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  • Reply David Bibby |

    It’s great that you are paying ahead on your vehicle. Pretty soon the payment coupon will say 2012 on it!

  • Reply Wren |

    Both Toyota and Wells Fargo have it correctly. So, you can follow their example when next you need to discuss either loans or school headmasters. 😀 You would discuss the principle of whether walking away from a loan is morally right or repugnant.

  • Reply Gaming Girl |

    Kudos to Toyota financing.

    And a little mnemonic device for the principle/pal thing:

    The principal of your school is your pal.

    In other words, only a person can be a “pal”. Everything else is “ple.”

  • Reply RB |

    Principal is the $$$ you borrowed from your PAL. Principle is the moral reason you pay him back.

  • Reply emmi |

    In principle, getting sent to the principal’s office will result in getting reminded of the principles we are supposed to live under.

    The capitol/capital thing used to get me, till someone pointed out that the O in capitol is like the dome of the capitol building in the capital city.

  • Reply Susan |

    Toyota has a separate address that you have to mail payments to for them to apply to the principal. They won’t apply overages that way. And whoever you talked to on the phone was lying. I wrote two separate checks to Toyota every month until I got fed up and moved my loan to my credit union instead.

  • Reply Beks |

    Susan – They wrote me a letter, I didn’t talk to them on the phone. The separate address is for payoffs only according to their letter to me. They also sent a principal/interest statement that confirmed what they told me.

  • Reply munchkin |

    Im not surprised. I have a toyota and I find their customer service excellent 🙂

  • Reply Jewel |

    The separate address Susan referred to is used for customers who have actuarial or rule of 78 loans. Additionally,it can be used for customers who don’t understand that the additional funds are automatically applied to principal….because it appears like their loan is paid ahead. Like you, I have a loan with TFS and I’m happy with their service.

  • Reply Vicki |

    My car loan is through Wells Fargo, and they apply any extra I send with my car payment to the principal. So even if I send 5 dollars or 5 cents, it is applied to the principal. One day I will be able to apply more than just a few dollars at a time.

  • Reply Susan |

    @Beks Actually, no, it was not the same as the payoff address. It’s probably more what @Jewel was referring too. I don’t have the loan paperwork handy so I can’t confirm but I do know that when I asked about paying toward the principal (without mentioning advancing payment dates or anything like that) they directed me to the other address.

  • Reply Jen |

    I’m still a bit confused though … every car loan I’ve ever seen won’t let you pay it off for less money, by applying money to the principal. So if you pay extra, sure you pay it off faster, but you don’t save money on interest like you do with a mortgage.

  • Reply amy |

    fyi- for future, if you have excellent credit look for alternate funding sources. tough in this economy but some may still be there. i used a place called firstagain to finance my car in 2008. they weren’t taking new loans the last time i checked (2009) but it was soooo much easier than haggling with the car company and then getting a loan through the car co. as well. that’s just one more way for them to sucker you and confuse you on costs. if they’re not financing it you get a straight number and work from there- don’t trade in either (unless you know what you’re doing) – takes all the power from them. i realized the last time i got a car loan through a car company that i may not have gotten the best deal and felt my hands were tied much more than i wanted them to be. firstagain was easy though and i paid off early with no hassles at all. whereas with honda i recall that i couldn’t pay off early without penalties….but always run the numbers first for either type of loan to see which is best. at least on honda i had 0% financing (thanks mom!) so it wasn’t too bad to just pay each month.

  • Reply amy |

    and..sorry so wordy, but i just started reading your blog minutes ago (due to inability to sleep worrying about company debt) and realized credit scores may be an issue- but i would still look for alternate funding in future (you never know..) and if you’re paying down debts and still using credit, your scores should be improving currently. always worth comparing when it’s people/companies taking your hard-earned money.

So, what do you think ?