Toyota Financial Services...
 

dealing with these people is an absolute nightmare.

I love my FRS but this is the last Toyota I will buy. I don't care if the new Supra is $15k, I wouldn't buy it.


/rant

Do I have to take you out for dinner to get the rest of the story?

Must refraine from prom day refrerence for fear of ban/time out...

I've never had a problem with Toyota Financial. What are they doing? Or not doing?

And you don't have to never get a Toyota again just to avoid Toyota Financial. You can get financed through another institution. You can actually get your current loan refinanced through another institution, if you hate Toyota Financial so much.

I've used TFS to finance two cars and didn't have any problems. The dealerships on the other hand were complete fucking morons.

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i'll keep that in mind

Yeah. On a serious note toyota financial has actually been pretty good to me thus far. Whats been the issue?

No problems here.... could you elaborate a bit more?

Oh, the suspense! Details...spill it!

I'd put money on the dealership being morons, TFS does everything by the book and seems to be a pretty well oiled machine, they have zero reason to fuck around.

OP could totally be doing something wonky though, interested to see if there's more details.

liar

Well...we're waiting.

If the new Supra is $15k, I'll buy two of them.

Yeah no joke.

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I used TFS... nothing but helpful. :iono:

TFS finances 100's of thousands of loans a year. I checked and they have 135 complaints with the BBB. Yeah I'm not sure what issue you are having, but I'm pretty sure you may be one of "those" people that think everything has to be your way.

Get a loan through your bank.

Set on auto pay and forget about it?

Pay your bills? Seems like the logical adult thing to do

How can you say this and not give us details????

My one issue with TFS is my own damn fault, I did not read the fine print.
I tend to make extra payments every month, separate from the normal monthly payment. They will not apply it towards the principle, only towards the next months payment. As a result I can never get ahead on interest, and I have the next 3 months of payments already paid.

I am refinancing through my own bank in the next couple of months and paying off about 30% of the balance at the same time to drop the monthly payment, and allow me to actually make principle payments. I want to pay my car off in 2 years, but signed up for the 6 year loan for some flexibility. I really do not want to pay 6 years of interest when paying it off in 2...

But like I said I cannot bitch about TFS here, I should have read the fine print and realized that this is what I was signing up for.

@Mister

Is there no way for you to send either a physical or electronic check from your bank (instead of doing a draft from your checking account) and place a note on the check stating that the payment on this check is to be applied to "principle only"?

I am able to do this with my school loans, so I wonder if you are able to speak to the right person at TFS that they may be able to help you out on this. It may just mean that your form of principle payment is different from your monthly drafted/online payment.

I'm going to start a rant thread and then not go into detail. That'll show TFS!!! :popcorn:

Interesting. I specifically asked about this and was told it was possible. Like stated above though I believe it must be a physical payment not just added online or by phone. Im gonna have to go reread my contract later now.

Huh, I'll be damned, I went through my records and I think that once you go to make the last payment (ahead of schedule) your final payoff information will reflect the fact that you're ahead of schedule, you won't pay the full maturity value.

My bank values aren't adding up, I need to dig up statements to double check but I believe that at any point because I was paying more than the minimum if I added up all my payments plus the final payoff amount that TFS puts on their site I was paying less than if I made the minimum monthly payments all the way through.

Basically once they have enough in advance to payoff the principle they will, otherwise they hold the money like you described. At least that was my understanding.

I haven't had a loan through TFS, but when I did have a car note on my Evo (through Chase), if you make your payments online through your bank to the company financing your loan (assuming that they are not one and the same), it will default to paying the balance due, and any overpayment will count toward the following installment(s). In most cases, to have overpayment (whether it is you paying more than your monthly installment or sending an additional payment) count toward the principle, you have to actually mail it in with the payment stubs that they send you, and there is a box you can check off to specify that you want that extra amount to go toward the principle.

But still -- what was the problem with TFS? My girlfriend's loan on her 2010 Corolla LE was through them, and we've never had any problems.

You can prepay the principle with TFS, you have to send a payment and specify that you want the extra applied to your principle. I've used Penfed, Navy Federal, Honda Financial and TFS and I would rate them all as being excellent to work with.

I work for a dealer and deal with TFS on a daily basis. They're fantastic compared to most. :iono:
Like someone said above, and as suggested by your first post, you might be, what we refer to at work, as "one of those".

"Maybe you get bad customer service because you're a bad customer"
http://themattwalshblog.com/2013/11/...bad-customer-2

I think you are correct that once you get there you do not have to pay the fully matured value. However up to that point, you are not getting any break on interest for paying down faster. My current balance on their site reads at ~15500, however I am a few thousand ahead on payments.

Since they hold over that amount, I am pretty sure I am getting charged the interest on the full balance, and not the balance less what I am ahead (more like 12500). I will have to double check my math on that when I get home from work tonight...

I saw someone else mention you can specify that a payment is to go only towards the principle, if you could kindly point me to where that is on the TFS website I'd love to see it.

Sounds like the rant of someone who never received the loan terms wanted... I have had Toyota Financial on at least 7 Toyotas and Scions over the years and I have never had an issue. I find their online website easy to use. I have never had any issues once in 20 years...

Wil-O

Edit

I recently bought my FRS and I am using TFS making my second payment this week actually but I am curious now too. The first payment I made was more then the monthly and I planned on doing this the length of the loan until paid off, so I too am curious if there is an option to pay directly to the principal.

No I understand the principal thing, In fact I'm 3.75 months ahead on my payments.

I had someone extremely rude on the phone, basically lie to me. I went in and spoke with my financial person and he gave me the right answer.

Zero detail whatsoever regarding your situation.
This thread is useless and offers no value at all to any readers. You have a problem, but you just state a one liner not explaining what exactly happened.

What did they lie to you about? :sigh:

when I signed for the tfs loan terms they told me that the set amount monthly payments per agreement we fixed for 60 months for me at least but they also told me that I can pay extra past the agreed monthly amounts and it will all go towards the principal

Check the second page of the statements, it explicitly states that extra payments go towards future payments and not the principle.

Hmmmm... It's not like that in Canada. Any over payment you make to TFS goes towards your remaining principle. Your regular payments are not effected, your loan is shortened, and interest is reduced.






Still waiting for more details on the OP's problem. One rude person is enough to condemn a company that employs thousands? Damn, how rude was he/she?

Sounds like the OP is a little flustered from a single customer service flop :bonk:

I am in the US and this is similar to how my TFS loan was handled. My monthly statement did tell me that no payment was due until some way off date because I made some extra payments though. I just disregarded it and kept making my usual payment plus a little extra each month.


After reading some of the comments I called TFS and got a clearer understanding. TFS stated they use a average daily loan balance and your loan interest rate and update your financial information every month when they send out their monthly statements. I was told there is no need to request the extra payment be applied to the loan principle.
The TFS representative stated for example if you had a 60 month loan and paid it off in 30 months, the interest charges would be close to half what was spelled out in the original contract that was signed and agreed upon at the dealers finance office.