Toyota Financial Services (TFS) offers loans for new vehicles and some used cars. The lender also offers vehicle protection products, such as gap insurance and prepaid maintenance plans. TFS also provides a variety of credit programs, including college grad and military discounts.
The Consumer Financial Protection Bureau has fined TFS for illegally preventing car buyers from canceling product bundles. The company also improperly reported payment information to consumer reporting companies.
What is a Toyota Finance Loan Statement?
Toyota Financial Services (TFS) provides retail auto financing and leasing in the United States, as well as vehicle and payment protection products. TFS is a subsidiary of the Toyota Motor Corporation, and its businesses include Toyota Motor Credit Corporation, Toyota Lease Trust, and Toyota Insurance Services. TFS also owns the Toyota Service Contracts business, which provides vehicle warranty and service contracts.
Dealerships often sell Toyota products and services to consumers as bundled packages that are added onto car loans. These products and services typically include Guaranteed Asset Protection (GAP), Credit Life and Accidental Health (CLAH) coverage, and vehicle service agreements. Adding these products to a loan significantly increases the amount of the loan and monthly payments, which generates significant revenue for Toyota. To retain this revenue, Toyota marketed these products aggressively at dealerships and made it difficult for consumers to cancel the bundled products. Consumers who tried to cancel these products were directed to a dead-end retention hotline, where representatives urged them not to cancel and used misleading tactics to discourage them. In addition, Toyota withheld refunded amounts from consumers who canceled these products and instead applied the funds to their principal payments.
In addition, TFS sent false information to consumer reporting companies about borrowers’ accounts even though it knew the data was incorrect, and failed to correct the mistakes it had made promptly. As a result of these practices, TFS has been subject to a number of federal and state investigations.
How do I get a Toyota Finance Loan Statement?
Buying or leasing a car can be stressful, but Heartland Toyota takes the hassle out of auto financing by working with you to craft the best financing terms possible. Our expert finance team will guide you through the process of purchasing a new vehicle, trading up for a different one, or obtaining an extension when your lease is over.
Toyota Motor Credit Corporation (TMCC) provides auto-financing through dealers for cars bought by consumers and adds optional products and services such as Guaranteed Asset Protection (GAP), Credit Life and Accidental Health (CLAH) coverage, and vehicle service agreements to car loan contracts. It also offers vehicle and payment protection products under the brand name Toyota Financial Services (TFS).
Consumers who pay more than the monthly minimum required by their contract should inform TFS that they want the excess amount to be applied to the principal portion of their loan, which will save them money in the long run by reducing the length of their contract. TFS typically uses the additional amounts paid to the interest portion of the loan, which does not benefit borrowers.
What are the benefits of getting a Toyota Finance Loan Statement?
Toyota offers many different options for financing your next car. They offer competitive rates and special discounts for those with good credit. You can find out more about the financing options available for Toyota cars by visiting your local Toyota dealer. They can help you choose a loan that fits your budget and lifestyle.
Aside from offering a variety of car loans, Toyota Financial Services also provides insurance coverage for vehicles purchased through their dealerships. They offer several types of coverage, including gap insurance, tire and wheel protection, prepaid maintenance plans, and warranty extensions. They also provide a Visa card that can be used for vehicle purchases.
Another benefit of Toyota financing is that it offers a variety of programs for various groups, such as recent college graduates and military members. These programs can save you thousands of dollars in the long run. For example, recent college grads can receive a $500 rebate and competitive interest rates.
The application process for a car loan with Toyota is simple and fast. To apply, you will need to provide some basic information, such as your name, address, and income. The company will also check your credit score and employment information. Once you have been approved, you can visit a dealership and purchase or lease your new Toyota vehicle.
Unlike other companies, Toyota car finance does not require you to have perfect credit. They will lend you a loan with bad credit as well, provided that you meet some requirements. They will also provide you with a unique ID and password that you can use to access your Toyota car loan statement online. This will allow you to keep track of your account at all times.
One of the best parts about getting a Toyota car loan is that you will be able to get a low rate. Besides that, you will be able to take advantage of the Toyota perks program, which allows you to earn loyalty points that can be redeemed for future benefits.
When it comes to auto financing, no one knows your needs better than the team of professionals at Heartland Toyota. We are committed to finding you the perfect car loan for your specific situation. We’ll work with you to make sure your terms are fair and reasonable, and we’ll even help you decide whether or not you should lease or buy your vehicle. So, if you’re ready to drive home in a new Toyota, contact us today.
