Toyota Financial Payment Grace Period Explained

Short Answer: Toyota Financial Services does not have a set grace period for payments on auto loans and leases. Instead, this information varies by your contract and the state you live in. For more information, see below.

Toyota Financial Payment Grace Period

The grace period for making a payment on your Toyota Financial Services loan or lease depends on your contract and state law, a Toyota corporate communications representative said. This information is also available on Toyota Financial Services’ website.

If you have an account with Toyota Financial Services, you should be able to register or log in online to check the terms of your contract. Under the Truth in Lending Act, a federal consumer protection law first enacted in 1968, all lenders are required to clearly and easily disclose the terms and conditions of your loan, including details like how long your grace period is, late payment fees, and what happens if you fail to make a payment.

To find out about auto loan laws in your state, the Law Librarians’ Society of Washington, D.C., provides links to laws and regulations by state. Click on your state’s legislature and search the .gov website for auto loan laws.

If you know you’re going to miss a payment, the best thing to do is contact Toyota Financial Services and speak with a representative about your options. Keep in mind, if you miss an auto loan or lease payment, it can negatively impact your credit. Toyota Financial Services also maintains the right to repossess the car. For more information on Toyota Financial’s repossession policy, see our article.

If there is a different due date that works better with your monthly budget, you can request a due date change to help you avoid payment issues in the future. However, note that due date changes do not process immediately; you will still need to pay the amount due on your current statement by the end of its grace period to avoid late fees. Finance accounts may choose any due date except the 31st of the month, and lease accounts may select any due date other than the 29th, 30th, or 31st.

In Summary

Toyota Financial Services doesn’t have a set grace period for auto loan and lease payments. Instead, this is governed by your contract and state law. Check out your service agreement, contract, and state legislature for details.