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Toyota Financial Question

Discussion in '2nd Gen. Tacomas (2005-2015)' started by The Shape, Oct 4, 2010.

  1. Oct 4, 2010 at 3:32 PM
    #1
    The Shape

    The Shape [OP] Well-Known Member

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    If you pay more than your monthly payment does the extra automaticaly go towards the Principal?
     
  2. Oct 4, 2010 at 3:32 PM
    #2
    sethr21785

    sethr21785 Well-Known Member

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    yup...
    to op,
    do you make your payments online? I would that way you can see what it goes towards. Mine is a lease so it might be differnt
     
  3. Oct 4, 2010 at 3:36 PM
    #3
    Lunercrab

    Lunercrab AKA "06tacosport"

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    No it doesn't, at least for me. U need to specify that u want the extra to go on the principle, if not it goes toward coming off your next payment. I know cause I always pay alittle more then my payment due so the next payment shows I owe less.
     
  4. Oct 4, 2010 at 3:46 PM
    #4
    The Shape

    The Shape [OP] Well-Known Member

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    Hmm... Last two months I have paid and xtra 100 bucks. I am work at the moment and it hit me that possibly that 200 buck sdidn't even go to the principal. I will have to check when I get home, both of the bills are there but since I pay online I haven't even opened them.
     
  5. Oct 4, 2010 at 4:19 PM
    #5
    jdtemple

    jdtemple Well-Known Member

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    It only goes to principle if you mail a PAPER check to a specific P.O. Box that toyota uses for principle only payments.

    Any payment you make over your payment ammount will be applied to your prinicple balance to save on interest, HOWEVER your following months payment will have a lower than normal balance due. If you pay the balance due, you will be back were you started.

    In theory anything made over payment goes to principle, and if you keep paying your normal payment every month, you will have paid your loan off early.

    Now if you fall on hard times, the bank will be happy to collect interest on the current principle balance, then add it to your balance, and allow you to not make any payments until all extra paid moneys runs out, and your payment due returns to the original agreed contract amount.

    Confused yet?

    This is an auto loan calculator, I have used it when buying cars. It will also simulate extra payments on a loan and show you how much you will save, and how much sooner the loan will be paid off.

    http://www.vertex42.com/Calculators/auto-loan-calculator.html
     
  6. Oct 4, 2010 at 4:47 PM
    #6
    Primersinmyshoe

    Primersinmyshoe Old Sheepdog

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    jdtemple is right.

    To make a principle only payment it must be mailed to:

    T.F.S.
    P.O. Box 9490
    Cedar Rapids, IA 52409

    I have set up my loan so that TFS takes the $475 out of one of my checking accounts every month. Part of my bi-weekly paycheck goes to this acct, it's easy. I don't have to anything. Well, I do have to go to work.
     
  7. Oct 4, 2010 at 4:49 PM
    #7
    jpmorrisvb

    jpmorrisvb Well-Known Member

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    It all depends on your loan. Currently I have been able to pour $$$ into my 2010.

    I am making 2 payments a month of $500 plus accrued interest. I believe my scheduled payment for 36 months is $345.

    Since I bought the truck in July, making the current payment schedule, my next due date is 15 May with a payment of $153. AS I contiune my plan the "nex payment date" will go further and further away with a lower amount. Should be out of it in less than a year.

    This is with Navy Federal with no pre-payment penalty.
     
  8. Oct 4, 2010 at 4:50 PM
    #8
    Brunes

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    I LOVE autopay. As long as I know I'm getting a paycheck (and Uncle Sam is good about that for me) I know my bills will all be paid...and it gives me a very realistic expection for what will be left in my account after everything is covered.
     
  9. Oct 4, 2010 at 5:04 PM
    #9
    The Shape

    The Shape [OP] Well-Known Member

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    Gotcha, so paying say for instance an extra payment a month will cut your loan length in half but it won't save you any interest.
     
  10. Oct 4, 2010 at 5:08 PM
    #10
    The1youluv2hate

    The1youluv2hate Well-Known Member

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    It just depends on your loan .. If ur locked in for the whole payment period or if u have the options of paying it back sooner ... Me I was locked in for whole 48 on my camry .... Never again will I use Toyota to finance my cars
     
  11. Oct 4, 2010 at 5:09 PM
    #11
    Brunes

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    How were you "locked in"?? Was there a penalty for paying it off early??
     
  12. Oct 4, 2010 at 5:10 PM
    #12
    Primersinmyshoe

    Primersinmyshoe Old Sheepdog

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    I haven't put a pencil to it, but you're probably right.

    I opened up a separate checking acct just for the Taco loan. I put in $600/mth but the monthly payment is $475. My plan is to build up an excess of a grand or two and then mail a principle only check to the above address.

    Which way would be better?
     
  13. Oct 4, 2010 at 5:12 PM
    #13
    Primersinmyshoe

    Primersinmyshoe Old Sheepdog

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    I made sure to ask when I was filling out the papers at the dealer. My loan is at 1.9% and I can pay it off whenever I want.
     
  14. Oct 4, 2010 at 5:12 PM
    #14
    BCH

    BCH Shiester

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    :D Just pay cash and its cheaper.......Thats what I did :D
     
  15. Oct 4, 2010 at 5:21 PM
    #15
    The Shape

    The Shape [OP] Well-Known Member

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    Man I should have thought of that. As soon as I cash in my lottery check I will do that :D
     
  16. Oct 4, 2010 at 5:27 PM
    #16
    Andrew H

    Andrew H What is this "search" you speak of?

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    So you instead of setting up the online payments through TFS website, you set it up to be taken out of your online checking account and sent to that address above?

    Right now my payment is automatically taken every month through TFS website. But if I can set it up to be paid through my banks website,any extra payments will go straight towards principal, correct?
     
  17. Oct 4, 2010 at 5:29 PM
    #17
    Primersinmyshoe

    Primersinmyshoe Old Sheepdog

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    I set it up through the TFS website. My bank doesn't send the payment, TFS takes it.
     
  18. Oct 4, 2010 at 5:33 PM
    #18
    Andrew H

    Andrew H What is this "search" you speak of?

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    I understand that, its pretty much what I posted.

    That is how my payments are set up. I'm asking if you enter the above address into your online bill pay and make the payment through your online checking account, will any extra money you send go towards the principal?
     
  19. Oct 4, 2010 at 5:37 PM
    #19
    Primersinmyshoe

    Primersinmyshoe Old Sheepdog

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    Oh, I see what you're asking. I would think it would work. I haven't thought about sending a payment that way. I was just going to write out a check and put it in the mail.

    Have any of you made payments to any other creditors that way?
     
  20. Oct 4, 2010 at 5:41 PM
    #20
    Brunes

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    It was a bit easier for me thru USAA- but I pay like 420 a month for my truck to the "normal" payment location. And then I have an automatic draft set up to send 130 dollar more a month to the "princple only" payment location. So every month my regular payment pays off what it pays off and then the principle only payment reduces the principle so the interest calculated is applied on a smaller amount than anticipated.
     
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