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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.
Updated October 7th, 2010
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13 thoughts onToyota Repossession Class Action Settlement
Toyota Repossession Class Action Settlement
Alright so I called TMCC and the guy told me there’s another distribution date for the checks which is in mid July.
Toyota Repossession Class Action Settlement
Mine was deleted from my credit report late April but still haven’t received my refund has anybody else not received there refund?
Toyota Repossession Class Action Settlement
Has anyone seen this taken away from their credit report? It’s still on mine and I’m not sure whether to contact TMCC or the credit bureau.
Toyota Repossession Class Action Settlement
I just got my check for $5,250.00c today, 5/14/2011!!!! I didn’t think I’d get anything back to be honest. Super happy I didn’t rip it up since I thought it was junk mail!!!
Keep a watch for yours, I’m sure it’ll be there soon!! Good luck to u all!
~So Cali. :-D
Toyota Repossession Class Action Settlement
just received my toyota check this 5-12-2011 very
happy i had paid 3000.00 and received 100% back thanks
Toyota Repossession Class Action Settlement
I have been keeping an update on the checks. When its class action the dates of the checks to be distributed tend to change frequently. They first said April 22nd, then May 9th now mid May (with no date). So basically some time soon lol. I got my paperwork in October and almost over looked it, good thing my husband said “I’m going to shred this pile of mail did you need anything in it (it was with the junk mail)” and I went thru it!
Toyota Repossession Class Action Settlement
I thought that the balance would be zeroed out in April? It is still on my credit report.
Toyota Repossession Class Action Settlement
Checks will be sent out in late April.
Toyota Repossession Class Action Settlement
Hey Irma, Im sorry your paperwork is being delayed, Im sure you’ll get whats obligated to you. I got my stuff back in October or so, I was surfing the web trying to figure out when we get our refunds??Goodluck to you.If you hear something please let me know.
Thank you in advance.
Toyota Repossession Class Action Settlement
We just recieved this letter regarding a claim form.
Is is a joke? It’s outdate stating it should have been returned Nov 29, 2010. What is this all about, this is the first time we hear about this.
Irma and Dale Inoue