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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

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michaelsmith3362
5/21/2020
I ended a three-year lease with Toyota Financial Services and the whole process was tainted by their aggressive collection actions. I turned in my vehicle at lease-end, in pristine condition, and with 6000 miles to spare. That is a lot of value back to Toyota. In consideration of this, I asked them to waive the disposition fee. I also told them that I had lost my job due to the corona virus. They would have none of it and proceeded to pester me with collection calls me every single day (except weekends). All of my 36 payments were made on time but they rode me like a deadbeat for the $350. After speaking with them five times to no avail, I paid the balance in full. I will never use them... Read More


John D
2/27/2020
At this point, especially after reading other similar reviews. I don't know how this company has not been raided by the FBI for financial fraud. I have now contacted via phone and email for a month about a 4500 principal payment I made. Keep in mind they do not have an option where you can pay principal online. This is the only financial institution I have ever dealt with where you cannot pay principal online. You have to call that in or submit via message support. I have now contacted the 7x over this matter and every time I get the same answer. Please allow 3-5 business days. And every single time they do not apply the payment. This company is greedy and all they want to do is collect... Read More


Antonio A
10/4/2019
I had a Toyota Prius C that was totaled by a drunk driver. The accident happened in July and our insurance sent Toyota a check to cover the loan balance and I have GAP insurance to pay for the remainder. This check was cashed by Toyota in September but Toyota is still charging me monthly payments. It is now October. Their website's help menu just gives me an error message so the only way to contact them is via phone. My insurance broker, insurance adjuster, wife, and I have been calling for months and get put on hold only to be hung up on after about 20 minutes or so. Again, we've been calling FOR MONTHS. I finally got through today and they said they haven't received this check (even... Read More


Levi D
6/24/2019
Living a nightmare with Toyota Financial.. I bought a toyota prius 2016 from Larry H Miller Toyota Lemon Grove in San Diego last year and sold it this year.. after that I canceled my Toyota Auto Care and should receive back U$2.905 dollars.. the thing is.. The dealership says they issued a check to toyota financial and that they should cash the check and write me a new one and send me. Toyota financial says that the check was for me and they received it and forwarded to me.. and to a wrong address.. So now one says that I should call the other one, and the other one says that I should call the one.. I am in the middle of this situation not knowing what to do and they don’t care at all...... Read More


L
Lynn T
6/10/2019
These people are terrible. Do not finance here! I have tried to pay off the loan early and they will not accept electronic check from bank, wire payment or payment from computer. Only accept Cashier Check.......Once they receive the complete payment they will not release the title. Every day they say they will send Car Title, but so far I am still waiting, waiting & waiting. These people lie, mislead and avoid providing honest customer service. Do not make your car loan here!!!


M
Mark
3/27/2019
This is the WORSE customer service I ever experienced. By brother died and I am trying to keep his car payments current. After spending 45 minutes on the phone, I finally got an actual person, They put me on hold for 10 minutes to determine if they were allowed to talk to me. I said I want to make a payment! Why wouldn't you talk to me? Then they proceed to tell me that I can't pay with a credit card because I am not 30 days late. Are you kidding me!!! So, I did not make a payment at all. You people are disgusting.


Nena N
3/19/2019
You are kidding???? OMG !!! Have tried now 4 times to have Toyota Financial change the due date for my monthly payment from the 5th of the month to the middle of the month (15th - 20th). My payments have shown over due since I got the car. Every time out of the 4 encounters with Toyota Financial, I brought my account to current status by paying the monthly amount + late fee and requested each time a change of due date, once online and as of today 3 times by telephone. The man I spoke to today at Toyota Financial (Chester) was so condescending and rude, I had to remind him I am the customer. I regret leasing this car from Toyota. If the due date is not moved, I will return the car and go... Read More


sammy h
2/26/2019
save your time and money and dont do business with them. all the messed up stuff, pay off your can and their site showing its payed off and the account close, two months later with no mail, no release, or title has been received when called they said oh yea we will release it now and you have to wait for another 6 weeks. and i have a friend had received a wrong title. its not a financial corporation its rather a pawn shop running by stupid people.


S
Sue V
9/18/2018
7 weeks after ending my lease and turning in my 2015 Toyota Highlander in excellent condition and I can not get the refund due me for one overpayment and credit for canceling extended warranties in a timely manner. Thus far I have spoken to 7 different people and still can not get anyone to tell me when I might expect my refund. Today I was on the phone for 90 minutes and spoke to 4 different people and still no satisfaction. The TSF agents are unable to even acknowledge that I have a credit balance due me but theY ABSOLUTELY REFUSE TO LET ME SPEAK TO ANYONE THAT CAN SETTLE THIS WITH ME! The customer service agents are always professional but totally unable or unwilling to resolve the... Read More



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