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Discussion Starter #1
My suggestion if you are getting a truck loan is to shop a real bank vs Toyota Financial Services.

I decided to pay off my truck a week ago. Every time I call Toyota I get a little bit more info.

Because they are not a real bank, you can't wire funds directly. You can overnight funds to them, but make sure it is their special address.

The place where the funds go is not where the title sits.

Once they get your funds - even if from a bank check - they plan to sit on them to confirm the funds are available. No where does it say you should have your bank fax them a document confirming your funds are available. If you didn't figure this one out on your own you'd be in for another week delay.

One they do get funds they take three days to process the title.

They will not overnight the title back to you for a charge. You have to got to FedEx, make an account and give all that info to Toyota.

The icing on the cake: No where does it say you can use your debit card and just call and payoff the truck immediately, no waiting at all. You can. Of course that just starts the three day delay as they wade through titles and one day overnite you set up but at least you get the process down to maybe five days.

If you just mail a check or do a final Bill Pay you could be looking at a total of three weeks, perhaps closer to four, depending upon USPS.

Toyota told me "you have zero % financing, the delay isn't costing you anything".

It has the distinct possibility of running off my buyer as he gets delayed more each time I call Toyota and get another piece of information and delay.
 

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Yes, it seems like "customer service" ends once you sign the contract with many large companies these days. Hope it all works out.
 

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Your bank will process a payoff as well. They aren't going to hand over the title on the spot.
 

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If you ask for the 10 day payoff you get the info you need, same as if you were to trade in your Toyota financed vehicle in at a random dealership. They would have to ask for the 10 day payoff and go through the same process as you. They are all the same.
 

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Discussion Starter #5
Not sure what the last two posts mean at all. I'm not looking to get some smart A response.

I'm trying to help folks.

Toyota Financial Services is not a bank. They are NOT all the same. I just found that out and I'm trying to give some others a heads up. Getting your free title from TFS is a complete pita. I have never had that issue with a bank. On every single call to Toyota I was told something new. Probably six calls over 8 days.

If your loan is through a bank you can wire them funds, they process the title (I have had same day service) and they can overnite a title back. Those two differences alone would save a considerable amount of time. TFS itself cannot do those things or would not normally unless you knew to ask.

At Toyota, one place in IL gets the funds. They have to clear. Another center in AZ then processes the title and then they send it back USPS mail unless you go out of your way to ask for overnite and set it up on your own.

A bank or credit union can complete this entire process in a few days. TFS is looking at a minimum of five, probably seven with weekends, IF you send certified funds AND a letter saying they are available.

If you just send TFS a check you are looking at probably three weeks tho most of us would not ever do that.

They are not a bank. If you have a buyer waiting for a title every day matters. To get six different stories and what will probably be seven day service from when they got my certified funds because of the weekend, after all the effort and calls I've made to sort this out, well...you decide.
 

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I don't think they were providing smart ass responses, and you never asked for help. It sounded like you were just complaining about the process. They were simply relaying information to you that even if you dealt with a bank the process would be the same. We just paid off my truck a couple months ago. It took a while after the last payment before I received the lien release paperwork.

You should have received a title when you bought the truck. I can only assume you are referring to a lien release from Toyota that you can then take to your department of motor vehicles and have them either stamp you title or issue you a new title with no lien. Whether your loan is through Toyota, Bank of America or your local credit union the process is the same.

Now... what "help" are you requesting?
 

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spoon059 , Toyota Financial Services will NOT give you a title. They will sit on it and you will never see it until the loan is paid off. Many other banks do the same things. My current Tundra is financed through Chase because they had the best deal. They are sitting on my title and I will not see it until the loan is paid. Even though the title will clearly have a lien on it they want possession of it.
 

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Discussion Starter #8
One last try....

I don't have a title. TFS does because of the loan or lien they have on it. I won't see a title until I pay it off.

I'm not asking for help, I was trying to help anyone else who might want to payoff a truck (for a sale for instance).

The fact that TFS is not a bank and does not allow you to wire funds to them automatically makes the process longer. You can overnite a certified check to them.

If you intend to speed up the process at all, you need a specific letter from your financial institution that the funds are available. I know, this sounds illogical. It is what I had to do even with a bank check, not a personal check.

TFS takes three days minimum to process your title once they receive funds. My credit union did it the same day last time.

Finally, most banks offer overnite service. TFS does not. If you want overnite you have to set up a FedEx account and have that fact documented in your Toyota file.

So, depending upon how you do this and what financial institution you have, the process of getting a free title can be from 1-2 days to as much as three weeks.

Not all this information is obvious on the Toyota Financial site. I learned it through a series of frustrating calls.

The best way to pay off your Toyota loan is to use your debit card. That alone could save 1-2 days. That method of payoff is not mentioned on their site anywhere. If you do that and overnite back with FedEx you could get it down to a week.
 

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When I paid my Tundra off a year early last year, I called TFS, and they gave me a ten day payoff. I mailed a check for the payoff amount along with a short letter and received my title and a release of lien in a little over two weeks as I recall. On the other hand, about ten years ago, I bought a new car and financed through a "regular bank" and when I paid off the loan early, the bank never could locate my title. After a number of phone calls, the bank finally sent me a release of lien and other documentation along with a check to pay the fees to apply for a lost title, even though it was the bank that lost the title. My point is that anyone can have a bad experience regardless of whether the financing is handled through the auto manufacturer's own financing or through a so-called regular bank. It is important to note that rarely will you find an outside bank willing to finance a vehicle a 0% or .9% as is often done as a promotion when financed through the manufacturer financing.
 

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Discussion Starter #10
I didn't have a "bad" experience, unless a different story regarding how to accelerate the title to me each call is considered, and I'm not looking for help. I was obviously venting a bit but the real intent was to make a point.

All I am saying is by the very nature of what TFS is vs a bank - the process has to take longer.

That's it. Just a heads up.

You make an excellent point about the 0% financing. That is what I had actually. I am glad you said that. I am less frustrated :)
 

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spoon059 , Toyota Financial Services will NOT give you a title. They will sit on it and you will never see it until the loan is paid off. Many other banks do the same things. My current Tundra is financed through Chase because they had the best deal. They are sitting on my title and I will not see it until the loan is paid. Even though the title will clearly have a lien on it they want possession of it.
That's odd.. you need a title to register a car in Maryland. I get a title marked with a lien. When I paid off my loan, they release the lien and I have a clear and free title.
 

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Your bank will process a payoff as well. They aren't going to hand over the title on the spot.
On my previous three financed trucks I had the physical title document. My credit union stamped the title something to the effect of "lien satisfied" at the same time I went in and transferred the payoff amount. With my current loan at the same credit union, I now have a "pseudo-title-registration" type document that came from the state. I'm guessing now I'll have to do the payoff dance when the time comes. :-(
 

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spoon59, maybe it is a thing in MA. When I went to register the trucks there was no title yet as they were new. I used the paperwork from the dealer and proof of insurance to register them. I had to pay the RMV for a title. They sent the title to the loan holder instead of me. Happened when I bought used. I had the title from the previous owner signed over to me. I had to pay for a new title and the RMV sent it to the loan holder.
 

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That's odd.. you need a title to register a car in Maryland. I get a title marked with a lien. When I paid off my loan, they release the lien and I have a clear and free title.
Maryland sounds like Minnesota in regards to titles and liens. However, FL is the opposite and your lender holds the title until paid in full. I thought it was weird too, but it is what it is.
 

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I'm mailing off an early payoff today via personal check. I printed out the authorization form for payoff and title processing. We'll see how it goes.
I finally got my title mailed from the DMV. 3 weeks from start to finish.

I mailed off the letter + pay off check on 03/20/15. 03/27/15, Toyota sent a letter to me stating they sent the info to DMV for title release and thanks for our business.

I received DMV title on 04/11/15.
 

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Bank is about the same.

Plan ahead, title in hand.
 
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