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_John_Doe
Posts: 69
Registered: ‎12-17-2012

How to lower payments

My wife and I both have auto loans with Toyota Motor Credit. Well, technically it is one loan as the other is a lease. We are what I consider long time Toyota customers with our last four vehicles all being Toyotas financed through TMC.

 

When we got into the most recent vehicles we had some credit issues, coming out of a short sale, etc... but have sinced paid off 90% of the bad debt and managed to secure a new home loan. We are current in payments on both vehicles and have been from the start.

 

Would TMC work with us to lower the rates/reduce the monthly payments? Would that have any negative impact to the credit repair work we have already done?

 

Thanks!


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pizzadude
Posts: 8,769
Registered: ‎01-28-2010

Re: How to lower payments


_John_Doe wrote:

My wife and I both have auto loans with Toyota Motor Credit. Well, technically it is one loan as the other is a lease. We are what I consider long time Toyota customers with our last four vehicles all being Toyotas financed through TMC.

 

When we got into the most recent vehicles we had some credit issues, coming out of a short sale, etc... but have sinced paid off 90% of the bad debt and managed to secure a new home loan. We are current in payments on both vehicles and have been from the start.

 

Would TMC work with us to lower the rates/reduce the monthly payments? Would that have any negative impact to the credit repair work we have already done?

 

Thanks!


I'd just give them a call and ask if they'll refinance their own loan;  some lenders will do this, others won't......

 

If no, then shop around and you should likely be able to get a decent rate, assuming your FICO scores are ok.    What is your current interest rate on the loan?

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Member
wntrwhte2
Posts: 21
Registered: ‎02-07-2012

Re: How to lower payments

There was another question about this-- almost no finance company will refinance their own loan as there is zero benefit to them to help you pay them less money. You'd need to refinance with someone like NFCU, DCU etc to reduce the rate and therefore the payment.

New Contributor
_John_Doe
Posts: 69
Registered: ‎12-17-2012

Re: How to lower payments


wntrwhte2 wrote:

There was another question about this-- almost no finance company will refinance their own loan as there is zero benefit to them to help you pay them less money. You'd need to refinance with someone like NFCU, DCU etc to reduce the rate and therefore the payment.


That makes sense. I'll talk with our credit union. Even if we could refinance just one vehicle at a savings it would be helpful.


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Regular Contributor
Startome
Posts: 399
Registered: ‎08-21-2013

Re: How to lower payments


wntrwhte2 wrote:

There was another question about this-- almost no finance company will refinance their own loan as there is zero benefit to them to help you pay them less money. You'd need to refinance with someone like NFCU, DCU etc to reduce the rate and therefore the payment.


Where this is true, it is also false. They do loose money if they refi with you yes, but they also loose even more money if you refi with someone else :smileywink:

Always worth a shot, as far as I've heard, it can't hurt to ask!

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