Toyota Financing tripled+ my monthly payments!!!

Maybe that $106 wasn't a car payment at all, and it was a fee to sync his auto loan w/his toyota app

 

I can’t honestly answer that. I’ve never had an auto loan, came close with our last vehicle purchase but went with a low rate LOC after the dealer finance manager turned out to be a greedy elitist bag, ended up saving a bunch.

I’m pretty sure that loan did have penalties for early payment, as I remember that being one of the advantages of the LOC. A slightly foggy memory from 4 years ago, so who knows. I might be wrong. But I’m still elitist, dammit!

 

It's not necessarily false, as it is would be incredibly, incredibly uncommon and against state laws in a lot of states, but definitely not all states. Predatory motor vehicle lenders totally exist, you should see the bullshit that sails out the doors of the "pay weekly, no credit checks" auto sales places, absolute vultures there. I wouldn't categorize Toyota as being a proponent or user of those predatory lending types though.

Without further details, I can only assume that OP garnered some fees as part of their debt rearrangement they mentioned, and instead of Toyota adding those fees to the existing loan, it's wrapped up in their next upcoming payment. Bet it's only this payment that's higher and that the ongoing payment amount is going to be what it was previously. Best I can figure. Prepayment penalties are uncommon in good, mainstream lenders nowadays, even as the APR's spike.

 

Maybe they wanted to get the 4.29 rate which was only offered if you went with 60 months.

On a side note, I wonder what the current rates are now… Website for me isn’t showing any regional offers available for Tundras.. The 4.29 rate expired 1/3/2023

 

No finance offers in my region either. Says call your local dealer. If anyone has the details on tundra financing through TFS for this month, I would be interested. Waiting on a 1794 order to be delivered.

 

OP not sharing all the details but his payment did not go up. Show us your next due date.

I have a 60 month loan that I paid off a big chunk on 6/2022. Afterwards, my payment changed to a much lower amount, $115 but due on 4/2023. After this payment, the payment for 5/2023 would go back to the original amount.

When you pay more than the minimum payment, the payments will be deferred based on how much you pay. But just because the monthly payment amount hasn’t changed does not mean what you owe changed. If you really want you could have the loan reamortized to have a lower payment I guess.

 

So last months payment, and only last months was $100 something, then this month is back to the $300ish it's been all along?

If so, I'm betting some of the funds you used to prepay the loan were counted towards your monthly payment before the statement was generated, or you paid that months "principal" amount due.

Prepayments usually don't impact any of the terms (payment or length of loan) that are available/displayed, but the loan will hit $0 well before the original termination date and the usual processes will kick in.

All normal/expected in my opinion...

 

Yup.

 

This has never been how any loan has ever worked for me. Student loans, car loans, Travel trailer loan, Mortgage. None of them have ever changed the monthly payment after paying extra in.

 

I financed with Toyota. My monthly was $500. When I paid $6000 one month. Toyota would send update saying your next payment is due 12 month from payment date of $6000.

when I check the interest paid over the last three years it clearly shows the amount of interest paid the first year is higher than 2nd and 3rd.

if I pay $750 for one month next month payment amount would be $250.

 

Exactly this. My original monthly is $266. Due to being paid well ahead of the loan schedule my current payment due is showing $196 due in June of 2024, approximately a year after the loan will be paid in full on my current payment plan.

 

Payments can jump due to various reasons, like changes in interest rates, late fees, or possibly even a system error on their end. I hope you contacted the Toyota Dealer to find out why the payment tripled for you.

I had the same case, and my issue was tied to interest rates and some fine print. I worked with a bankruptcy lawyer who helped me in the past, and he solved this thing with rates, and I now pay a normal rate as always. If someone needs help with rates, you can learn more at Bankruptcy Law Center.

 

It's been a few months but this member is still active, and I'm curious what the outcome was too!

 

I too, am wanting teh elitist!

 

[QUOTE="Fxclm5, post: 3056503, member: 87311"
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[/QUOTE]

Yeah, the first place I go to ask for financial advice on my personal account is the internet not the financial institution that I have the problem with.

 

Ridiculous. We all know you’re slumming just by associating with us.

 

Not me..............