About to apply for financing but have a Toyota issue

[Anonymous]

Hi all,

As many others have mentioned, thanks in advance for all the advice on these boards. Been reading for months, really great stuff!

I'm about to start applying for auto financing, and had a quick question before I start the process. Currently, my scores range from 655-678 across the 3 bureaus. I have 3 car loans over the past 10 years still showing that were all 100% paid on time.

I also have a Toyota loan that was active when my business closed down in 2010. I paid in full while I still had possession of the car, but at that point I was 90 days late. After payment I found out that Toyota had already charged it off. So it was paid in full, but also shows as a charge-off. 

Is this something that I'll have some luck with if I contact Toyota directly? If so, how do I approach the situation - via phone, mail? Hope for a sympathetic ear and understanding that it's been 5 years since it happened?

I imagine it falling off my CR might have a pretty big impact on whatever APR/terms I'm able to get from a lender?

Thanks in advance!

[Anonymous]

Hi - just noticed your post.

I want to make sure I understand - you had paid in full for the car, but Toyota had it listed as a CO?  Did you remain in possession of the car?

If that is the case, it seems as though they wrote it off when they shouldnt have and you should be able to get it corrected by Toyota.  I can understand if they want to mark the lates, but not an actual CO.

Did you ever get papers from them about the repo / CO?  First thought is that it would have been easier to deal with back then, but should still be possible.

You should be able to see an address and a phone number on yoru CRs about the CO - I would start there.  If you have any papers or receipts, round them up first and get a comfy chair to call them.  The better your receipts and documentation, the better your chances of a quick resolution.

I had an Acura that was repo'd 3 months before end of lease - I wanted to buy that car after the lease but lost it.  They sent papers about the repo and a number to contact to discuss remedies.  I called and set up a payment plan and paid it off.  It was 3 times what the last 3 payments would be and all I have to show is a paid CO.  They had their way with me - it was under mileage and in pristine shape, no damage and very clean.

GL - hope you can get them to adjust it to be just lates without the CO.

[Anonymous]

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@Anonymous wrote:

Hi - just noticed your post.

I want to make sure I understand - you had paid in full for the car, but Toyota had it listed as a CO?  Did you remain in possession of the car?

If that is the case, it seems as though they wrote it off when they shouldnt have and you should be able to get it corrected by Toyota.  I can understand if they want to mark the lates, but not an actual CO.

Did you ever get papers from them about the repo / CO?  First thought is that it would have been easier to deal with back then, but should still be possible.

You should be able to see an address and a phone number on yoru CRs about the CO - I would start there.  If you have any papers or receipts, round them up first and get a comfy chair to call them.  The better your receipts and documentation, the better your chances of a quick resolution.

I had an Acura that was repo'd 3 months before end of lease - I wanted to buy that car after the lease but lost it.  They sent papers about the repo and a number to contact to discuss remedies.  I called and set up a payment plan and paid it off.  It was 3 times what the last 3 payments would be and all I have to show is a paid CO.  They had their way with me - it was under mileage and in pristine shape, no damage and very clean.

GL - hope you can get them to adjust it to be just lates without the CO.

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Thanks for the reply + help!

Yes, I'd been 60 days late consistently for about 6 months - my business was on the verge of collapsing, finances were a mess - and at some point they sent a repo truck. I just pretended I wasn't home and realized I should probably find a way to pay it off, so sold some assets and paid the $5k-ish that was left of the original $24k loan that I was already 53 months into. I couldn't access the website anymore, so I called them and they had me send them the money via WesternUnion. Unfortunately, I doubt those payment slips are findable - this was back in 2010, and I've lived in Europe for a year since then. But yeah, totally paid - on my CR it shows as a charge-off.

Unfortunately there was so much going on at the time with getting all the business things closed down, paid off, negotiated, etc., that I didn't get a ton of paperwork once it was done - I was just relieved it was. I sold the car to a friend about 2 weeks later. I'll check to see if they've maybe got something related to the title I gave them?

Thanks again for the help and advice, really appreciate it!

[Anonymous]

If you were in possession of the title to sell it, there is a record of it at the state level. Shouldn't be a problem. I'd start by calling Toyota.