MARTIN ET AL v TOYOTA MOTOR CREDIT CORPORATION (TMCC)
UNITED STATES DISTRICT COURT
STATE OF CALIFORNIA
Case No. 2:20-cv-10518-JVS-MRW
**DISTRIBUTION OF PAYMENTS WILL BEGIN ON DECEMBER 16, 2022.**
THE SETTLEMENT OBTAINED FINAL APPROVAL AT THE HEARING ON NOVEMBER 14, 2022.
UPDATE 11.4.2022 – THE FINAL APPROVAL HEARING HAS BEEN CONTINUED FROM NOVEMBER 7, 2022 TO NOVEMBER 14, 2022 AT 1:30 P.M.
CLAIM FILING HAS NOW CLOSED FOR THIS SETTLEMENT.
IF YOU RECEIVED A POSTCARD OR EMAIL NOTICE ABOUT THIS SETTLEMENT, YOU HAVE BEEN IDENTIFIED AS A POTENTIAL CLASS MEMBER
YOUR CLASS MEMBER ID NUMBER IS PRINTED ON THE POSTCARD OR EMAIL NOTICE YOU RECEIVED
• A proposed Settlement has been reached in a class action lawsuit that may affect your rights.
• The Settlement resolves a class action lawsuit against Toyota Motor Credit Corporation (“TMCC”).
• The lawsuit alleges that TMCC failed to provide customers with a partial refund of the fees paid for Guaranteed Asset Protection (“GAP”) after customers paid off their Finance Agreements early. TMCC denies any wrongdoing because, among other reasons, TMCC claims that customers were required to send a written request to cancel their GAP Agreement as a condition precedent to the refund.
• The Settlement resolves the claims of two classes: the “Statutory Class” and the “Non-Statutory Class.” Your Postcard or Email Notice will indicate which class you potentially fall under.
• You are a member of the Statutory Class if (1) you entered into a Finance Agreement with GAP protection in the States of Alabama, Colorado, Indiana, Iowa, Massachusetts, New Jersey, Oklahoma, Oregon, Texas, Vermont, Wisconsin or Wyoming; (2) your agreements were assigned to TMCC; (3) you paid off your Finance Agreement at least 30 days before the maturity date (an “Early Payoff”); (4) the Early Payoff occurred during the Statutory Class Period; and (5) you did not receive a GAP Refund or suffer a total loss of your Vehicle during the term of the Finance Agreement. The list of each State’s Statutory Class Period can be found HERE.
• You are member of the Non-Statutory Class if (1) you entered into a Finance Agreement with GAP protection that was assigned to TMCC; (2) you paid off your Finance Agreement at least 30 days before the maturity date (an “Early Payoff”); (3) the date of the Early Payoff was between January 1, 2016 and October 25, 2021; and (4) you did not receive a GAP refund or suffer a total loss of your Vehicle during the term of the Finance Agreement. Excluded from the Non-Statutory Class are any persons whose Vehicle is covered by the Statutory Class definition.
• The Court has not decided whether to finally approve the Settlement.
You must decide whether to: (1) Submit a Claim; (2) “Opt-Out”; (3) Object; or (4) Do Nothing.
SUMMARY OF YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
|SUBMIT A CLAIM FOR MONEY BY SEPTEMBER 26, 2022||
If you are a Non-Statutory Class Member, you MUST submit a Claim Form for a refund by September 26, 2022, or else you will not receive any money under the Settlement.
You can click on HERE to submit an Online Claim Form.
If you are a Statutory Class Member, you DO NOT need to submit a Claim Form. You will receive a Settlement Payment directly from TMCC in the mail without taking any further action.
|EXCLUDE YOURSELF FROM THE SETTLEMENT BY SEPTEMBER 26, 2022||
You may file a written request to exclude yourself or “opt out” from the Settlement by September 26, 2022.
If you “opt out,” you will not be affected by any of the decisions in this lawsuit. However, you will not be entitled to receive any money from the Settlement.
If the Settlement is granted final approval by the Court and you did not timely “opt out” of the Settlement, then you will release certain legal claims against TMCC.
|OBJECT TO THE SETTLEMENT BY SEPTEMBER 26, 2022||
If you believe the Settlement is unfair or inadequate, you may file a written objection to the Settlement by September 26, 2022, so long as you do not “opt out” from the Settlement.
If you do nothing, and the Settlement is granted final approval by the Court, then you will release certain legal claims against TMCC.
THESE OPTIONS AND THE DEADLINES TO EXERCISE THEM ARE FURTHER DETAILED IN THE NOTICE.
YOUR LEGAL RIGHTS WILL BE AFFECTED WHETHER YOU ACT OR NOT. PLEASE READ THE ENTIRE NOTICE CAREFULLY.