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I appreciate the reply, Strat, very much. Maybe it's just me, but I still can't excuse Toyota Finance's handling of this. When the loan terms were presented to me, I asked the finance officer in no uncertain terms how to apply extra payments directly to principal and she told me to just indicate that desire on my check and on the payment slip. No mention of another address. No mention of another address on the monthly statements. Sooo.. how am I supposed to know about this policy prior to originating the loan? Tell the loan officer, "Wait, I don't believe you. Give me a second to pull out my smart phone and check the Toyota Financial FAQ to see if you're lying?"
OK, so they put the correct information up on their website. Customers aren't on their website when they're signing loan papers.
Maybe it's not illegal to not furnish this very important information PRIOR to a customer's signing documentation, but it's sure undisclosed at that time. It sure as H E Double Hockey sticks is annoying and unethical.
I spoke with the loan officer at my GOOD local dealership about the practice. He was cool, but pretty much admitted the evasive practices because they don't make much on low rate financing and this is one way for them to make more. So, yes, they're aware of the unethical, deceptive practice yet do it anyway.
You're a more forgiving dude than I am, at least in this respect. I'll be paying the car off within a month or two, and it'll be the last car loan I ever take out.
Thanks again.. I appreciate the thoughts.
Barry
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