Toyota Consumer Fraud Claims and Toyota Loss of Resale Value Claims
Thousands of Toyota owners around the country, who have suffered loss of resale value of their vehicles, are seeking legal advice to file consumer fraud claims against Toyota Motor Co
More than 40 Toyota consumer fraud lawsuits have been filed across several states. These lawsuits are likely to be consolidated into a single Toyota consumer fraud class action lawsuit.
The lawsuits claim that
- Toyota knowingly and willingly concealed knowledge of the dangerous effects that contributed to sudden acceleration in its vehicles, from consumers and federal regulators. The company did this with one aim in mind - to increase its sales, and become the number one automaker in the world.
- Toyota abused its reputation for reliability and quality, with the result that hundreds of thousands of owners across the country continued to purchase Toyota cars and pickup trucks, unaware that these vehicles contained dangerous defects.
- Toyota Motor Company engaged in fraud by concealing such dangerous defects.
- Toyota Motor Company engaged in racketeering, mail fraud and wire fraud through its presentation of its vehicles as safe, when it knew that they were not.
The kind of losses that Toyota owners will suffer is clear to see. Prominent auto evaluation companies like Kelly Blue Book and Edmonds have marked down the resale value of Toyota vehicles by 3.5%. Further markdowns are expected, and Toyota owners could be looking at a drop in resale value of up to 6%.
The number of Toyota owners filing such consumer fraud claims could easily run into the millions, given that so many Toyota models have been included in the recall list, and that the Camry and Corolla have consistently ranked among the top selling vehicles in the American market for several years. In fact, legal experts estimate that Toyota’s losses in settling these consumer fraud claims may touch more than $3 billion. The losses the company is expected to suffer through Toyota consumer fraud claims are expected to be far greater than any losses the company may expect from Toyota personal injury lawsuits brought by accident victims.
The Toyota consumer fraud lawyers and Toyota lemon lawyers at our firm are investigating several claims of loss of resale value by Toyota owners, whose vehicles have sharply declined in value following the recent recalls. If you are a Toyota owner whose vehicle is included in the Toyota recall list, contact a Toyota consumer fraud lawyer at our firm for a free evaluation of your claim.
