How can I contact Toyota Financial Services (TFS)?
Toyota Financial Services can be reached by calling 1-888-Toyota-8 (1-888-869-6828), Monday to Friday from 9am-5pm, EST.
Other coordinates:
Toyota Financial Services 80 Micro Court, Suite 200 Markham ON L3R 9Z5
Tel: (905) 513-8200 Fax: (905) 513-9776
Or visit the Financial Services page on scion.ca for more details.
Why do I have to select a dealership before I can submit a credit application?
The credit application and financing portion of the vehicle purchase or lease process can become fairly complicated. We find that on many occasions a Credit Specialist from a Scion dealership is needed to explain the process or obtain additional information that may be required to complete the application. Toyota Financial Services and Scion dealers feel it is better to advise you up front that you may be contacted by a Credit Specialist from a Scion dealership to assist you with your application. You are under no obligation to make a purchase when you submit this application.
How long will it take to process my credit application?
In most cases, your application will be processed within two business days.
How many kilometres does Toyota Financial Service' standard lease provide?
24,000 kilometres per year
What if I drive more than 24,000km per year?
You have the option of purchasing extra kilometres at a reduced rate up front. If you are not sure, you can buy extra kilometres at lease end at our standard rate. If you drive significantly more than the standard allowance, financing may be a better option for you.
What is Guaranteed Asset Protection or GAP protection?
GAP protection is automatically included in all Toyota Care Leases. If your vehicle is declared a total loss, GAP will cover the difference (the gap), after you pay the deductible, between what you owe on the remainder of your lease and the amount of your insurance settlement. You are only responsible for excess kilometre charges and any pre-existing damage to the vehicle.
What is a Closed End Lease?
All Toyota Care Leases are closed end leases. This means you make a set number of payments over the term of your lease and the leasing company guarantees the "price" or lease end value of your vehicle at the end of the term. Factors such as economic conditions, vehicle popularity, colour and equipment can all affect the value of a used vehicle and can result in the market value being lower than the lease end value at the end of your term. By guaranteeing the lease end value, Toyota Financial Services assumes the risk of any loss on the used vehicle. So, if your car is worth less than the lease end value, you can simply return the vehicle to us. You are only responsible for charges at lease end that may result from excess wear and tear or exceeding the kilometre limit set out in your lease contract.
What is Wear and Tear?
The customer is responsible for the vehicle's overall condition as detailed on the lease agreement (appearance, mechanical condition etc.). Charges will apply to kilometres that exceed the provisions in the lease.
What is Simple Interest?
Simple Interest financing is the consumer friendly way to calculate interest. Like the name implies, the concept is simple. If you pay a day early, you are credited for a day's interest. If you pay a day late, you pay a day's interest.
What are the details for Toyota Financial Services' Grad Program?
Graduate Eligibility
Must be graduating within 4 months, and the benefit of this plan can be taken advantage of up to 4 years after graduation
A 3 or 4 year Bachelor degree from a Canadian University (Post graduate degrees are not eligible)
A 2 year degree from an accredited college
A 3 year degree from CEGEP
Credit Criteria
Verifiable proof of full-time employment or an offer of full-time employment that begins within 120 days of the lease or loan approval
Sufficient salary to cover living expenses, vehicle payments and vehicle insurance
The vehicle must be licensed in the graduate's name
Applies to first vehicle financed only
No credit experience is required, however, if credit has been established the applicant must not have any derogatory credit.
Eligible Vehicles
All Toyota Certified Used Vehicles
You may also be eligible for Toyota's Graduate Rebate Program. Click here for more information.
What’s the difference in payment between a lease and a finance loan?
Here is an example that shows the difference in your monthly payment depending on whether you lease or finance your vehicle.
Comparison Details Lease Loan Term 48 Months 48 Months Interest Rate 7.95% 6.95% Selling Price $ 18,000.00 $ 18,000.00 Taxes* N/A $ 2,340.00 Selling Price $ 18,000.00 $ 20,340.00 Lease End Value $ 9,000.00 N/A Base Payment $ 277.29 N/A Taxes on Payment* $ 36.05 N/A Total Payment $ 313.34 $ 486.59 The MSRP and rates used above are approximate and used only as an example. Please see your Toyota Dealer for current finance and lease rates.
*Taxes (GST & PST) are 13% in this example.
How do I change my banking information for the "direct payment plan"?
Fax or mail Toyota Financial Services (TFS) a copy of your new VOID cheque or preauthorized debit form, including your name, address and TFS account number or the VIN number of your vehicle. We only accept void cheques from the buyer/co-buyer, or lessee/co-lessee on the contract. Fax to 905-513-5440 or 1-800-665-4948.
Can I transfer my contract?
Yes, however the new individual must visit a Scion Dealer, submit a credit application and be approved by TFS.
Is there a fee to transfer my contract?
Yes. A $400 transfer fee (plus applicable taxes) is charged to cover all costs related to the transfer.
Can I make a lump-sum payment on my loan?
Yes. TFS allows you to make lump-sum payments on your account so you can pay off your loan sooner and reduce your interest charges. Lump sum payments are not permitted on leases.
Can I make my payments through Online Banking?
Yes, for your convenience we accept payments through ABM, telephone and web banking services from various financial institutions.
I have recently married. How can I change my name on my account?
Simply fax us a copy of your marriage certificate identified with your TFS account number or VIN number to 905-513-9776 or 1-800-665-4948.
I’m moving to the USA. Can I take my financed or leased vehicle?
If you are taking your vehicle outside of Canada for longer than 30 days, you must notify TFS immediately and choose one of the following options:
Buy out the vehicle
Complete a Transfer (to someone living in Canada)
Negotiate with the dealer to terminate your contract and buy out the vehicle
Relocation to the USA is strictly prohibited.
How can I find out about the balance on my loan account?
You can obtain your account balance on your finance contract any time you like by contacting our office for assistance @ 905-513-8200 or 1-800-661-3062.
Can I change the due date on my contract?
Yes. Please contact TFS Customer Service Department @ 905-513-8200 or 1-800-661-3062 to discuss your request. Some restrictions may apply.
I’m on the Direct Payment Plan and I just found out that my payment was returned NSF (insufficient funds), or FNC (funds not cleared). What should I do?
TFS has arrangements with the banks to make a second attempt 2-3 days after the initial attempt. When funds are not available within specified period, contact our Customer Service Department to make arrangements.
Is it possible to defer my payment on my loan?
Yes, payment deferral is an option for short term situations. Some restrictions may apply. Contact the TFS Customer Service Department to discuss further
@ 905-513-8200 or 1-800-661-3062.I just recently moved to another province. What do I need from TFS to register my vehicle?
You will need a TFS letter of authorization to plate your vehicle in another province. For details, contact the Customer Service Department @ 905-513-8200 or
1-800-661-3062. You are responsible to ensure you have continuous insurance coverage as per the terms and conditions of the lease contract.My TFS account is now paid in full. How do I obtain a letter of release for my own records?
Contact the TFS Customer Service Department @ 905-513-8200 or 1-800-661-3062.