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This settlement is closed!
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Update:
- Final approval was granted for this class action settlement Nov. 16, 2022.
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Toyota Motor Credit Corp., or TMCC, has agreed to pay $59 million to settle claims that the company failed to provide customers with a partial refund of the fees they paid for Guaranteed Asset Protection (GAP) after they paid off their finance agreements early.
Two classes have been established in the TMCC GAP fees settlement — a Statutory Class and a Non-Statutory Class.
The Statutory Class includes all consumers who entered into a finance agreement with GAP protection in Alabama, Colorado, Indiana, Iowa, Massachusetts, New Jersey, Oklahoma, Oregon, Texas, Vermont, Wisconsin or Wyoming who meet the following criteria:
- Had agreements were assigned to Toyota Motor Credit Corp.
- Paid off their finance agreement 30 days or more before before the maturity of the agreement date, on a date that falls during the statutory period
- Did not receive a GAP refund or suffer a total loss of their vehicle during the term of the finance agreement
The Non-Statutory Class includes all consumers who meet the following criteria:
- Had finance agreements with GAP protections assigned to Toyota Motor Credit Corp.
- Paid off their finance agreement 30 days or more before before the maturity of the agreement date, on a date between Jan. 1, 2016, and Oct. 25, 2021
- Did not receive a GAP refund or suffer a total loss of their vehicle during the term of the finance agreement
- Did NOT have a vehicle covered by the Statutory Class definition
Toyota Motor Credit Corp. provides financing and leasing for Toyota customers.
Toyota Motor Credit Corp. denies any wrongdoing in response to claims that it failed to provide sufficient refunds to finance agreement consumers with GAP protections, but has agreed to a settlement in the interest of avoiding the costs and risks of continued litigation.
Eligible class members will qualify to receive a cash payment.
Statutory Class members can receive the full amount of their GAP refund without any deduction for cancellation fees, plus interest. It is estimated Toyota Motor Credit Corp. will pay $19.1 million to this class.
Non-Statutory Class members will be eligible to receive up to the full amount of their GAP refund without any deduction for cancellation fees, and will be paid from the $59 million settlement fund.
In addition to the monetary relief, the TMCC GAP fees settlement also provides changes to Toyota Motor Credit Corp.’s business practices. The company agreed to change its refund practice so it automatically and directly provides GAP refunds within a reasonable time after an early payoff, provided that payoff occurs more than 30 days before the finance agreement’s original maturity date.
The deadline to opt out of the Toyota Motor Credit Corp. settlement, submit a dispute or file an objection to the settlement is Sept. 26, 2022.
Class members are invited to attend a final fairness hearing in the Toyota GAP refund class action settlement scheduled for Oct. 31, 2022.
Statutory Class members do not need to submit a claim form in order to receive a payment. They will automatically receive a payment in the mail.
Non-Statutory Class members must submit a claim in order to receive a payment.
The deadline for Non-Statutory Class members to submit a claim in the TMCC GAP fees settlement is Sept. 26, 2022.
Who’s Eligible
The Statutory Class includes all consumers who entered into a finance agreement with GAP protection in Alabama, Colorado, Indiana, Iowa, Massachusetts, New Jersey, Oklahoma, Oregon, Texas, Vermont, Wisconsin or Wyoming who meet the following criteria:
- Had agreements were assigned to Toyota Motor Credit Corp.
- Paid off their finance agreement 30 days or more before before the maturity of the agreement date, on a date that falls during the statutory period
- Did not receive a GAP refund or suffer a total loss of their vehicle during the term of the finance agreement
The Non-Statutory Class includes all consumers who meet the following criteria:
- Had finance agreements with GAP protections assigned to Toyota Motor Credit Corp.
- Paid off their finance agreement 30 days or more before before the maturity of the agreement date, on a date between Jan. 1, 2016, and Oct. 25, 2021
- Did not receive a GAP refund or suffer a total loss of their vehicle during the term of the finance agreement
- Did NOT have a vehicle covered by the Statutory Class definition
Potential Award
Varies.
Proof of Purchase
No proof of purchase applicable.
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
09/26/2022
Case Name
Martin, et al. v. Toyota Motor Credit Corp., Case No. 2:20-cv-10518-JVS-MR in the U.S. District Court
for the Central District of California
Final Hearing
10/31/2022
Settlement Website
Claims Administrator
Martin v. TMCC
c/o Atticus Administration
PO Box 64053
St. Paul, MN 55164
1-888-321-1272
TMCCGapSettlement@atticusadmin.com
Class Counsel
Jason M. Frank
Andrew D. Stolper
Scott H. Sims
FRANK SIMS & STOLPER LLP
Franklin D. Azar
FRANKLIN D. AZAR & ASSOCIATES PC
Defense Counsel
Stacie Bambauer
Assistant General Counsel
TOYOTA MOTOR CREDIT CORP.
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62 thoughts onToyota Motor Credit Corp. (TMCC) GAP fee refund $59M class action settlement
I never received any settlement for claim form# 28744 filed 8/02/2022. Class Member ID: 3163051. I chose Paypal for settlement refund and received nothing
I never received any settlement for claim #9538 filed 7/30/22 in conjunction with Martin v TMCC. Do I have any recourse?
I also have not received mine for my Camry.
I actually got my refund through Zelle last week!