Last post on Nov 25, 2013 at 8:59 AM
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Toyota Tacoma, Toyota 4Runner, Car Safety, Auto Body, Car Warranties, Truck
#497 of 1369 Re: 1995-2000 Toyota Frame Rust Buy-Back Program [david311]
Nov 03, 2008 (7:44 pm)
Guys I need your input. Read a bunch of posts re. the tacoma program.
So I bought one about a month ago and brought it to my regular dealer for some service (OLF) tires, and the radio be repaired. They told me about the customer program and how the truck "failed" the inspection and that I would be contacted by someone with further details. So yesterday someone from the corporate office called requesting a bill of sale. copy of title etc. I respectfully asked "What for?" as the registration card from the truck that the dealer had already copied obviously showed the truck registered to me. The rep from corp. said that she was making sure that I wasn't "taking advantage" of the previous owner. I'm wondering. How am I taking advantage of him when I paid what he agreed to when he sold it to me. Now she says that she needs to research my info when she gets it and will get back to me. "get back to me to tell me what?" She can't tell me till she sees the records. My question is this: Has anyone bought one of these things after March 2007 and had the "failed" scenario? And if so, what happened? What is the difference who owns the vehicle if its a blanket recall? I actually own 2 1997 tacomas since 1999 and never received a single notification about those trucks from anyone if I sold them would I be getting taken advantage of?
The whole thing is weird but now they have my truck. I have to return the rental friday. and They won't give me any answers. Plus I find that the "failure" is recorded by Toyota so now if I go to sell my truck its got a black flag sitting on record. Who's gonna buy a truck with a confirmed rusted frame?
I feel like I'm getting messed with but since they won't even tell me what it is they are in need of researching I don't know how.
Anyone have any insight? I'm lost and don't know what to do from here. My dealer can't give me any more info either. Seems very messed up.
#498 of 1369 Re: 1995-2000 Toyota Frame Rust Buy-Back Program [dpalmerini]
Nov 04, 2008 (10:37 am)
What the dealer ment by "taking advantage" is fairly simple. Lets say you paid the previous owner the going KBB price of the truck, lets say $10,000. Toyota is buying back the trucks at 150% of KBB value, or in this example, $15,000. Toyota doesn't want you to profit the whole $5000, so they need to make arrangements with the previous owner so they get $2500 and you get $12,500.
What I'm not clear is what do they do in this example. Again, you buy the same equipped truck with the same mileage as described as above, but the truck is a real "piece of beat up junk" Again, the KBB value will be $15,000 but you only paid $5000 because of it's condition. You may be splitting the extra $10,000 with the previous owner.
Now, what could really make it interesting is, what if you paid $10,000 from a private individual, but only submitted paperwork your State saying $5000 so you didn't have to pay taxes on the $10,000. When Toyota contacts the private individual, they will say you paid $10,000. Will Toyota be checking with the State to see what you paid taxes on?
#499 of 1369 Re: 1995-2000 Toyota Frame Rust Buy-Back Program [mrbill1957]
Nov 04, 2008 (11:23 am)
Now that I think about it, I may be wrong with my first statement. If you paid $10,000 for the truck, but Toyota says it's worth $15,000 the previous owner may get the full $5000 and you get back your $10,000. They are trying to avoid the "taking advantage" of previous owners, and I'm glad they are.
Nov 04, 2008 (11:52 am)
I don't believe that to be true.....as I happen to be someone who bought a truck after the bulletin / buy-back was implemented. My paper work was just pushed through at Toyota and I should be hearing from ISG within a day or two. The Toyota rep. said I was getting full KBB excellent retail value + 150% and never said anything about having to pay out to anybody else! But she did say " I don't know if you have any other Tacoma's laying around.....because if you do ....this offer is only good for one person per household". Those are the facts thus far. But it seems like they are doing some checking to see if you did just buy the truck for the flip. Here's the deal. I just talked to a rep. at ISG. My offer is more than adequate ( KBB + 150% ) just like they said! I will buy Toyota's the rest of my life! They stood behind there word! No other auto manufacturer would do that!
Nov 05, 2008 (1:59 pm)
David - what is the year of your truck?
Also - I think value + 150% is a typo. Toyota is offering, on a case by case basis, 150% the KBB value. Check out the service bulletin. Email me I'll send you one if you don't have one.
- do you know how much your truck would be worth if the series had no frame issues? ALOT more. Check out Craigslist - values are tanking.
- Can you list the name of your rep? The people I have dealt with have been nothing but a hassle.
- this is the first I have head about Toyota Contacting the previous owner
#502 of 1369 Re: 1995-2000 Toyota Frame Rust Buy-Back Program [theiglu]
Nov 05, 2008 (2:07 pm)
iglu - it seems you're in a rough spot. If it does fail inspection you will have to deal with toyota directly - not the dealer. Forget what Keene told you, Toyota IS doing buybacks on a case by case basis. I'm in the midst of one now. Though Toyota is NOT offering 150% the vlaue of these trucks like they are older models. You will not get what the truck is worth. Toyota didn't even give me the actual KBB (actually they haven't given me anything yet) I tried pleading with them and sending proof it was worth thousands more than they claimed.
The sad thing is, that if you and others do nothing, Toyota won't begin another buyback. You could let the truck sit, but without pressure Toyota won't start the buyback program for your model year. Do yoruself a favor and start contacting folks I've listed earlier in this thread (4-5 posts back). It's too late for me, so I hope for other's sake that Toyota will begin provding ample care for 2001 and newer trucks (the expedited buyback at 150%, a loaner, dealer assistance, and credit towards a new Toyota). Lastly, start the buyback process. Toyota may pull the plug on this program. Get what you can, consider filing suit in a small claims court after you get you check, and DO NOT LET TOYOTA KEEP NEGELCTING 2001 TRUCKS. Help yourself and others, take 5 minutes a day, and send a letter to anyone and everyone who can help. I know three people in MA alone who are in the same position you are. Together, we can pressure Toyota into doing the right thing - taking these dangerous trucks off the road and giving owners a fair deal for their loss. Contact me directly if you need to. tacomarecallgmail.com - catchy email, huh?!
best of luck.
#504 of 1369 Re: [david311]
Nov 05, 2008 (7:29 pm)
I believe the correct way to express the buyback amount is not
"Excellent Retail value + 150%"...because that would be 2 - 1/2 times it's retail.
The correct amount is 1.5 times (or 150% of) Excellent retail value.