Has Your Toyota Lost Value?
Not only has Toyota been hit with a number of personal injury lawsuits in recent months, the company is also facing about 40 class action lawsuits claiming a diminution of value of its cars. You can certainly understand a car dealership with hundreds of Toyotas on the lot seeking compensation for their diminished value losses.
You can also understand the case of an individual buying a Toyota he believes to be safe but now is so afraid of sudden acceleration that he refuses to allow his family in the car. More than 320 lawsuits have been filed in federal and state court against the world’s largest auto maker.
Diminished Value Lawsuits
A Federal judicial panel last month consolidated the Toyota cases in Orange County, Calif., and selected U.S. District Judge James V. Selna to preside over them. Some of the lawsuits in Selna’s court seek compensation for injury and death, due to sudden acceleration, others claim diminished value from owners who say the value of their Toyota vehicles dropped substantially after the recalls.
Toyota recently had to pay a record $16.4 million fine to the National Highway Traffic Safety Administration (NHTSA) for failing to report its safety problems to the US government in a timely manner. To a company whose most recent quarterly profit was $1.2 Billion, that’s not even a slap on the wrist.
The NHTSA has linked 52 deaths to Toyota acceleration problems. Toyota was so contrite for causing the deaths of those consumers, that they went out and did it again and NHTSA could slap Toyota with another $16.4 million fine again over the steering issue that was uncovered recently by the Associated Press.
Another Toyota Recall Delay
An Associated Press investigation found that even after receiving dozens of reports from American motorists about steering rods breaking without warning, Toyota waited almost a year in 2005 to recall trucks and SUVs in the United States with defective steering rods, despite issuing nearly the exact same recall in Japan in 2004.
When a car company knows of a problem with their vehicles they have 5 days to let the public and the NHTSA know about it. The United States has to make the punishment fit the crime with International Corporations or it will get worse.
Try explaining it to the consumers who spent a large amount of their hard earned money for a car they’re afraid to allow their family to get into and they can’t sell without taking a severe loss of capital. I hope each car owner gets twice the value of the car for the shenanigans that have gone on.
Contact A Product Liability Lawyer
I wish I had good news for you, but after over 8.5 million cars h recalled so far, tomorrow Toyota has yet another recall on its Lexus brand – the LS460 and LS460L and the hybrid versions of the LS600h and the LS600hL models. It seems the variable gear ratio steering returns the steering wheel to the centered position after certain maneuvers are made, such as U-turns, the company said.
If you or a family member bought a Toyota and you feel you have incurred a loss due to the rash of recalls please contact a qualified product liability lawyer today at The Law Offices of Nadrich & Cohen, we can help you.