make it waterproof. The deck is yet to be payed.

  • Payed out when letting strings, cables, or ropes out. The rope is payed out! You can pull now.

Unfortunately, I didn’t find any nautical or rope-related words in your comment.

Beep, boop, I’m a bot

I’m going through the same thing!

All my online payments say failed and now I owe almost $3,000! I’ve tried to pay through my app multiple times. It first says successful, then changes to failed even though I have sufficient funds. My first payment was due on May 1, and since then, I’ve tried to pay. Now they called my stepdad, who’s the co-signer, and my parents are upset with me for not paying, but I’ve literally tried to and had the money to do so!