Toyota Lease Extension Residual Error

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1

First time poster, long time lurker, with a lease extension question.

Paperwork Version #1: My 3-yr Toyota Rav4 lease matured in August and we decided to extend it month-to-month (6 mos). I executed the paperwork and faxed it back to Toyota.

Apparently, Toyota never received what I had sent them.

Paperwork Version #2: So, Toyota sends me new paperwork in October, which I executed and mailed back promptly. Except Toyota now tells me that they made an error with this paperwork – the residual value was mistakenly ~$2,000 less than it was in the prior paperwork.

Paperwork Version #3: Toyota now sends me new paperwork with an updated residual amount that matches to what it was on paperwork #1. They want me to execute this new paperwork and sent it back to them. Unless I do this, they say they won’t process the lease extension. (Keep in mind, I’ve still been paying the monthly lease each month!)

Since I’ve already executed Paperwork #2, what’s my incentive to sign new paperwork? It clearly states at the bottom, "Upon receipt of a completely filled-in original or facsimile of this Lease Extension, fully executed by Lessee, Toyota Lease Trust accepts this Lease Extension Agreement."

The paperwork is executed – it’s done. As stated in the paperwork, they should accept it. Am I missing something?

2

Are you actually going to buy the car at lease end?

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3

It’s their car, if they want to change the terms on an extension I don’t think you can do much. You could hire a lawyer and waste a bunch of money going after Toyota. Turn the car in now or agree to their terms, I think if you want to fight them on it, they’ll just say “NO LEASE EXTENSION FOR YOU”

4

Doing the right thing and feeling good about being an honorable man. You might save the employee who made the error from getting fired. Etc

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5

How was V3 sent to you? …USPS First Class?

6

That’s a fair point. I hadn’t thought about that aspect. Thanks.

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7

Paperwork #3 was sent via email link – downloadable through the TFS website.

8

That’s kind of extreme, to think someone will get fired for a small error. I can’t tell you the number of times I’ve seen people do things that ultimately cost the company money without being fired.