First found out about this by a car salesman who flagged me down as I drove by his dealership so I was pretty skeptical but it might be legit. It seems that the frames are rotting out on many of the Tacoma's from 1995-2000. You need to have it inspected at a dealership to see if you qualify. Here are some of the details and a couple links. It seems to be geared for New England folks:
*Toyota will repurchase your Tacoma at 1.5 times the Kelley Blue Book
Suggested Retail Value (excellent condition)
* Toyota is offering each customer a complimentary loaner vehicle
while you are considering alternative transportation options
* Toyota is offering a $1,000 owner loyalty rebate for customers who
purchase a replacement Tacoma or Tundra
* Toyota is offering a $500 owner loyalty rebate for customers who
purchase a replacement of any other new Toyota (Scion excluded) or Toyota Certified Used Vehicle
* Any applicable rebates, purchase incentives, and special financing
offers in effect would be in addition to the special offers listed above

Living Up to Our Commitment

Rust, as they say, never sleeps. It certainly never sleeps in the states where road salt is in heavy use, and we’ve recently become aware of additional evidence of that fact.

We’ve received reports that on a small number of model-year 1995 to 2000 Tacomas, excessive corrosion of the frame has caused perforation of the metal. The reason for this, it appears, is that the frames of some of the 813,000 vehicles built during this time-frame may not have adequate corrosion protection. 1997tacoma2wdedited_5

As a result, when they’re exposed to severe environmental conditions, especially in states where salt is used for the de-icing of roads, these frames may develop corrosion that goes beyond the normal surface rust that’s commonly found on metal after years of exposure – and in this case, these trucks are from eight to 13 years old.

Because of our oft-stated commitment to standing behind our products, we’re extending the rust-perforation warranty covering these trucks for a period of 15 years from each vehicle’s original date of purchase, with no mileage limitation, for corrosion damage that results in perforation of the vehicle’s frame material. Owners of these Tacomas need not be the original owners. Even if you bought your Tacoma second- or third-hand, it’s covered by this extended warranty.

Here’s how this will work: Starting in the middle of March and continuing over a period of time, owners of 1995-2000 Tacomas will be sent letters informing them about this issue. If you find rust perforation on your vehicle's frame, have your truck inspected by a Toyota dealer.

If frame corrosion damage is confirmed by an inspection at a Toyota dealership, at Toyota's option, we will either repair the vehicle or repurchase it. No matter the vehicle’s actual condition, it will be valued as a vehicle in excellent condition. If the inspection reveals no rust perforation, the 15-year warranty will remain in force.

This is worth underscoring: This is not a recall. Rather, it’s an example of our commitment to the durability of our products and to our owners. These are older trucks and rust is a fact of life, especially where road salt is used, but that’s not what’s important. What’s important is that we take care of our owners. We just thought you should know that.

- Mike Michels, Corporate Communications