FAQs
How do I change my banking information for the direct payment plan?
To change your banking information, Toyota Financial Services requires a copy of your new VOID cheque or preauthorized debit form, including your name, address and Toyota Financial Services account number or the VIN number of your vehicle.
Only void cheques in the name of the buyer/co-buyer, or lessee/co-lessee on the contract are accepted.
Submit your new VOID cheque by clicking on the My Services option and selecting Change Bank Information.
You may also fax or mail your VOID cheque to Toyota Financial Services.
Can I transfer my contract?
Yes, however the new individual must visit a Toyota Dealer, submit a credit application and be approved by Toyota Financial Services.
Is there a fee to transfer my contract?
Yes. A $400 transfer fee (plus applicable taxes) is charged to cover all costs related to the transfer.
Can I make a lump-sum payment on my loan?
Yes. Toyota Financial Services allows you to make lump-sum payments on your account so you can pay off your loan sooner and reduce your interest charges. Lump sum payments are not permitted on leases.
Can I make my payments through Online Banking?
Yes, for your convenience we accept payments through ABM, telephone and web banking services from various financial institutions.
How do I pay through Online Banking?
To make an on-line payment you must log on to your financial institutions website and make a bill payment.
Select Toyota Financial Services as the payee name.
Enter your 10 digits Toyota Financial Services account number and submit the desired amount.
Toyota Financial Services will receive the payment within 2-3 business days.
How can I pay off my Loan?
You may make an on-line payment through your financial institution or;
You may mail a personal cheque or money order to Toyota Financial Services.
If doing so, please make sure to include your name, address and Toyota Financial Services account number or the VIN number of your vehicle on the memo line on the cheque.
How can I pay off my Lease?
Final purchase of your lease will take place at your dealership.
How do I change my personal information?
Example: I have recently married. How can I change my name on my account?
To change your personal information Toyota Financial Services requires the support of legal documentation to process you request.
By clicking on the My Services option and selecting General Request, you can submit a marriage certificate, a driver’s license or ownership documents to make the required changes.
You may also fax or mail the required documentation to Toyota Financial Services. If doing so, please make sure to include your name, address and Toyota Financial Services account number or the VIN number of your vehicle.
I'm moving to the USA. Can I take my financed or leased vehicle?
Permanent relocation of the vehicle to the USA is strictly prohibited. You must notify Toyota Financial Services immediately and choose one of the following options:
- Buy out the vehicle
- Complete a Transfer (to someone living in Canada)
- Negotiate with the dealer to terminate your contract and buy out the vehicle
If you are taking the vehicle outside of Canada for longer than 30 days, contact Toyota Financial Services as prior consent is required.
Can I change the payment due date on my contract?
Yes. By clicking on the My Services option and selecting Change Payment Date.
The number of days you can delay your payment is dependent on whether you have a lease or a loan and your payment frequency.
Please refer to the table below for the maximum number of days you can delay your payment.
Monthly | Semi-Monthly | Bi-Weekly | Weekly | |
---|---|---|---|---|
Lease | 15 | 7 | 7 | 6 |
Loan | 29 | N/A | 13 | 6 |
Other restrictions:
For leases, monthly & semi-monthly payment plans are restricted from regularly scheduled payments on the 29, 30 & 31st of the month.
For loans, you may change your due date a maximum of two (2) times during the term of your loan contract.
I'm on the Direct Payment Plan and I just found out that my payment was returned NSF (insufficient funds), or FNC (funds not cleared). What should I do?
Toyota Financial Services has arrangements with the banks to make a second attempt within 10 business days of the initial attempt.
If funds are not available within the specified period, contact our Customer Service Department for further arrangements.
Is it possible to defer my next payment on my lease or loan?
Yes. By clicking on the My Services option and selecting Delay a Payment, you may select an alternate payment date.
Some restrictions may apply
The number of days you can delay your next payment is dependent on whether you have a lease or a loan and your payment frequency.
Please refer to the table below for the maximum number of days you can delay your next payment.
Monthly | Semi-Monthly | Bi-Weekly | Weekly | |
---|---|---|---|---|
Lease | 20 | 10 | 10 | 4 |
Loan | 20 | N/A | 10 | 4 |
I just recently moved to another province/territory. What do I need from Toyota Financial Services to register my leased vehicle?
You will need a Toyota Financial Services letter of authorization to plate and register your vehicle in another province or territory. As per the terms and conditions of your lease contract, you are responsible to ensure you have continuous insurance coverage. For details, contact the Customer Service Department
My Toyota Financial Services account is now paid in full. How do I obtain a letter of release for my own records?
A letter of release will automatically be issued to you once the loan is paid in full.
If you require a release letter relating to your leased or loaned account, click on the My Services option and select Request Document.
You may choose the required document from our list of available options.
How can I obtain a statement of account for my own records?
If you require a statement relating to your leased or loaned account, click on the My Services option and select Request Document.
You may choose the required document from our list of available options.
What are the minimum insurance requirements for my vehicle?
- Third party liability with a combined single occurrence limit of $1,000,000 or, the applicable provincial minimum, whichever is the greater amount.
- Comprehensive fire and theft insurance: your deductible amount must not be more than $1,000.
- Collision insurance: your deductible amount must not be more than $1,000.
- The insurance policy names Toyota Credit Canada Inc. as an "Additional Named Insured" and "Loss Payee."
How do I update my insurance policy with Toyota Financial Services?
By clicking on the My Services option and select Update Insurance Information.
You may also fax or mail the required documentation to Toyota Financial Services.
COVID-19 FAQs
Are payment deferrals allowed? For how long?
We are evaluating customers’ needs on a case-by-case basis. To request a payment deferral of up to two months, submit a General Request found in the My Services tab of the Customer Portal.
Once my request has been submitted through the Customer Portal, what can I expect?
Your request will be assigned to an agent and you will receive an email notifying you of an update for you in the Customer Portal. Until you receive that notification, your request is still pending. For urgent matters, please call customer service at 1-800-661-3062.
What happens to my loan maturity date if a loan payment deferral is processed?
The loan maturity date will be extended by the number of months of the deferred payments.
What happens to my lease maturity date if a lease payment deferral is processed?
The lease maturity date will remain the same. Any extended payments will be due on your maturity date.
Are there any fees incurred with a lease payment deferral?
There will be fees associated with lease payment deferrals.
What happens to my original kilometer allowance if lease payment deferrals are granted?
The original kilometer allowance contained in your lease agreement stays the same.
Is evidence of a layoff or job loss required?
As we continue to support customers through this difficult time, we do not currently require proof of a layoff or job loss.
Will interest be incurred during the deferral period of my loan and if so, is it due now or later?
Any deferred loan payments that include interest would be payable at the end of the extended term of your loan agreement.
Will there be damage to my credit rating during the deferral period?
Where payment deferrals and lease extensions are granted, there will be no negative impact to credit ratings.
My lease end date is nearing. What should I do?
Please contact your dealer to discuss your lease end options which include:
- Leasing or financing another Toyota vehicle
- Purchasing your vehicle at the Lease End Value indicated on your lease agreement
- Returning your vehicle as provided in your lease
Because the situation is evolving quickly and varies from region to region, your dealer may be closed. Use “Find a Dealer” under “Shopping Tools" on toyota.ca for the most up-to-date information on hours and availability. If your dealer is closed, contact customer service at 1-800-661-3062.