Toyota Financial Services Requiring me to continue with my payments even after the car is paid off Internet, Nationwide

'Google' this- CONSUMER COMPLAINTS ABOUT TOYOTA AIRBAGS, and read through all of the complaints at the consumeraffairs website about the airbags that did not deploy when Toyota owners were in accidents in their vehicles, okay?

Good luck to you!

WELCOME TO TOYOTA- ONE BIG DEFECT, AND THAT'S ONE OF THE MANY REASONS THAT OUR STOCK VALUE KEEPS PLUNGING

Actually, you would be surprised at the number "geniuses" who are duped into signing a lease agreement, when they thought they were purcahsing the car.  There is no end to the stupidity that prevails in this land.

As  I  was  expecting:  all  kind  of  nonsense  questions....    if  I  was  that  stupid  not  to  know  if  I  leased  or  purchased  the  car  probably  I  wouldn't  even   have  passed  the  driver license  test.

Could it be the OP is actually involved in a 60 month car flease?

deception, manipulation, greed, trickery, and the constant pursuit to financially injure as many unsuspecting consumers as possible, in my opinion.

Simply read through all of the Ripoff Reports.

Then 'Google' the following and watch the videos and read the articles on the web-

1) CONSUMER COMPLAINTS ABOUT TOYOTA ENGINE PROBLEMS
2) TOYOTA AVOIDS SEQUOIA RECALL- YOUTUBE
3) TOYOTA DRIVER RECALLS SUDDEN ACCELERATION 
4) WHISTLEBLOWER: TOYOTA-GM PLANT HID DEFECTS
5) EX-TOYOTA LAWYER SAYS DOCUMENTS PROVE COMPANY HID DAMAGING INFORMATION

There's a lot more, but that should give you an idea of what kind of company Toyota really is, wouldn't you agree?

Good luck to you!

***TOYOTA STOCK ALERT: Toyota's stock has lost over 53% of its value since 2006, when it was trading as high as $138 a share. Toyota's stock closed at $61.94 a share today, November 22, 2011.


WELCOME TO TOYOTA- MOVING BACKWARDS

In  the  meantime  I  sold  the  vehicle  and  the  loan  was  transferred  to  a  third  party.   TFS   requested  an  amount  of  almost $ 1,400  for  "sales  tax,  title  and  registration fees"  -   we  called them  up  and  explained  that  there  is  no  sales  tax  between  private  parties   in Arizona  and  that  the  sales  tax  was  already   paid  when  I  initially  bought  the  car.   We  even  talked  to  a  supervisor  ("Sue")   who  told  us  "there is  no  mistake,  we  do  that  on  a  daily  basis  and  we  don't  make  any  mistakes."    We  talked  to  two  MVD  officials,   a  level  one  and  a  level  two  official  and  they  advised  us  to  file   a  complaint  with  the  Attorney  General.   

TFS   would  not  even   explain  how  much  they  calculated  for  the  sales  tax,  even  after  we  called  several  times  and  asked  to  talk  to  the  person  who  calculated  the  amount  of  $ 1,394.37    -  

At  the  end  we  submitted  an  amount  of  $ 165,-   (that's  what  the  MVD  told  us  what  the  title  transfer  and  registration would  cost)   and  TFS  transferred the  title  without  any  comment.

I  also  noticed  that  TFS   charged  me  $ 57,-  interest for  a  month  in  which  the  balance  was  $ 21,700.-    (interest  rate  is  1.9%....    I  really  don't   understand  how  they  calculated  that  number)   In  another  month  they  charged  $ 47,-   when  the  balance  was $ 21,000.-     TFS  does  not  show  how  much  money  went  into the  principal  and  how  much  money  they  charge  for  interest.   I  know  that  someone  will  come  up  with  a  comment  like  "they  probably  charged  you  a  late  fee..."   but  this  was  not  the  case:  No Past  Due  amount,  no  unpaid late  charges,  no  miscellaneous charges....

There is still a mis-understanding, but where that mis-understanding lies is impossible.  It could be how you are asking them, it could be how you are interpreting their answer.  But it is very unlikely that they are saying what you think they are.

They are a major finance company and if you are really saying that if you pay extra they are still going to hold you to making 60 regular payments because the agreement said you had to make 60 payments they seem to be opening themselves up to a major investigation and lawsuits.

Most likely you have a Simple Interest loan.  But if it is another type what is it? 

I would suggest you read over the loan documents, I can almost guarantee that there is a provision that handles additional payments.  If when you find that section it truly says regardless of how much extra you pay you will still have to make 60 payments of $407 I suggest you immediately contact a lawyer.

there  was  no  misunderstanding.  I  called  several  times  and  the  last  time  I  spent  almost  one hour  with the  CSR.   I  was  told  that  I  am  required  to  make  60  payments,  even if  the  loan  is  paid  off  before  and  that  according  to  the  contract  each  payment  is  $ 407,-

I  asked  them  why  I  should  make  60  payments  if  the loan  is  paid  off  after  57   payments  and  the  answer  was:  because  it  is  in the  contract  and  nothing  can be  changed.

"any  reputable  finance  company  would   change  the  due   date  for  the  following  payments,  lets  say  if  the payments  are  $ 400,=   and  the  customer  makes  an  extra  payment  of  $ 800,-   he  would  not  have  any  obligation  to make  payments  for  the  following 2  months.  "

   Any reputable finance company?   I don't know where you get your info, but it would be illegal for a finance company to do what you say.  That would have the effect of the lender accepting interest that had not yet been earned.  That is a big no-no as far as federal banking regulations are concerned. 

   Whether it's credit cards or car loans, any money you pay that is not due for a normal payment is applied directly to the principal.  That will have the effect of shortening the term of your loan, since the original 60 months were calculated based on your making monthly payments.

I still don't understand how Toyota is telling you to overpay the loan.   It sounds like you have a mis-understanding that because your term is 60 months even if you pay extra you are still going to have to pay 60 months unless they officially change the terms to a lower period.  That is not how it works.  You could pay it off tomorrow and that would be your last payment, they would not come back for the remainder of the 60 months requesting payments.

But anyways to this comment

any  reputable  finance  company  would   change  the  due   date  for  the  following  payments,  lets  say  if  the payments  are  $ 400,=   and  the  customer  makes  an  extra  payment  of  $ 800,-   he  would not  have  any  obligation  to make  payments  for  the  following 2  months.
- Don't be so sure about your statement.  I have been with very major and very reputable finance companies who I have paid extra.  It took off the principal but did not give me any ability to skip a payment because I effectively paid ahead.  However, it did cause the loan to be paid off months earlier than normal.

But I will also say that I have had other loans that I have paid ahead, and it did adjust the next months payment to a lower amount if I so desired, but it wasn't a one for one situation.  It was quite a while ago so I don't remember the exact details but I do remember that the extra payment didn't seem to take off that exact amount the next month.

any  reputable  finance  company  would   change  the  due   date  for  the  following  payments,  lets  say  if  the payments  are  $ 400,=   and  the  customer  makes  an  extra  payment  of  $ 800,-   he  would  not  have  any  obligation  to make  payments  for  the  following 2  months.

Toyata  basically  is  telling  me  to  overpay  the  loan  -   which  part  of  the  story  is  it  that  you  don't  understand ?

typically more money paid on a car comes off the principal owed on the loan, it would not change the "maturity date" although it would be paid off sooner than the maturity date requiring no more payments after its paid off, so if you owed 1200 on the car and paid 100/month for 3 months and then paid 600 one month it would be paid off in 9 months instead of 12 if you kept paying the 100/month after the 4th month. the loan payment will never change you will still owe 100/month every month until its paid off. they never lower the interest rate because you paid more faster.

What exactly is the RipOff?

Your title infers that the car is currently paid off but you are still required to make payments.  But your report seems to indicate at some point you made an equivalent of 2 payments and are just upset that they won't change the maturity date or adjust your monthly payment.

When did you make this payment?  If you made the extra payment at the beginning of the loan that will have a lot bigger effect than if you made it 3-4 years into the loan. 

Also what exactly is the problem in your mind, if the amount is applied but they won't change the terms?  Unless there is some other reason in your mind it is important if you pay off your 60 month loan in 50 something months, or have a 50 something loan that you paid off on the "maturity date" it really doesn't matter in the long run.