Question: Is there a penalty for paying my loan off early?
Answer: No. Our loans are simple interest, which means you can pay it off at any time without penalty. It also means if you make payments early or pay more than the minimum payment, you can cut down your total interest charge.
Q: What is my interest rate going to be?
A: The bank decides what your rate will be based on the strength of your credit. If you have the highest tier of credit you will qualify for the lowest rate available. If there is a special program, you should qualify for that. Their consideration of top tier starts with a credit score of 710 + on Trans union along with other factors.
Q: How long will this process take?
A: The finance office should take no more than twenty-five minutes, depending on the questions you may have. Our goal is to make the process as quick and easy for our customers.
Q: When will I receive my registration?
A: Your temporary registration is good for 90 days, and you will receive your permanent registration within that time period.
Q: I am selling my current Toyota and have an extended warranty on it can I transfer it to the new owner?
A: Yes. Toyota care allows you to transfer the remainder of the warranty to the new owner at a $50 fee. You can also cancel it and receive a prorated amount back from Toyota.
Q: Can I make my payments online?
A: Yes. Once you receive your first statement from Toyota you can create an account using your account number and set up either reoccurring payments, or go in each month and pay them yourself.
Q: Can I have a loan in two names but register in only one name?
A: Yes we can put the registration in one name.
Q: If I have reoccurring payment set up on the loan of the car I am trading in, what happens if they take the payment before the payoff is received?
A: Do not worry! Any overpayment made to the bank will be given back to you in the form of a check from them.
Q: How much time do I have to buy an extended warranty?
A: You can purchase a warranty any time before your 3 year 36,000 mile factory warranty is up. However, it's going to be the least expensive to purchase a warranty when the car is brand new and you still have the option of putting the warranty into your payments.
Q: What do I do when my lease is up?
A: At that point you can either purchase your lease, trade it in with equity, or you can turn it in and start a new lease. When you purchase your lease, it requires an end of lease safety check. When turning in your lease you must return all keys and manuals. Toyota will mail you an Odometer Disclosure Statement, which if for some reason you did not receive, or it was lost, extra copies are available our dealership. If you had your car inspected before turning it in, you can bring the Inspection Sheet with you and we will make copies for your records. We do not require that you have your car inspected before turning it in. After we report that your car was turned in to Toyota, they will set up a date to inspect your car at the dealership.As always, please do not hesitate to contact Sloane Toyota and ask to speak with any of our qualified and knowledgeable Finance managers. They will be more than happy to help assist you with any and all questions you may have. Thank you for shopping with Sloane Toyota, and have a great day!