Billion Dollar Toyota Class Action Lawsuit

by David Peel on January 2, 2013

Headline-grabbing legal settlements like the 1.1 Billion-Dollar Toyota class-action lawsuit sound much better in total than they do if one breaks them down into actual benefits. If the court approves the settlement, regardless of the large-sounding amount, it is hardly a boon for Toyota drivers.

Owners or recent owners can check That stands for “Toyota Economic Loss Settlement.”

After recalling over 8 million cars, Toyota is trying to put this behind them. You can decide for yourselves if they are doing enough.

According to the website, Toyota owners, past and present can expect:

- $250 million fund to cover any reduction in the value of a Toyota that was sold or returned early on a lease.

- Toyota provide a repair to current owners with what they call a “brake override system,” that is supposed to “automatically reduce engine power when the brake pedal and the accelerator pedal are applied simultaneously under certain driving conditions.” Cash payment of up to $125 may also be chosen.

- A very limited warranty that only includes the engine control module, cruise control switch, accelerator pedal assembly, stop lamp switch and throttle body assembly will be extended for at least three years, and up to ten years or 150,000 miles.

Certain models of Toyotas are included, by year. If you have or recently have had any of these models, you should check the website about and read the settlement document to get more information.

Toyota Models: Avalon, Camry, Sequoia, Tacoma, Venza, 4Runner, Corolla, Highlander, Land Cruiser, RAV4 and Tundra.

Lexus Models: ES, IS, IS-F, LX and RX.

Eventually, you should be able to input your vehicle identification number (VIN) number that is found on your dash at the bottom of your windshield.

Class actions usually sound much bigger and better than they turn out for the consumer.

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