Toyota Privacy Policy - Did you read it lately?

[RadioguyJ]

My wife and I just bought a new 2008 Camry. A couple weeks after the purchase we received a copy of the Toyota privacy policy which basically stated that Toyota will sell our personal information, including names, addresses, social security numbers, credit scores, phone numbers, places of employment, etc to other "interested" 3rd parties. I was shocked to see this! We financed through Toyota Financial Services and it sounds like they are the ones that sell the information to every Tom, Dick & Harry out there. They do have a way to opt-out of this, which we immediately did by calling their toll-free number. But I was just shocked that they would sell out their customers like that.

Does anyone else have the same feelings about this?

[oldnslo]

My wife and I just bought a new 2008 Camry. A couple weeks after the purchase we received a copy of the Toyota privacy policy which basically stated that Toyota will sell our personal information, including names, addresses, social security numbers, credit scores, phone numbers, places of employment, etc to other "interested" 3rd parties. I was shocked to see this! We financed through Toyota Financial Services and it sounds like they are the ones that sell the information to every Tom, Dick & Harry out there. They do have a way to opt-out of this, which we immediately did by calling their toll-free number. But I was just shocked that they would sell out their customers like that.

Does anyone else have the same feelings about this?

Jason,

I purchased an 08 Camry a couple months back and did not receive any notice like this. NOTE: I also did NOT finance through Toyota so this may be the difference.

Roy

[Leighcm]

It's not quite what you think. Basically, it means Toyota will give your name to relevant branches of the Toyota company, as needed: Toyota Financial Services, service reminder company, recall notice people, etc.

[RadioguyJ]

It's not quite what you think. Basically, it means Toyota will give your name to relevant branches of the Toyota company, as needed: Toyota Financial Services, service reminder company, recall notice people, etc.

But upon further reading of the privacy policy, it was discovered that it says they will make our personal information available to 3rd parties not affiliated with Toyota, and it goes on to say that the personal information may include names, addresses, social security numbers, credit and employment information. Whether they actually sell this info (or give) to other companies remains to be seen, but they reserve the right to do that, and by including that particular language in the privacy policy, they have effectively notified us that they can do it; which legally protects them. That is also why they give us the option to "opt-out" of this information sharing.

[Leighcm]

Could be...but they wouldn't sell their customer's information to a completely unrelated third party. It would be bad business for them to do so. I wouldn't worry about it if I were you. I'm a 3 time Lexus Financial (same as TFS) customer, so I'm very familiar with them and how they conduct business.

They do have to share some info to process your purchase and maintain your loan:

• The credit bureaus will have your name and loan information when an inquiry is submitted, and after the loan is finalized.
  
• The DMV will have your name, lienholder, and vehicle information to properly title/register the car.
  
• Your insurance company will be in contact with Toyota Financial to ensure coverage.
  
• If you spent $10k or more in cash, the dealer has to notify the IRS.
  
• If you fall behind on your payments, your account may have to be referred to an outside collections agency.
  
• If you file bankruptcy, your trustee will need information on your loan.
  

These are just some examples, but there's lots and lots of stuff that has to be done behind the scenes in order for you to purchase a car as it's an extremely regulated industry.

Unfortunately, in this day and age, every company has to have that same basic privacy policy, courtesy of Gramm-Leach-Bliley. And pretty much every one of them is worded exactly the same way, give or take a few proper nouns. Chalk it up to our government at work: http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

You've probably received an almost identical privacy policy from your bank, your credit card company, or maybe your insurance agency. Look at a little closer at the fine print on some of those inserts in your statements from those people....it'll be basically the same thing.