Toyota truck and SUV owners may be eligible for a major repair on the company’s dime. It might be the largest individual settlement benefit I’ve ever written about: $15,000.
The automaker agreed to a $3.4 billion settlement in response to claims that some of its models’ frames corroded too quickly due to faulty rust protection.
The settlement hasn’t been finalized in court, but if you own a Toyota, you’ll want to stay tuned.
Which Toyota Vehicles are Affected?
The problem exists in three Toyota models:
2005-2010 Toyota Tacoma
2007-2008 Toyota Tundra
2005-2008 Toyota Sequoia
This settlement will cover about 1.5 million vehicles, according to documents obtained by the Wall Street Journal.
Once a judge approves the settlement, Toyota will notify customers who are eligible to have their vehicles inspected for faulty rust protection.
If the frame is affected, Toyota will replace it. Estimates put the cost of replacing each vehicle’s frame at $15,000.
Already got your rusty frame replaced? Toyota will reimburse you.
Toyota owners can expect more information once the settlement is finalized in court.
Your Turn: Is your truck or SUV affected by this settlement? Did you already get the issue fixed?
Lisa Rowan is a writer and producer at The Penny Hoarder.