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Toyota Financial Services Auto Refinance Review


ConsumersAdvocate.org Rating: 3.5 / 5 (Very good)
19 Customer Comments & Reviews - see all comments
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Established in 1983, Toyota Financial Services is the wholly owned finance subsidiary of Toyota Motor Company. Among their loan offerings are new and used car loans, as well as lease buyout loans. The application process is done entirely on their website, where customers can make payments on their loans as well.

How is Toyota Financial Services rated?

Breakdown

3.5/5
Loan Details
3.5/5
Customer Experience

Overall Rating: 3.5 / 5 (Very good)

With lackluster online reviews and precious little information available online, it is hard to determine whether Toyota Financial Services is a good choice for the average borrower. Their offerings seem in line with other captive lenders in the market. However, TFS's rebate programs makes it an attractive option for young adults, members of the military, and people with limited credit histories who may not be approved elsewhere.

Auto Loans & Refinancing

Loan Details - 3.5 / 5

There is little information on Toyota Financial Services' website regarding the loan amounts and APRs available to customers. However, they advertise rebates for recent college graduates and service-members, as well as loan programs for people with limited credit history who don't wish to take out a loan with a co-applicant. Requirements do apply, but TFS is a good option to explore if you fit into one of these categories.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Minimum Down Payment
Some customers may be required to make a down payment.

Loan Qualifications

Qualification - 4 / 5

Toyota Financial Services' qualification requirements vary. Customers participating in certain program—such as the College Graduate Program and the iFi Program—may be required to have a minimum income or credit score, but there is no information online on whether other customers must also meet these requirements. For customers seeking to finance the purchase of a used car, the car must be a Toyota Certified Used Vehicle that is less than 6 years old and has under 85,000 miles.

Borrower Qualifications

Minimum Income
Some customers may be required to have sufficient income to cover standard living expenses and the loan monthly payment
Minimum Credit Score
Some customers may be required to have a FICO score of 610 or higher.
Verification / Documents Required
Social Security Number
Employment Information / Pay Stubs

Vehicle Qualifications

Mileage Limit
under 85,000 miles
Car Age
up to 6 years old
Car Makes
New Toyota and Toyota Certified Used Vehicles

Application & Service

Customer Experience - 3.5 / 5

Toyota Financial Services' pre-approval application is filled out online and the loan information is forwarded to the dealer chosen by the customer. However, they provide little information on their website about application fees and approval time. Customers should expect these to be in line with other captive lenders.
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry
Deferred Payments
Joint Loans Available

Toyota Financial Services Reputation & Reviews

Reputation - 3.5 / 5

Toyota Financial Services has an A rating from the BBB, with only 17 negative reviews posted. However, a survey of reviews elsewhere on the internet reveals customers have reported payments being applied to the wrong account by the TFS system, as well as extra payments being deducted from their accounts. This should serve as a reminder for customers to check their account frequently.
BBB Rating
A
Number of BBB Positive Reviews
1
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
17
Date Collected
2017-12-26

Contact & Additional Information

Lender Type
Lender
Homepage URL
Company Phone
(800) 874-8822
Headquarters Address
6565 Headquarters Dr, Plano, TX, 75024
Year Founded
1983

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19 Customer Comments & Reviews

Loading Reviews ...
illuminatedwordsean
8/29/2024
Like pulling teeth. A huge pain in the ass and a time suck. We have great credit but this took forever. We will never buy another Toyota.


jennyonthespot
1/16/2024
I'd love a no star/save yourself rating for TFS. We have a loan with TFS. I made a payment online and we started getting calls about a late payment... turns out their system "reversed" our payment. The problem was, they withdrew the money from our account but did not credit it back (per the reversal). Now they say we are behind, but they still have that payment. We have called and called to clear the problem, have faxed bank statements and have received no confirmation of receipt and when we have called there is no record of our fax. When I spoke with one rep on the phone he directed me to the online customer service to enter the documents through our portal but the customer service... Read More


John G
5/30/2023
I wish there was an option for 0 stars. Twice now in 2 years time Toyota Financial has financially screwed me. The first time I had automatic payments set up. Had been working fine for over a year. Then suddenly I receive a message my payment didnt go through. Being responsible I went in and tried to make the payment manually. Again error message payment didnt go through. Tried paying manually again same message. Finally called went through all the annoying time wasting automated messages and prompts. Got to a person who said oh yeah your payment was made. Actually you made your payment 3xs. Luckily I had the money in my account to cover 3 car payments plus my other bills as I know not... Read More


Youssef K
3/30/2023
I called to have my lease extended as we aren't able to get vehicle we want at this time. The Agent went ahead and extended our lease for 6 months. The idiot didn't tell me they were going to remove my banking information from the account and that the auto payments setup for the last 36 months would stop. I didn't notice the payment didn't come out of my bank until I got an alert from credit agency that Toyota Financial reported I was 30 days late. I immediately made payment and setup autopay again but they will not remove the 30 day late off my credit.


S
Samantha
3/14/2023
I cannot believe I am having this much trouble with a company as big as Toyota. I attempted to make a payment through their app but the payment would not schedule. This prompted me to call and speak with an agent who helped me schedule the payment. The next day I noticed that a second payment was pending in my bank account. I tried calling TFS but it was after hours. I had to wait until Monday to call because this happened Friday evening. On Monday the second payment came out of my bank account and TFS told me there was nothing they could do because it was my error. This was after I told them my story. Since then I have spoken to four agents and have received a slew of conflicting... Read More


K
Kenneth D
8/31/2021
They're really bad. I traded a Corolla in a month ago. The still havent processed the payment. They've clamed up on customers. Customer service is almost non existent. Avoid this company. They're dysfunctional as he'll.


D
David
7/24/2021
This organization has the worst customer service I have ever experienced. My wife has been trying to change her now out of state title since we moved over 8 months ago. Toyota tells us they need information from DMV but we already sent them that information and they never processed it. They just sent it to the DMV without the title and now that the DMV has processed the paperwork and made it all official documents, they can’t send it back to Toyota. We have called Toyota 5 times (waiting for an hour to talk to someone each time) over the past 3 months and have received 5 different answers regarding our options and what to do. All 5 options we were given has failed. They provide incorrect... Read More


M
Mike S
3/2/2021
Toyota Financial Services has the worst customer service of any company I have ever dealt with. I bought a new truck in Arizona in September and tried to register it in California. The local DMV said that they required the original title in order to complete the registration. I spent 3 months trying to get the title from TFS to the CA DMV and they refused to do it, and I got a variety of responses from the TFS reps, including; they don't have the title, they don't deal with titles, I shouldn't need the title, I just need a power of attorney (completely wrong), and a few others. I even sent them a request for the title from the CA DMV and they did nothing. I eventually refinanced the loan... Read More


S
sheree a
10/24/2020
I am currently waiting for registration requirements fromToyota Financial Services and it is horrible because it’s been 5 months now. I moved from Texas to New York they can not provide the certified copy of title and letter to register in NY. i’m not using my car but still paying them monthly, im not sure how much penalty will I have because it is overdue. I’m not sure if they know the process of doing these requirements maybe it’s their first time.


jcain28
10/4/2020
Toyota Financial Services (TFS) has an extremely poor business practice that is negatively impacting leasing customers. This corporation is taking advantage of its customers in the worst way during the global pandemic. Currently, TFS has a substantial credit at the Tax Office of my hometown due to an overpayment made on our bill. Instead of requesting a refund, TFS wants me to pay them the full amount of the tax bill to TFS, over 5 times what we actually owe. Once TFS receives our payment they will request a refund from the tax office, only once they receive the refund from the tax office will they send us a possible refund check. TFS will not provide a time frame for this repayment nor... Read More



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