Extra Payment to Toyota Financial - Toyota Yaris Forums

fishbag · 12-09-2008, 10:53 AM

I recently made my first payment on my Yaris and added $100 to be applied directly to principal. I wrote on the payment stub to apply to principal, but when I checked my account, they had applied the extra to next months payment.

Turns out you have to send principal only payments to a completely different address. Ridiculous!!

Nevertheless, I am 95% happy with my new Yaris. 09 hb carmine red metallic. I would be 100% if it had a rear window wiper...

thebarber · 12-09-2008, 11:35 AM

ya, i thought about doing the same thing to pay it off quicker, but ya, you cant just increase your payments

they basically rely on people being lazy (like me) and not sending in cheques to pay off the loan quicker

welcome to yarisworld

otterhere · 12-09-2008, 02:02 PM

Quote:

Originally Posted by fishbag

I recently made my first payment on my Yaris and added $100 to be applied directly to principal. I wrote on the payment stub to apply to principal, but when I checked my account, they had applied the extra to next months payment.

Turns out you have to send principal only payments to a completely different address. Ridiculous!!

Nevertheless, I am 95% happy with my new Yaris. 09 hb carmine red metallic. I would be 100% if it had a rear window wiper...

Now, that's kind of weird... Of course I guess you should've checked first, but I paid my house off early this way (adding extra to the monthly payment to apply toward the principal to reduce interest charges over the life of the loan) and would be really ticked if I couldn't do likewise with a car; what if you get some kind of financial windfall and can pay it all off in cash? Would you still be charged all the interest you otherwise would've had to pay???

Ugh, Toyota; you've been corrupted by the USA!!!

As for the rear wiper, that's one of the many 'extras' I hate about this car; you can have mine... Just one more thing to go wrong/part to buy (blade).

33OH · 12-09-2008, 02:07 PM

Welcome to YarisWorld!

And I love my rear wiper, especially with all of this salt/snow going all over the back window.

And I refinanced mine through the local bank because I didn't like how Toyota Financial handled the extra money as well. (and for a lower interest rate of course.) They have even sent me a check back saying 'Overpayment'. Well no duh, I was trying to pay more than the minimum, as any smart person does.

Oh well. Again, welcome to the forums!

TinyGiant · 12-09-2008, 02:25 PM

i just recieved a refund on my extended warranty of 1690 and they applied that to the loan in payments too.. i dont need to make a payment until 06/09 now.. but i will.. i guess i'll have to call them about making my next 6months of payments apply to the principal

1NZYaris1 · 12-09-2008, 04:29 PM

I am not quite sure how things work in the US,
But here in New Zealand we do the same , if someone puts extra money on a months repayment it is carrried forward to the next month.
Once your payments have finished , and it turns out you payed it off early
by say 4 months then a refund is sent to you on the interest paid.
But most people ring up before the final payment and ask for a settlement figure.
They do it this way , because if they took the extra of the princable each month means
the would have too rewrite your finance contract every month.
Just an insight for you.

FunctionSpec · 12-09-2008, 07:11 PM

You guys are in the dinosaur age. Still writing checks? lol. Be Green, save paper and sign up with Toyota Financial Services online and make payments by electronic transfer.

Toyota loans are simple interest loans so that extra payment that you make goes toward reducing the principle. I've done it online and have not had any problems. Only thing is that the due date keeps changing to a future date and it makes it look like you are making payments for future months. The due date will be all off but if you remember what day of the month your payment is due it should be okay. Also keeps track of all the other past payments you made to keep you organized.

12-09-2008, 10:53 AM	#1
fishbag I've made a post! Drives: Wannabee Join Date: Nov 2008 Location: Washinton (state) Posts: 1	Extra Payment to Toyota Financial I recently made my first payment on my Yaris and added $100 to be applied directly to principal. I wrote on the payment stub to apply to principal, but when I checked my account, they had applied the extra to next months payment. Turns out you have to send principal only payments to a completely different address. Ridiculous!! Nevertheless, I am 95% happy with my new Yaris. 09 hb carmine red metallic. I would be 100% if it had a rear window wiper...

12-09-2008, 11:35 AM	#2
thebarber daily driver View User's Garage Drives: the #wrecho Join Date: Jun 2006 Location: Grand Rapids, MI Posts: 5,877	ya, i thought about doing the same thing to pay it off quicker, but ya, you cant just increase your payments they basically rely on people being lazy (like me) and not sending in cheques to pay off the loan quicker welcome to yarisworld __________________

12-09-2008, 02:25 PM	#5
TinyGiant Tiny Giant Clothing View User's Garage Drives: 2008 Blazing Blue Yaris 3D LB Join Date: Oct 2008 Location: Rochester, NH Posts: 3,394	i just recieved a refund on my extended warranty of 1690 and they applied that to the loan in payments too.. i dont need to make a payment until 06/09 now.. but i will.. i guess i'll have to call them about making my next 6months of payments apply to the principal __________________ Sold the yaris... rocking an 89 vw cabriolet now :)

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Response from Toyota on my special order	drdavidr4u	New YARIS Purchase Forum	14	04-27-2010 08:59 PM
is the toyota extra care vehicle service agreement worth it?	waylandchin	New YARIS Purchase Forum	33	04-19-2007 10:46 PM
Response from Toyota	Driver	New YARIS Purchase Forum	22	09-04-2006 07:44 PM
Toyota Delays	Buckethead	General Yaris / Vitz Discussion	3	08-26-2006 03:16 AM
Toyota Yaris to Sponsor FOX's "Prison Break"	YarisBueller	General Yaris / Vitz Discussion	0	04-30-2006 08:01 PM

12-09-2008, 02:07 PM	#4
33OH Drives: '08 Yaris Join Date: Oct 2008 Location: Dover, Ohio Posts: 7,606	Welcome to YarisWorld! And I love my rear wiper, especially with all of this salt/snow going all over the back window. And I refinanced mine through the local bank because I didn't like how Toyota Financial handled the extra money as well. (and for a lower interest rate of course.) They have even sent me a check back saying 'Overpayment'. Well no duh, I was trying to pay more than the minimum, as any smart person does. Oh well. Again, welcome to the forums!

12-09-2008, 04:29 PM	#6
1NZYaris1 View User's Garage Drives: Yaris Join Date: Oct 2008 Location: New Zealand Posts: 2,566	I am not quite sure how things work in the US, But here in New Zealand we do the same , if someone puts extra money on a months repayment it is carrried forward to the next month. Once your payments have finished , and it turns out you payed it off early by say 4 months then a refund is sent to you on the interest paid. But most people ring up before the final payment and ask for a settlement figure. They do it this way , because if they took the extra of the princable each month means the would have too rewrite your finance contract every month. Just an insight for you.

12-09-2008, 07:11 PM	#7
FunctionSpec Super Newbie View User's Garage Drives: 2007 Yaris Liftback White Join Date: Jul 2007 Location: 626, Southern California Posts: 180	You guys are in the dinosaur age. Still writing checks? lol. Be Green, save paper and sign up with Toyota Financial Services online and make payments by electronic transfer. Toyota loans are simple interest loans so that extra payment that you make goes toward reducing the principle. I've done it online and have not had any problems. Only thing is that the due date keeps changing to a future date and it makes it look like you are making payments for future months. The due date will be all off but if you remember what day of the month your payment is due it should be okay. Also keeps track of all the other past payments you made to keep you organized.