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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
Update:
- Final approval was granted for this class action settlement Nov. 16, 2022.
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Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
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 received all 3 of my settlement checks on 12/23/22
Do you know how to check status? I was suppose to receive 2 but only received 1 on Dec 20.
Mine came in the mail today.
Does anyone know if this settlement is considered taxable income?
How and when are these settlements being issued?
**DISTRIBUTION OF PAYMENTS WILL BEGIN ON DECEMBER 16, 2022.**
Where are they going to be sending the money?
It’ll either come by check, PayPal and/or direct deposit. I signed up for direct deposit. It depends on what you put on your claim for the settlement.
How do I request a check?
hello
I received an email asking me to click on a link that brought me to a place the logs me into my bank account. It reads that Toyota is going to “Zelle” me the money. However, after I logged in, there was no other directions on how they will be able to Zelle me anything. I am not sure what to do.
Thank you
Kelli
Received old fashion check on the mail.
Did you have any issues cashing it? Mine won’t cash or deposit. Says payment not authorized.
May I please ask how much it was for?
Hello
I am in Southern California with a check for 350. And change. I have tried to cash it and no way. Is there a bank in Los Angeles or Orange County to cash this at.
Did you have issues cashing it ?
They sent me a check instead and I deposited mines in my bank account ! No problems on my end !
Here’s the website for all updates! https://www.tmccgap.com/
Quiero saver si soy elegible para este rermbolso
Got mine today
Through check or zelle?
How and when are these settlements being issued?
Don’t you love the buckets upon buckets of information we are getting….Smfh!!!!!!!!!!
Can’t find any info about what happened in court on10/31/22….SMH!!!!!
According to their website it says this “THE SETTLEMENT OBTAINED FINAL APPROVAL AT THE HEARING ON NOVEMBER 14, 2022. ONCE THE ORDER IS RECEIVED FROM THE COURT, A DISTRIBUTION SCHEDULE WILL BE POSTED. “
I see hear that final hearing is on October 31st. When can you expect the refund if you qualified for settlement?
When will I receive settlement check after Oct 31 meeting
Add me please.
I have two Camry doing that time period
add me please