Automotive

Has anyone been able to defer finance payments due to COVID-19?

  • Last Updated:
  • Apr 8th, 2020 2:43 pm
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Apr 12, 2013
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Has anyone been able to defer finance payments due to COVID-19?

Hi Guys,

It looks toyota is deferring new car payments by 6 months, a few other manufactures are doing so as well. Has anyone been able to get their payments deferred? If so who are you with? Thanks.

Edit: Toyota financing deferred payments for one month, they made it clear the interest will be extra lol.
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Aug 22, 2011
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kangarooz wrote: Hi Guys,

It looks toyota is deferring new car payments by 6 months, a few other manufactures are doing so as well. Has anyone been able to get their payments deferred? If so who are you with? Thanks.

Edit: Toyota financing deferred payments for one month, they made it clear the interest will be extra lol.
How is the interest calculated?
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Aug 22, 2011
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kangarooz wrote: it didnt say, i presume its the rate you have locked in x how months you have left?
Ah, rate will be calculated as if the loan was 25months as an example.
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Oct 13, 2007
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What a scam! Financial Institutions trying to look like heroes but just deferring payments while tacking on more interest = more profits for them, more debt for the consumer.
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starchoice wrote: What a scam! Financial Institutions trying to look like heroes but just deferring payments while tacking on more interest = more profits for them, more debt for the consumer.
Car loans are open loans. If you had to defer, you can easily make the payments up when your cash flow situation is better.

If you had a $30,000 outstanding balance on your car loan (much more than the RFD official "Beige Corolla" MSRP), and a 5% interest rate (for the sake of calculation), your annual interest is $1500. Works out to $125/month. If you had to defer for 6 months, making that up shouldn't be a huge hardship. Or alternatively, put aside $125/month from the government provided support plan, and pay the interest off when you're done deferring.

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starchoice wrote: What a scam! Financial Institutions trying to look like heroes but just deferring payments while tacking on more interest = more profits for them, more debt for the consumer.
IDK if its a scam. You borrow money, you know what you're getting and your obligations to the lender. The real scam is mortgage rates going UP despite bank rates going down.
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apnayloags wrote: consumer never wins.
Pay full in cash instead.

You are borrowing money to buy a car, you cannot make the payments and had to defer it, interests are added. You are still driving and in possession of the car.
What is wrong with that? Disappointed Face
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Messerschmitt wrote: What if my interest is 0%? Win?
Actually yes. No extra interest. But keep in mind you still have to make up for the payments you defer either as a balloon payment at the end or increase your payments.
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bomber17 wrote: Actually yes. No extra interest. But keep in mind you still have to make up for the payments you defer either as a balloon payment at the end or increase your payments.
I only have 2 months left lol. Not worth the effort.
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Jan 8, 2007
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From Toyota:

*Make No Financing Payments for 180 Days is a limited-time offer only available to eligible retail customers who finance and take delivery of a new and previously unregistered Toyota vehicle through Toyota Financial Services Canada between March 20 - April 30, 2020 from a participating Toyota dealer in Canada, on approved credit. Monthly/bi-weekly/weekly finance payments will be deferred for 150 days (until the 180th day of the contract) and finance contracts will be extended accordingly. Interest charges will not accrue during the first 150 days of the contract. After 150 days, interest starts to accrue and the purchaser will repay principal and interest over the term of the contract, but not until 180 days after the contract date.
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starchoice wrote: What a scam! Financial Institutions trying to look like heroes but just deferring payments while tacking on more interest = more profits for them, more debt for the consumer.
Scam? would you rather nothing gets deferred and everybody defaults and goes into collections and their credit files all get dinged with a missed payment(s)?
If this pandemic goes on beyond 4 months there would be massive repossessions all over. Is that what you would rather see. Don't be so ignorant
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starchoice wrote: What a scam! Financial Institutions trying to look like heroes but just deferring payments while tacking on more interest = more profits for them, more debt for the consumer.
You want them to give you money out of their own pockets? What are you smoking?

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