Lexus financing - pay principal before first statement?
Lexus financing - pay principal before first statement?
Hi I got the car almost a 2 weeks now, I financed at the dealer using Lexus financial. I was wondering when I can expect my statement for first payment. I just sold my old vehicle and I have some money I want to apply towards to principal. Is there a way to do this before my first statement comes?
The only financing information I have, is on the long, yellow copy of loan document.
Another question, in CA, how long does it take to receive your plates?
The only financing information I have, is on the long, yellow copy of loan document.
Another question, in CA, how long does it take to receive your plates?
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I am also through Lexus financial. Your date should be on the loan document. You can login from Lexus.com and pay online anytime you want, if they have your loan, then you can do it that way.
Your statement will come in about 2 weeks before it is due.
Your statement will come in about 2 weeks before it is due.
Thanks for your information, I checked my original document and the first payment is not due until later this month.
I do not have my account number yet, but let me see if that is on the loan document.
Since you also use Lexus Financial, can I ask you something.. I am confused by the prepayment clause of the contract. When you make a payment towards principal, does it reduce the number of months remaining, or does the monthly payment amount get reduced next time?
Last question is that does the Lexus Financial site have a clear way for you to specify a principal payment?
Thanks
I do not have my account number yet, but let me see if that is on the loan document.
Since you also use Lexus Financial, can I ask you something.. I am confused by the prepayment clause of the contract. When you make a payment towards principal, does it reduce the number of months remaining, or does the monthly payment amount get reduced next time?
Last question is that does the Lexus Financial site have a clear way for you to specify a principal payment?
Thanks
CL Community Team
Joined: Feb 2007
Posts: 9,435
Likes: 638
From: IL
You have to be careful paying extra with the scheduled monthly payment. If you read the entire contract, it states that if you do not explicitly specify that additional money be applied to principal, it is simply used as another payment. So if you have a 5 year loan at $500/mo and you send $1000/mo for the first year, you'll still have 3 years left, instead of the roughly 27-28 months you would have if it'd paid down principle.
Lexus Champion
Joined: Sep 2006
Posts: 3,102
Likes: 8
From: Hill Country, TX
I have my payments set up as a monthly automatic draw on my checking account and as such I don't need to get a paper copy of each month's statement, but there doesn't seem to be any way to turn it off. Wasted paper, imo.
Once you get your first statement with the account number on it you can log on to LFS and see your loan. It's a pretty clunky system but they are supposed to be rolling out a new interface any time now.
Once you get your first statement with the account number on it you can log on to LFS and see your loan. It's a pretty clunky system but they are supposed to be rolling out a new interface any time now.
Arg, turns out my loan is from chase... salesman was not clear about this.. I think I am NOT with Lexus Financial, but, the I believe the contract should be the same yellow one as Toyota financial or Lexus Financial.. Just the lender is different
I plan to have auto debit to pay so I won't miss any payment and mail checks to specify principal.
Thanks
I plan to have auto debit to pay so I won't miss any payment and mail checks to specify principal.
Thanks
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You have to be careful paying extra with the scheduled monthly payment. If you read the entire contract, it states that if you do not explicitly specify that additional money be applied to principal, it is simply used as another payment. So if you have a 5 year loan at $500/mo and you send $1000/mo for the first year, you'll still have 3 years left, instead of the roughly 27-28 months you would have if it'd paid down principle.
In fact, I'm a little confused by the page you get when you choose the "make payment now" option. If I fill in an amount for a one time payment, will that go towards my principal?
... I don't understand why they don't have a completely separate form for making one-time payments instead of showing the information for your recurring payment on the same screen...
Last edited by RocketGuy3; Jun 7, 2007 at 10:09 PM.
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Joined: Jan 2002
Posts: 476
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From: CA
i asked a long time ago when i first started paying extra towards principle, but payments not made with the monthly payment goes towards principle. so what i did was set one for my monthly payment and then a week afterwards another auto payment but it would be the extra payment towards principle. but to double check i emailed using the lexus finance account and they mentioned that it was the right procedure, but to double check for yourself just email them.
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