Ask The Get Out of Debt Experts

I’m In a Financial Crisis Right Now to Toyota Financial. – Ernesto


“Dear Steve,

I’m in a Financial crisis right now. My fiancee is unemployed and Im the only one making money right now and I have to support 3 kids.

I’m voluntarily giving back my car to toyota finacial because I cannot make payments on it. I know that I will be paying debt on the car afterwards but my concern is that when I get the bill on the debt, can I make payments on it without them garnishing my wages?


Dear Ernesto,

There is nothing requiring the lender to garnish your wages for the huge debt you will be responsible following the repossession of your car. If you and Toyota Financial can come to some mutual agreement on how to repay this debt that is affordable to you, you can do that. Generally the car finance companies just send you one huge bill and are not that flexible.

However, as ironic as it sounds, lenders do not act reasonably or with common sense in situations like these. Rather than being flexible or reasonable they demand minimum payments that are not sustainable. If you find yourself in that situation or can’t come to a mutually agreeable repayment arrangement you can always talk to a local bankruptcy attorney to help you eliminate this debt entirely.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

READ  Repossession Payment Plans With Debt Collectors

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  • Good Day,
    I have had a problem with Toyota Financial in May of 2002 toyota sent me the pink slip on the 1997 Rav 4 I had purchased 3 months prior.
    When they realized thier mistake they refused my payments( I am speculating here, but the same payments I had been sending now were not being cashed and sent back)
    I tied discussing the problem but was only told they had not received my payments and COULD NOt take a payment over the phone.
    They repossed the car and submitted it to my Credit report on June 1,2002. I have not known what to do?!
    The amount they say needs to be satisfied is $9,096.00 the whole amount financed,reflecting None of my payments or $3,000.00 down payment.
    I recieved no other letters ect after the car was repossed and though I told the Credit Bureau the Car had been picked up and since I had not received a request for any other funds,I saw this as Satisfied. Toyota states it is not and the phone number on the cridit report for them does not work any longer.
    Does anyone have a thought for me????
    Thank You,

Leave a Comment

Scroll to Top