This week an unexpected letter and check arrived in my mail box. It was my payment from the Toyota Economic Loss Settlement Administrator. This is the person or agency charged with paying me my fair share of the settlement Toyota made with lawyers and the government over the devaluation of Toyota vehicles as a result of their unintended acceleration debacle. Although I had written about that settlement, it didn’t occur to me that I might be part of the settlement. Now that I have my payment I am not sure how to feel about the issue. Better is not one of the feelings I am having.
Toyota Lexus Unintended Acceleration Legal Fights
Just to be clear, the legal wrangling isn’t over yet, nor are the hard feelings. We at Torque News have covered the story, and in some cases offered up opinions about the issue. We as a publication are not on one side or the other. There are still more battles to be fought over individual cases of people killed or injured by alleged unintended acceleration. What my check is payment for is the loss of value I have suffered as a Toyota owner. You see, just by association, my Toyota, in this case a 2007 Highlander, was successfully argued by lawyers to be valued lower than if the issue had never come up.
Toyota Highlander Value Retention
My Highlander has been pretty much flawless. I like it so much I have maintained it in like-new condition, and now it is a part-time vehicle awaiting use by my sons, who I presume will beat it to death as their first car. Since I bought the Highlander I have also owned two Lexus vehicles, which were also vehicles that made me very happy overall.
I almost traded the Highlander for a Lexus RX 350. I was offered $12,000 for it by Lexus. That deal fell through, and I then tried to buy a Toyota RAV4. Toyota offered me $12,000 for it. So I say it is pretty safe to say it is worth roughly $12,000. The check I received is intended help me sleep at night knowing that my Highlander has lost some value because Toyota was embroiled in the unintended acceleration scandal. My check is for a quarter of one percent of the present value of the Highlander.
Toyota Tops Resale Value Lists
The interesting thing about my Highlander is that there is no vehicle like it worth more, despite the unintended acceleration stigma. NADA, the group that tracks actual resale values and reports on them to dealers, says that the Toyota Highlander presently has the highest resale value of any vehicle its type (mid-size crossover). In fact, it is the highest ranked vehicle for resale value of any crossover, of any type. The only similar vehicles that beat it are other Toyotas made the old way, body-on-frame. Just a point of comparison, a 3 to 5-year used Highlander retains 66% over the same period of time that a Mitsubishi Endeavor retains about 43% of its value. The segment average is 55%. I have seen reports that Toyotas have suffered a loss of value in the used-car marketplace. However, my own research and discussion with used car dealers and experts say that is simply not the case. So the NADA data and my personal informal research match. Toyota’s Tacoma is the top vehicle of all types in terms of value retention, and the next few on the list are all also Toyotas.
Does a Tiny Payment Make Anyone Feel Better?
Although a small amount to me, to Toyota the check was $1.1 billion. You see, the company made a lot of vehicles. That results in lots of hands to cross with silver to say “sorry that the issue came up, now we are even.” I wasn’t expecting an apology, and I don’t know how $29 would make anyone feel that this was a solution.
So the upshot of this check is that Toyota was sued successfully for billions of US dollars to compensate owners of the highest resale value vehicles in the market because their vehicles aren’t worth enough. If you think about it, shouldn’t the automakers at the bottom, those who make junk for a huge variety of obvious reasons, be the ones apologizing with silly little checks? I looked to see if the check was mailed to me by the law offices of Dewey, Scroowem and Howe, but it was some other legal entity. See photo if interested.
Note: Your comments on the subject are welcome, and we print all views, but we do edit out insults and repeated posts from the same commenter.
Related Stories:
Update - Toyota to pay staggering billion dollar plus fine for issues related to unintended acceleration
Toyota wins an important unintended acceleration case
Toyota loses unintended acceleration case put before a jury
Feds investigating 1.9 million Ford vehicles for unintended acceleration
Comments
I recieved my check for my
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I recieved my check for my 2012 Highlander today for $8.39
Why is the 2012 less than older models? weird!
I just received a check for
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I just received a check for $183.37 which I assume is for my 2007 Tundra which I sold 4 years ago. I am not sure why my check is so much larger than others posting here. I had 2 other Toyota Tacoma's (1995 and 1998) but I don't believe they were part of the settlement. Anybody else get $183?? I have not cashed the check yet as I wanted to ensure it was legit and not a scam to clean out my bank account.
i got my check today... $455
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In reply to I just received a check for by JR (not verified)
i got my check today... $455.09 for the 2007 Prius, traded in 2010, at the height of the problem. I know our trade in value was affected, probably by much more than $455
I received a check for $153
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I received a check for $153.49 in the mail, totally unexpected and out of the blue. I wondered if it was some sort of scam, so googled it and stumbled onto this site. I owned a 2007 Tacoma for 3 years, traded it in 2010, the vehicle ran flawless the entire time I owned it. Had no idea I was part of any lawsuit.
I had a Toyota Prius that I
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I had a Toyota Prius that I traded after the dealer was unable to fix the acceleration issue. I lost thousands of dollars on that car since I only had it 9 months. (I put in heated seats, and a custom plastic "bra" in the front.) I received $475.64 in the mail and will be cashing that check asap!!
I also received a check today
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I also received a check today. Did not sign up for any lawsuit. Owned a 2007 Corolla. Had to Google this to see if it wasn't a scam. Thank you for posting. Interesting to see that there are other people out scratching their heads over this one.
I also received a check for
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I also received a check for $8.76 for my 2006 Camry - Guess what - it's a 5 speed manual. I don't care how badly the software is screwed up, when I push in that clutch she stops. The market for a manual Camry is pretty small anyway, not sure what the $8.76 is going to do.
I just received a check for
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I just received a check for $190.08. In 2008 I purchased a 2008 Toyota Corolla brand new. I no longer have the car, it was totaled in an accident in 2010 (I am 100% sure that the accident had absolutely nothing to do with any "unintended acceleration" issues). On the one hand, I never had any issues with the car, and it's been gone for years, so I don't care if I can't sue. I am tempted to just ignore the check. But on the other hand, I am sadly in no position to turn away free money. If it's legit, I need the cash...
Got a check for $242.85.
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Got a check for $242.85.
I received a check for 20.46
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I received a check for 20.46 and my husband one
for 238.56. I had so many different cars in the last 14 years I don't know which one it represents. Wouldn't know my hubby's car either - but he certainly got a sizable check. Maybe for multiple vehicles?
Now if Toyota would own up to
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Now if Toyota would own up to the crummy 6 speed manual trannies in their Tundras. Mine pops out of 4th gear and the release bearing whines due to the worn aluminum shaft it rides on. Toyota, oh what a feeling.Yup, I'll be using my $20 check for lube.
I just received a check for
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I just received a check for $29.23 as a result of a lawsuit that I never signed up for. I too thought it was a "scam". I will cash this check since I only received $16.86 from a "class-action" suit filed years ago against ENRON CORP, my former employer, for $172,000 that I owned in ENRON stock.
Getting a $18.22 check in the
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Getting a $18.22 check in the mail was the first I've heard of any of this. Strange how they knew my info to get me the check but not when it was time to file the claim. A few times a year I seem to get some sort of "mass lawsuit" mailer and I always take the time to look into it and put forth my info if it all sounds legit. I would certainly have done so on this one. Guess 18 bucks is better than nothing.
I too just received a check
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I too just received a check for $29.23 in the mail last night. I own a 2006 solara and had no idea about a settlement. Oh well! I'll take it!
I just received a check for
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I just received a check for $360.22 for my 2006 4 Runner. I also thought it was a scam and am reluctant to deposit. I did see a post card in the last year or so letting me know of the lawsuit, but I discarded the post card and don't remember the exact details. I don't recall that I actually participated in the lawsuit so I'm not sure why my check is so much bigger than everyone else's on this posting.
Just to let you guys know,
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Just to let you guys know, the balance left from uncashed checks will most likely go to the lawyers who fought against Toyota.
I received a check for $139
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I received a check for $139.00 for my RAV4 ES-2014. I lost the check so what do I do now?
I recieved a check for $53.35
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I recieved a check for $53.35. I bought a 2008 Tacoma from a used car dealer then drove it for a couple years and traded it in for a 2010 Tacoma, the dealership gave me 14,000 for the trade in! I am happy with my Tacoma. I also own a 1986 toyota pickup. it has the famed 4 cylinder 22RE engine. probably one of the most durable production engines ever built. It has 235000 miles on it and still runs good. Toyota pickups hold their value, and have a good reputation as quality vehicle. It seems like the toyota company has worked hard to create a good product. Toyota did not require a Bailout from the US government. Toyota is a successful company because of their hard work and quality products and now with this lawsuit it seems like they are being punished for their success. My Tacoma was assembled in California, creating jobs for Americans. Now Toyota is being sued by Americans, what does this say about the USA? build a successful and profitable business based on a quality product and then expect to get sued. Perhaps Toyota would have been better off making junk and filing for Bankruptcy so they could get money from the US government (taxpayers).
I dont think i will cash my check maybe give it back to Toyota.
Since we have 250,000+ miles
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Since we have 250,000+ miles on my 2004 highlander and we don't have need to sell it. My daughter drives it. I'm just worried if I cash the check and the car causes an accident will we lose all ability to claim loss?
I just received the check of
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I just received the check of $29.23 from Toyota. Bought the 2011 Lexus 2012 ES 350 for $32,000 on May 2014. Should I cash it or throw away? Scam?
$455.09 for our 2007 Prius
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$455.09 for our 2007 Prius traded in at the height of the accelerator issues in early 2010. Got the check today and it's already been deposited. I have no doubt the issue decreased our trade in value, by more than $455.
I just received a check for
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I just received a check for $20.46. For my 2006 Camry . I never received anything prior to this check. It sounds kinda like a scam to me . I have owned several Toyotas and my husband still owns a 2000 tundra . So I would like to know where they got the different amounts to send to everyone . I'm confused what to do with check
I just received a check for
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I just received a check for $87.69 and we've got an '05 Tundra, '06 Sienna & 07 Highlander. Check/letter does not indicate which vehicle its for and I'm just too skeptical to deposit it. I have until 03/09/15 to decide.
I have 2 checks. I can only
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I have 2 checks. I can only assume they are from my 2002 MR2 which was totaled and replaced with a 2003 MR2. They have different claim #'s. Checks are 29.23 and 18.22. It's not much, but it's more than my paycheck this week so I'll take it. Anyone who doesn't want their check can endorse it over to me! Or just cash it and leave a waitress somewhere a big tip for the holidays. We'll appreciate it more than the lawyers or Toyota ever could.
I received a check for $29.23
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I received a check for $29.23 for my 2002 Lexus ES 300 and my husband got 29.83 for his 2002 Camry. My momma said never look a gift horse in the mouth. Now that I know it is not a scam, I am on my way to the bank.
$65.74 for a 2007 Yaris
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$65.74 for a 2007 Yaris
I received a check for $29.23
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I received a check for $29.23 but I don't know if it is for my 2001 Sienna or for my 2000 SUV 4Runner. I also own a 2009 Scion. I did not sign up for anything, but I'm glad I found this site to help me decide to cash the check.
The Court has awarded Class
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The Court has awarded Class Counsel attorneys’ fees of $200 million, plus an additional $27 million in costs and expenses. These fees and expenses will go to the multiple plaintiffs’ firms and approximately 85 attorneys who worked on the litigation. The Court also awarded payments to each of the 25 Plaintiffs and Class Representatives totaling $395,270 for their time invested in connection with the Actions.
These payments will not reduce the value of the settlement benefits made available to Class Members. Toyota will also separately pay these attorneys’ fees and expenses and also will pay the costs to provide notice of and to administer the settlement, subject to potential reimbursement of these costs pursuant to the terms of the settlement
I received a check for $29.23
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I received a check for $29.23 I cashed it. Soon after my Toyota Highlander malfunctioned and crashed, I was killed and now have no recourse. Hey, there's not ONE LAYWER up here. All kidding aside, CASH the check or the lawyers will get that too.
We received check # 32205404
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We received check # 32205404 claim #TMUA1-21520553-7-CIL while in south texaas for 4 months and could not get the check cashed. Could you re issue it. Our address is 605 Belshe Ave. Willow springs.Mo
65793. we just got home and the cashing date is past. thank you
Pagination