paying off a toyota loan question

Try directory.com for a Toyota Motor Credit Corp (In the U.S.) office near you, or call the customer relations number at 1-800-331-4331 and ask them.

thanks Ray, i'll call that number tomorrow.

walt

You can also go to

owners section and register for account managing online

Natalie

What kind of pay cut did you take? You must really be over-extended. I pay cash for my cars. Credit cards paid off every month. Screw credit. Use only for home mortgage.

you're the exeption, not the rule. I went from $50k/ year to $43k /year. I have a daughter in college and another in high school. I help the older one out with some expenses, but she has student loans. The younger one had to have $4000. braces, and if your kid plays any sports, forget about it. School taxes don't even begin to pay for any of the sports program stuff. So if i add in the extra cost of fuel now, new increases in property and school taxes, heating the house, phone, etc. something had to give and the $360. month Rav4 was a gonner. We'll live without a new car. I'm not complaining though, the people that are having REAL problems (ie. health, huricane, etc) can do that, mine are just fine. : )

walt ps. (Natalie mentioned the toyota website) i did go to the toyota financing site and registered. Great site actually, that's how i found out the payout amount. I just didn't know where to go to expidite the paperwork the fastest.

Paying cash for cars is stupid for a variety of reasons. As a professional you do not want to own too many things, or you actually become a lawsuit target. For example, no sane doctor will ever own any cars, they will lease. They will not buy a house out right, but usually take one of those finance only loans.

If you are in any professions with exposure to lawsuits, you want to own as little as possible. Not only doctors, but consultants, even lawyers.

During a discovery process, first thing you are ordered to do is provide a list of your assets. If lawyers see that you own nothing, they will not touch you. Keep cash non liquid too.

Also, if you have 30k to plop down on a car, it is actually smarter to invest that cash and take a 1.9 percent loan (even the 10 year CDs are 2-3% and even higher now), as you can make more money in the markets than the

1.9% you are paying for your loan.

So many reasons to finance...

What a bunch of crap.

Umm... Anyone with assets to protect, would be wise to have $1,000,000 (or more) umbrella insurance, which is quite affordable, and then they wouldn't have to worry about lawsuits so much.

So, do I understand this to mean that you are suggesting he hide all his assets, especially the "non-liquid" cash ones?

You wouldn't be a tax attorney now would you?

The OP said he had a big pay cut at work, and now you are counselling him to load up on the credit?

No, you're not a lawyer, and definitely not an investment counsellor...

I know! You're a politician!

I bet you can't find a single doctor that owns anything nice. Insurance umbrellas do not protect you too well. Lawyers go after personal assets. Even the RIAA is suing people for music sharing, what insurance covers that?

I am not saying it happens all the time, but it can. If you have cash, put it in long term investments that can't be liquid.

--------------- Yea, EVERYBODY want a 10 year cd...

---------------------------------------------- as you can make more money in the markets than the 1.9% you are paying for your loan. So many reasons to finance...

--------------

So many resons to pick up a book and read. :>)

=yes - spelling is one of them. On a serious note, if my money gives me 8% return (what I am currently getting in my portfolio), why would I not take a

1.9% loan? Especially if I am sure the loan is not hidden in the cost of the car.

Bet I can. My own brother, for example.

I strongly disagree. Indeed, anyone with significant assets to lose is a fool if they don't have it.

Not if you're adequately insured. If you have $1,000,000 in assets, and $1,000,000 in insurance, you're covered. They don't get both.

Well, that's theft. I would think embezzlement is not covered, either. Mistakes generally are covered, however.

I don't see why it would matter, if the asset has value, it has value. But this is beside the real point here anyway.

The buyer will most likely take out a loan. His lender and your lender will talk. You will get any monies in excess of the pay off, and you will be expected to come in with any monies that are short.