Toyota Financing tripled+ my monthly payments!!!

Ugh $362 x 59 = $21358

Buy I only owe $6166.45

My monthly should be $106 (like previously)

Dunno what happened, need to call Toyota tomorrow, anybody else monthly payment triple+ from last month?

 

Did you get an adjustable rate from them lol?

 

I would call them. There is a mistake somewhere. Are they charging some up front fees in your first payment?

 

I think your ARM loan matured. Completely normal.

 

You financed $6,000 for 5 years?

 

I think customer service is a better place to ask.

 

Market sucks but I still earn more than 4.29%. I’d finance it and leave the $6k in the market and in 5 years be money ahead.

 

So TFS works as well as the Toyota App? Must be using the same programmers...

 

No I financed 19k, I couldn't move money fast enough out of accounts and needed 2 more months to do that. I paid down 13k last month after I moved my $ around. This 6k will be paid off in 2 months, just curious if anybody else's payments tripled+.

No Toyota does not give you variable rate financing.

This is even higher then my originally monthly payment when I borrowed that 19k.....

You guys can keep making fun of ppl who finance xyz in xyz months, you tundra fanbois are quite interesting and have some weird kind of elitism lol

 

Auto loans are always based off of the initial amount you borrow, similar to home loans. Once you pay down the balance, the payment does not change, in the same way when you pay down your mortgage balance your payment doesnt change. When I do the math of 19k at 4% interest for 5 years the payment works out to be about $350, so what is showing appears to be correct. When you pay down the balance substantially, the only thing that happens is you pay a different ratio of principal to interest. I dont know how your payment was ever around $100 if you borrowed 19k up front.

 

I’d call and ask them wtf. Every auto loan I’ve had, the monthly payment doesn’t change regardless of how much you pay down on it and it dang sure shouldn’t increase. Unless you missed something in the contract where they can adjust your pay off terms? Definitely weird but it should never change in a standard fixed rate simple interest loan. Unless the calculator redid it so that they can still collect all the interest that they missed from you paying a $13k lump sum on the principal.

 

I work in a finance related field. This is the right answer. If anything, the app just used the original number of payments and subtracts the number of payments you've for the "59" field rather than recalculating with pre-payments. Call if your'e unsure still, but that's what they'll tell you.

 

Well, my app showed $106 and my physical snail mail delivered statement showed $106. I do my payments through the app as well, so it's crystal clear last month was like $106 and now it's $362

Dunno where you guys keep thinking the monthly $ amount stays exactly the same, if ppl do early payments - you still carry the loan balance for remaining amount of time. It doesn't reduce the months remaining and force you to make same payments. You signed for xyz months/years you get same xyz to pay it off. I have physical hard copy proof of this from the app payment and snail mail.

Regardless this is still higher then the original 19k monthly payment, my loan was like $350 something a month when I signed, now it's over $362

No valid explanation at all for current monthly payment even higher then what I signed for.

Again just curious if anybody else had the Toyota financing app triple+ their monthly payment?

 

Contact customer svc then let us know what's up

 

See attached snapshots. The initial loan amount might have been slightly over 19k in order to create the payment difference between what you posted and what I have here. When a lender re-calculates your payments, based on current loan balance and term, thats called re-amortization, and I don't know a lender out there that does that on their own without the request of the consumer. If Toyota is doing this, then I'd love to know.
Notice the 2nd screenshot. It shows a lump sum payment early in your payment series, and no, it does not change your payments after that. Regardless of what is shown on your app, the controlling document is your note. Again, after 20 years in finance, I've never seen a note that automatically re-amortizes after a lump sum payment. It appears to me that the issue is with the app, but the app isnt the legally controlling document, the note is. If you review your note, you should see the payment stays the same the entire course of the loan. If you find out otherwise from Toyota, I'd love to know, but I dont think that Toyota jacked up your payment by a factor of 3. Your payment is exactly what every single auto note ive ever seen is. The predetermined amount that was designated at the time of consummation. Best of luck.

 

Call customer service and ask what is going on. If you financed the truck originally, you are bound to have your finance paperwork for the loan. What does it say your monthly payments are?

 

Blind faith and allegiance in The App. Little understanding in the underlying principle. That's not good. But hopefully this thread corrects that.

 

Who made fun of anyone? If we’re all elitist douchebags why are you here asking for help?

 

That's exactly the kind of question an elitist d-bag would ask, LOL.

 

I was actually interested in your situation until you popped off like a hormonal teenager. Nobody was making fun of you until now. 18 hours after your original post you’re still asking people here. Should we Google TFS’ phone number for you?

 

What?

 

He didn't understand his contract well enough to know when his App was spewing horse puckey info. DANGER Will Robinson. DANGER.

 

This. And are there any penalties applicable to lump sum prepayments?

Just letting my inner elitist tundra fanboi out. Gotta stay interesting.

 

I was legit dumbfounded by anyone who would finance $6k for 60 months. I get the need to finance the $6k, but who in the world would stretch that out for 5 years? Makes more sense that you paid a large portion of that. But unless you “refinance” your original contract specified $350 ish a month payments until it’s paid off. Paying extra goes towards the principal amount owed, but does not change the contract. You will pay it off earlier, but you will make the same payment until it’s paid off.

 

Boy this thread got interesting quick..

Read your paperwork, and call TFS if you still have any questions. Some of what you said shows there is a clear misunderstanding in how an auto loan functions. I don't think anyone here was trying to poke you in the eye, but merely point out the app is clearly incorrect, and your payment has not and will not change until the loan balance has been paid in full. Best of luck!

 

How many payments did you make @ $106?

 

I want to be an elitist

 

Are most Canadian auto loans "simple" interest and carry no pre-payment penalties??

Just wondering to make sure us south of the border elitists are more elite than you north of the border elitists