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helpmeout

Does anyone know how to apply principle balance only?

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So I know a couple of you have have been telling me to keep paying the princple balance and I was stupid and I didn’t get what that meant, but I just called Toyota and they said my only option is to call them once my pay clears or mail them a check. Is there any other way to make it so they will apply the princple with each payment automactally one is of me calling.

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It's always best to follow the instructions obtained directly from the creditor to ensure proper posting with the least hassle.  

 

I'm not sure what you mean by "call them once my pay clears," but if mailing them a check is an option that might be the easiest.

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Most lenders have an online site that facilitates when making a payment to help you make an additional payment towards principal.  Unfortunately, I am not familiar with Toyota Motos Credit's consumer interface.  CV got it correct, when in doubt call.

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They said the only way is if I send them a check or call them once my bank clears my payment with Toyota then give them a call to make it so they apply that current payment to principle only. They can’t do for future services without me either sending in a check or calling them.

 

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19 minutes ago, helpmeout said:

They said the only way is if I send them a check or call them once my bank clears my payment with Toyota then give them a call to make it so they apply that current payment to principle only. They can’t do for future services without me either sending in a check or calling them.

 

There's your answer then.  Congrats on taking this step to retire the debt early.  The results are quite gratifying.  :good: 

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Best thing to do is "call and ask".  Also, make individual payments making it clear what is to be applied to principal instead of the regular payment.

 

If your car payment is $500 and you want to make an additional payment principle of $200 then just don't lump that into one $700 payment.

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You still are as you will pay less interest overall. If I am understanding they are applying your extra to future payments so you are now a few months ahead. That is normal for many auto servicers. I would do what they said either call after your payment on send in a separate check clearly for principal only. If checking your accounts I am surprised this wasn’t identified sooner.

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Is there no online access for the account? 

 

As noted, a lot of lenders have the ability to make distinctions online as to where the payment was to be applied.  Chase actually even has a separate drop-down box for the amount you want applied to principal. 

 

If you are truly limited to phone payments, make sure you are not getting gouged on a fee for making the payment by phone.  If they ARE charging a fee, then always be sure to make even larger payments when doing the principal payments. 

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