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Toyota Financial: question about payoff

Discussion in '2nd Gen. Tacomas (2005-2015)' started by TACK, Jan 19, 2012.

  1. Jan 19, 2012 at 6:33 PM
    #1
    TACK

    TACK [OP] Well-Known Member

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    I've finally saved up enough money to pay off my Taco early, so I'm wanting to send in the payoff amount. I always submit my payments on their website, and on there it keeps talking about mailing your check and it lists an address to mail it to.

    It doesn't explicitly specify that you have to mail it in. Can I pay it online? I'm very uncomfortable mailing a check for that much money and I'd rather do it online. I have never paid off a vehicle before, so I'm new to this. Should I call them?

    Thanks for you input!! :)
     
  2. Jan 19, 2012 at 6:37 PM
    #2
    Ohbrian

    Ohbrian Taco Roja

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    Paid off my last toyota online.
     
  3. Jan 19, 2012 at 6:38 PM
    #3
    zul

    zul Professional Goofball

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    I'm new to the toyota financial site, but when I first checked it out it seemed there was a way to do "online checks" where it essentially takes it from your account the same way a check does, but it does it online. Try to search for "online payment" or something along those lines.

    When you pay it off make sure you explicitly state it is for PRINCIPAL PAYOFF and NOT an advance on your next payment! Some places have a comment box, some a little check box you can select. Very important ;)
     
  4. Jan 19, 2012 at 10:57 PM
    #4
    zul

    zul Professional Goofball

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    Ok I just went to make the first payment on my truck and I have a question about the TFS site related to OP's question: how do I make a principal-only payment? Lets say I want to put an extra $200 towards the truck this month, should I just lump that with the regular due amount? Or pay the regular due amount, then in a separate payment, pay $200? I want that money to go directly to the principal of the loan, instead of towards next months scheduled payment. Not sure how TFS handles advance or principal-only payments...
     
  5. Jan 19, 2012 at 11:01 PM
    #5
    platinumb

    platinumb Well-Known Member

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    Yeah just add it to your payment, the. Ext statement will show you owe less just keep paying at least the regular payment and it will come off the principal. My statement has said payment due is 0.00 for like 3 months now since I paid extra so a lot of mo ey is going to principal each month.
     
  6. Jan 19, 2012 at 11:14 PM
    #6
    pyroskier

    pyroskier Well-Known Member

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    Pay it off online. A check isn't bad tho, if something happens you can contact your bank and they can cancell/void the check. Either way is fine. Paying online will go thru faster, unless your bank can do a direct transfer to your loan through toyota (most can).
     
  7. Jan 19, 2012 at 11:15 PM
    #7
    zul

    zul Professional Goofball

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    I dont think it is a good thing that they are counting the extra money you put forth as going towards your next scheduled payment. Because the next scheduled payment includes interest as well as principal... right? I'd really feel much better about it if it still asked for a full payment next month, that way I know the extra amount I put in last month took directly off the top of the principal. Am I making sense to anyone? I;m not sure I'm explaining this well. I'm kinda confusing myself haha!
     
  8. Jan 19, 2012 at 11:42 PM
    #8
    platinumb

    platinumb Well-Known Member

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    It all works out in the end the extra ammou t just adds up and at the end of the loan youve made less payments than scheduled. It is a simple interest loan all car loans are they can't pre charge interest or charge interest on more than what is still owed. I rounded the payments on my last car up by about 100 and paid the damn thing off like 14 months early. I don add a whole lot of extra to the payments though since it makes more invested than what I'm paying in interest.
     
  9. Jan 19, 2012 at 11:46 PM
    #9
    sparkhill

    sparkhill Well-Known Member

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    It is OK. Interest is charged only on the unpaid principle. Extra payments go to unpaid interest and then principle. They are sending statements with zero due in an attempt to get you to skip payments and re-extend the payment period.
     
  10. Jan 19, 2012 at 11:58 PM
    #10
    zul

    zul Professional Goofball

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    Makes sense. I guess I just dont like them trying to 'trick' you into skipping payments and re-extending the loan so they make more money on interest. I'd rather there be a set date and amount for you to pay without it affecting the next month's due amount.
     
  11. Jan 20, 2012 at 4:23 AM
    #11
    JKD

    JKD Well-Known Member

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    If you want to make an extra principal payment, just add it to your payment. Keep paying your original monthly amount, not what the TFS online system says you owe.

    Say your payment is $300, so you send in $400. If next month it says you owe $200, send in $300 anyway. Keep doing that.

    I had this discussion with them a couple of years ago, and that's the solution they presented.
     
  12. Jan 20, 2012 at 4:39 AM
    #12
    leveltwo

    leveltwo Well-Known Member

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    I had called a TFS financial advisor and they said any amount paid more than your monthly payment goes towards principle. the monthly payments are made by a computer, and the principle does not show up. So, yes it looks like they are just putting your money towards future payments, but it is really going to the principle amount, if that makes sense. I still dont trust it 100%, but if TFS said it, im assuming its right.
     
  13. Jan 20, 2012 at 7:29 AM
    #13
    elmo7

    elmo7 Easily Replaceable Member

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    Worried about someone stealing the check? Just use a Signo 207 or similar pen with "fraud prevention" type ink; non-erasable, non-washable, etc. Make it fraud proof as you can. Fill out the entire payee line by spelling/spacing it out. Same for the amounts - fill the number box completely and spell out the amount using the entire line. Write on the memo line "TFS Vehicle Payment for acct 99999". Then sign it.

    You'll be fine. No one will want to attempt to wash that much ink, and a pen like the 207 makes that harder. And by all means, always watch your accounts for fraud. If reported immediately, the bank will take care of it.

    Or just do it online!
     
  14. Jan 20, 2012 at 9:21 AM
    #14
    platinumb

    platinumb Well-Known Member

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    You can call too if you really don't wanna do it online, I got the app for my phone so I just do it on there
     
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