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Originally Posted by MuseChaser
Not really. There was no fine print in the financing contract about having to mail extra principal payments to a different address, and having to do that is in direct opposition to the finance officer's representation of the loan contract. So.. no, everything did not go as expected, hence the post.
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From Toyota Financial Services FAQ:
Quote:
20. How can I reduce my principal balance?
To remit additional funds to be applied to principal only. send principal only payments to the following address for processing:
Toyota Financial Services
PO BOX 9490
Cedar Rapids, IA 52409
Include on the check one of the following:
Account number
Last 8 digits of VIN number
SSN
State on check to apply the funds to principal only.
Note: Additional funds applying to principal only will not advance the due date.
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https://www.toyotafinancial.com/pub/...s_account_faqs
I didn't figure it out until my 2nd or 3rd payment either, but it's not a secret. Definitely an annoying practice, but not illegal or undisclosed.