Hello all.

My wife is Finally ready to order her Corolla. We see that toyota finance right now is offering 0%-2.9% depending on the month of the loan.

What i really need to know(and i searched and cant find it) is if there is a penalty for paying off TFS early, or a much larger payment than is required monthly.

I know when i got my tC, i went for a 60 month term, giving me a smaller monthly payment, but i did pay off the loan(thru capital one) in 2 years, and there was no penalty.

Does TFS have a panalty for paying the loan off early. Help please

 

there is no penalty... under law you are able to pay off your car whenever you want to. this i am certain because i asked the guys at toyota before numerous of times

 

Yep no fee to pay off early........

 

yup yup i pay more than they ask for every month...

 

Thanks guys!

 

From someone at the dealership level.

There are no pre-payment penalties with TFS. Amazing rate on the Corolla's right? Crazy.

 

The incentives are great, you are basically getting money for free because you can max out the amount at 0% and invest any extra cash you have in a bond or even a savings account. Good way to make some money.

I have paid off three contacts with TFS and never had to pay a fee.

 

I am a finance manager at Broadway Toyota/ Scion and everyone is right, no prepayment penalties or early payoff fees. The best part of the 0% is that if you were planning on any upgrades this is the best time to do it. Add the stereo upgrades and or wheel package. Go and Tuner your car with the free money. Contact me if you have any questions. hyoon@broadwaytoyota.com