Toyota Financial $680 charge off.

[abelbarraza3]

Hello,

In 2019 I financed a new 2019 Toyota Camry. In Febuaray of 2021 a drunk driver hit me and totaled my Camry. Thankfully the GAP insurance from Toyota kicked in and paid pretty much the remaining balance on my loan. I recieved a call from a Toyota Finacial agent in April advising me of a reminaing balance of $680 (Final month payment). I stated that's fine mail me the final bill. The idea was to give this final bill to my lawyer and have the drunk drivers insurance pay out the reminaing balance in the settlement. I never received this bill. I also from time to time check my Toyota Financial online account to see the updated balance. The balance never updated and reflected the $680. I was planning on financing a new Toyota this month but I now see that Toyota has charged off the $680 and has dropped my score. A collection company called Global Radius has been reaching out to my Gurantor. It turns out they collect for Toyota Financial. I asked Toyota if I could just pay the remaining balance to Toyota. They said no. I asked for a manager and said I could wait. They refused to transfer me to one. I called Global Radius and asked if they owned the debt. Global Radius stated Toyota owns the debt and Global Radius can not update credit reports on their end. Thoughts on how I should proceed? My goal is to remove the charge off. I am willing to pay the remaining balance sooner and not even wait for the court settlement.

[Brian_Earl_Spilner]

What do you mean GAP pretty much paid for it all? The whole point of GAP is to take care of it all, not 99.9% of it. Is there some sort of limit on what can be claimed? I would be holding them accountable for the situation.

[abelbarraza3]

I was one month behind when the accident happened (not reported because Toyota gives typically 30 days after due date before reporting). I am assuming GAP does not cover that month.

[LakeLife]

As seen, GAP will not cover a payment that is behind.  The moral of this story is not to leave your credit in anyone else's hands.  Due diligence would have been to log on to the account online and make sure the balance was $0 before assuming anything.  If you don't currently access your credit accounts online, you should.  Also, I don't see how the person that hit you is responsible for your late payment.  

[abelbarraza3]

I did log in once a week to Toyota's financial account to review the updated balance. Toyota never reflected the updated balace of $680 and I was never given a due date online.

[abelbarraza3]

Also the other person wouldn't be held responsible for my late payment. My lawyer was going to put a lien on the loan to bill the other partys insurance for the remainder of the car loan since they destroyed my property. Similiar how my lawyers put a lien on my medical bills to bill the drunk drivers insurance when a settlement is reached and avoid medical collections during the enitre process

---

@LakeLife wrote:

As seen, GAP will not cover a payment that is behind.  The moral of this story is not to leave your credit in anyone else's hands.  Due diligence would have been to log on to the account online and make sure the balance was $0 before assuming anything.  If you don't currently access your credit accounts online, you should.  Also, I don't see how the person that hit you is responsible for your late payment.  

---

[House2021]

I tried and tried and tried to pay a Toyota debt if they will collect it I would pay it if I were you, I was told mine might go to global radius but it never did 

[gdale6]

My advice would be to contact their collectors and pay it with them in exchange for them not reporting the collection. The OC is not going to give you a PFD.

[abelbarraza3]

Update: Charge off was moved from Radius Global to Alltran. Same secnario they are collecting the debt for Toyota and do not own the debt. Toyota will not allow me to pay them directly. Just paid the debt with Alltran and they will udpate Toyota. I am assuming Alltran can not do a pay for delete since they do not own the debt and the charge off is now reporting from Toyota than Radius Global. Will wait to see how toyota updates report and possibly ask for a goodwill.