Toyota has been a constant in the mainstream media over the last few months and it seems things are going to get a lot worse before they get better. Earlier this week it was announced that Toyota has more than 320 pending lawsuits in federal and state court, which experts estimate could cost Toyota over $3 billion (Billion with a B). There’s also an interesting decision that needs to be made by the state and federal courts; whether or not to allow a class action lawsuit by millions of other Toyota owners.
If a class action lawsuit is allowed, that means that even the Toyota owners who haven’t had problems with their recalled automobiles will be entitled to some sort of compensation. One could argue that the value of your Toyota decreased the second it was recalled AND that you’ve been risking your life everyday you’re behind the wheel but I think if everyone were compensated for a depreciated asset, 99.999% of businesses would cease to exist.
Toyota recently added the 2003 Sequoia to the list of recalled automobiles bringing the total number of models recalled to twelve. If you drive a Toyota and were wondering if your automobile was recently recalled, here’s the updated list.
- 2005-2010 Avalon
- 2007-2010 Camry
- 2009-2010 Corolla
- 2008-2010 Highlander
- 2009-2010 Matrix
- 2004-200- Prius
- 2009-2010 RAV4
- 2003, 2008-2010 Sequoia
- 1998-2010 Sienna
- 2005-2010 Tacoma
- 2007-2010 Tundra
- 2009-2010 VENZA
Now, let’s have a look at which money articles made our list as the best of the week.
Survey Says: The Stimulus Didn’t Work @ Weakonomics: Have you ever spent $20, only to realize that you have nothing to show for it? Well can you imagine spending $787 billion and ending up with the same result? That takes mad skill.
America: Land of the Strategic Default @ 20’s Money: More and more homeowners are deciding to walk away from their mortgage rather than risk losing more money on the inevitable. It’s not going to gain you respect amongst your peers but it may be the best thing to do.
Savings Calculator: Does 1% More Make a Difference? @ My Money Blog: Earlier this week we mentioned that SmartyPig would be increasing their rates by .14% and that it only mattered if you had a lot of money invested. When you’re dealing with 1% over a long period of time, the extra money earned is staggering.
Delinquent Credit Card Payments May Lead to Inadvertent Opportunity @ My Journey To Millions: No matter how many bad decisions you make, it’s important to take hold of every good opportunity given to you.
Could You Be Fired for Bad Credit? @ MSN Money: Can you imagine if every boss in America ran a credit check right now and anyone with under a 500 FICO score was canned? I know I’d be out of a job!