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How Long Does it Take Toyota Financial Services to Repossess a Car? – Tammy

“Dear Steve,

I am behind in my payments.

How long does it take before toyota services reposess your car?

Tammy”

Dear Tammy,

Almost every situation is different. The bottom line is that if you are more than one payment past due you need to be concerned about repossession.

My advice would be for you to call Toyota Financial Services and try to work out a suitable payment solution that will get you current. If you can’t do that, be honest with them, and make arrangements to give the car back so you don’t walk out one morning and it isn’t there.

Just be aware, if you give the car back or they take it, the car will be sold at auction and you will be sent a nice big bill to pay for the difference in the loan amount and the auction sales price.

Oh yes, take all your personal stuff out of the car now. At least the stuff you would miss if the car was snatched back by them.

Sincerly,
Steve

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.

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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.

20 Comments

  • They just took mine! I had that so called “payment arrangement” of $100 a week, which I had been paying on time EVERY week, but they took it anyway! I used the car for pharmacy deliveries. I since lost the job, my water has been turned off, and the electric goes off next week. I haven’t eaten in 2 days….yeah, Toyota RAWKS!

  • A few years ago I was 5 months behind on car payments with a luxury car I financed with an large bank who you could say was Chasing Me. Funny thing is I got served papers that I was trying to “conceal” the car when all I did was park it in my garage like everyone else in my neighborhood. Interestingly, my employment situation was resolved and some money owed to me was also paid back to me so I called the bank and the bank’s attorney that served me the papers to do the right thing and completely pay ALL arrears and, ALL fees and attorney fees in full. At first the Attorney seemed surprised that I had the money to do so and said it shouldn’t be a problem, but after he talked to the bank they informed him they refuse the full payment of arrears and fees and that they just want the car or me to pay the balance in full. I was shocked they would not take my money to completely catch the arrears up, but I did not have near enough money to pay off loan which was much higher than the car was worth.

    Long story short, they sent the sheriff again with a court order and I had to surrender the vehicle or risk contempt of court. Of course it was auctioned for far less than what was owed on it and they have a huge deficiency balance (over $40,000 last I recieved a collection letter). They will never see a dime of it!

    I live in Dallas so through all of this I discovered that different states have different laws. Some states require creditors to accept payment of all arrears and fees and not repo or release a repoed car, while other states can call the note due and come take the car if they want to.

    Just another example of a creditor kicking someone when they are down, but in the long run they lost out.

  • I know somebody who was six months behind on his Toyota Tundra payment. He moved into an apartment under his wife’s name and didn’t let anybody know where he lived. He also parked his truck about 1 mile from the apartment. He does’t know how they found him, but they did. His truck was worth like $10k, and he only owed around $4k. They kept his truck for about a month until he could borrow money to pay it off.

  • I know somebody who was six months behind on his Toyota Tundra payment. He moved into an apartment under his wife’s name and didn’t let anybody know where he lived. He also parked his truck about 1 mile from the apartment. He does’t know how they found him, but they did. His truck was worth like $10k, and he only owed around $4k. They kept his truck for about a month until he could borrow money to pay it off.

    • A few years ago I was 5 months behind on car payments with a luxury car I financed with an large bank who you could say was Chasing Me. Funny thing is I got served papers that I was trying to “conceal” the car when all I did was park it in my garage like everyone else in my neighborhood. Interestingly, my employment situation was resolved and some money owed to me was also paid back to me so I called the bank and the bank’s attorney that served me the papers to do the right thing and completely pay ALL arrears and, ALL fees and attorney fees in full. At first the Attorney seemed surprised that I had the money to do so and said it shouldn’t be a problem, but after he talked to the bank they informed him they refuse the full payment of arrears and fees and that they just want the car or me to pay the balance in full. I was shocked they would not take my money to completely catch the arrears up, but I did not have near enough money to pay off loan which was much higher than the car was worth.

      Long story short, they sent the sheriff again with a court order and I had to surrender the vehicle or risk contempt of court. Of course it was auctioned for far less than what was owed on it and they have a huge deficiency balance (over $40,000 last I recieved a collection letter). They will never see a dime of it!

      I live in Dallas so through all of this I discovered that different states have different laws. Some states require creditors to accept payment of all arrears and fees and not repo or release a repoed car, while other states can call the note due and come take the car if they want to.

      Just another example of a creditor kicking someone when they are down, but in the long run they lost out.

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