Toyota has recalled around 8.5 million vehicles and now faces a growing number of consumer class-action cases, over the shrinking resale value of its recalled models. The consumer class actions are based on the premise that for Toyota car buyers “if you went to sell your car today, it’s worth a lot less than it was two weeks ago.” Consumer lawsuits seeking economic damages for diminished value or lost use of a recalled Toyota vehicle have been filed in at least 30 states, mostly in federal court. All the federal suits would be consolidated into a single class action in the next three to four months, following a hearing before a panel of judges set for March 25 in U.S. District Court in San Diego. Toyota has maintained one of the industry’s highest resale values for its vehicles, as well as a superb record of reliability and safety. Major vehicle valuation services like Edmonds and Kelley Blue Book have downgraded the resale value of Toyotas by as much as 3.5 percent, and further decreases up to 6 percent can be expected.
If you own a Toyota on the recent recall list, and would like to discuss possible economic damages for diminished value or lost use on your recalled Toyota vehicle, please contact M&A Law toll-free at 1-866-789-1664, and speak with a products liability attorney concerning your Toyota.