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Owner reflects on his $20.91 Toyota unintended acceleration settlement check

Where General Motors and Takata have grabbed many auto safety-related headlines this year with their problems with ignition switches and airbag inflators, a few years ago, a similar sort of scrutiny fell on Toyota for unintended acceleration. After multiple settlements with various parties totaling billions of dollars, the issues seem largely behind the Japanese automaker now. Owners are actually starting to receive their money, but it isn't exactly breaking the bank. Payouts are expected to be between $37 and $125 per person. Computer science student Jonathan Sourbeer received a check for just $20.91, and he considers what that money actually means in an op-ed in The Wall Street Journal. Sourbeer's biggest gripe is that the roughly 85 lawyers in the case are receiving $227 million in attorneys' fees and expenses, while the 25 primary plaintiffs and class representatives receive a total of just $395,270. According to the Frequently Asked Questions about the settlement, Toyota set up a $250 million fund to pay affected owners, as well. The money isn't for injuries or damages but for alleged economic loss to the vehicles. However, Sourbeer says he feels no personal suffering and still has the same car. In addition to the settlement, the automaker obviously has its own legal fees to deal with, as well. Sourbeer wonders how this is all going to affect Toyotas in the future. Obviously, the money has to come from somewhere, and it likely gets amortized over the company's vehicles in the coming years to add a few dollars to each one. That puts the problem back onto customers. Anyone involved in a class-action suit has likely seen this happen first hand. The lawyers take a large chunk of the money, and the rest is distributed in tiny morsels to those actually affected. Unfortunately, Sourbeer offers no solutions beyond saying the system needs to change.

Toyota's $1.6B unintended acceleration settlement approved

Toyota is now one step closer to putting its unintended acceleration woes behind it as it has received approval from the US District Court for the Central District of California to settle loss-of-value claims to vehicles associated with the 2009-2010 recalls.
As we reported back in May, the Toyota settlement is worth $1.63 billion, which, according to Bloomberg, includes a payout of $757 million to affected owners, $227 million to attorneys and an additional $875 million for vehicle upgrades. (We did the math, too, and that totals $1.859 billion, but there is no justification for the discrepancy. Fuzzy math, eh?)
Based on the estimated 22.6 million vehicles said to be included in this suit, that would make the average payment about $33.49 per vehicle, but the article says that owners, lessees and even renters will receive varying amounts ranging from $9.74 up to as much as $10,000. This settlement does not affect suits filed for personal injury or wrongful death.

Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.