Toyota Financial Services
Subsidiary of Toyota Financial Services Corporation (Toyota Motor Corporation)
toyotafinancial.comWhat to do when a Toyota Financial Services account holder dies
Report the death to Toyota Financial Services' Customer Service Team at 1-800-874-8822
When an account holder at Toyota Financial Services passes away, the next step depends on how the auto loans were set up. Accounts with beneficiary designations or trust ownership transfer outside of probate. Accounts titled solely in the deceased's name require the estate's legal representative to work with Toyota Financial Services' Customer Service Team (1-800-874-8822) to access and distribute the funds.
Gather the account holder's full name, date of birth, and any known account or policy numbers before contacting Toyota Financial Services.
Death claim process
To file a claim after an account holder's death, here is what Toyota Financial Services requires:
Filing a claim
- The payoff amount is under "Payoff Quote" (Remaining Balance) on the online dashboard; a quote is good for 10 days, and the amount can change if returned payments or other charges post after it
- Payoff funds are paid online, mailed, or sent overnight to the addresses TFS lists for payoffs
- The title or lien release goes to the primary address on file unless TFS is instructed otherwise
- To send it to a third party, include written authorization with mailed payoff funds or call 1-800-874-8822
- For a vehicle returned 31 days or more before the maturity date, TFS calculates the early return balance and sends a Lease End Invoice 60-120 days after return
Required Documents
- Written authorization to send the title or lien release to a third party, if the title or lien release is to go to someone other than the address on fileIncluded with mailed payoff funds; TFS also accepts verbal authorization at 1-800-874-8822.
What happens to each kind of account4
- Loan
TFS mails a paper title or lien release to the primary address on file unless instructed otherwise. For an electronic title, TFS notifies the state, which typically mails the title to the registered owner's address.1
After the payoff posts, TFS says to expect a paper title or lien release within 25-40 business days, and a paper title from the state for an electronic title within 7.5-9.5 weeks.2
- Vehicle lease
Under "Transfer of Lease", someone interested in taking over the lease contract and its obligations can call TFS to learn the transfer criteria and options.3
Under "Probate Lease Cancellation", on the death of all parties on the lease contract "there may be eligibility for early termination and forgiveness of any remaining lease payments"; TFS determines eligibility by phone.3
- Investment account
"The primary owner of the IncomeDriver Note cannot be changed or transferred." To continue the investment after the primary owner dies, the Note is redeemed and a new investment opened.4
- Joint account with survivorship
A jointly owned IncomeDriver Note is held as joint tenants with right of survivorship: "if one Note owner dies, such Note will belong to the survivor(s)."5
State requirements Toyota Financial Services statesFlorida, Arizona
Accounts handled elsewhere2
- Credit Life and Disability Insurance Claims (CLAH)
Credit life and disability insurance claims6
Phone: 1-800-445-8154
Hours: Monday-Friday 7:00 AM-5:00 PM CT
- IncomeDriver Notes Customer Service Center
IncomeDriver Notes, including notice of a Note Holder's death and redemption of the Note4
Phone: 1-844-464-4673
Hours: Monday-Friday 8:00 AM-7:00 PM ET
Mailing address: Toyota Financial Services IncomeDriver Notes, P.O. Box 534050, Pittsburgh, PA 15253-4050
What Toyota Financial Services's agreement and guidance say2
Not in Toyota Financial Services's published guidance7
- A department for deceased-customer accounts
- A claim form
- An online way to report a death
- Whether the death certificate must be certified
- A mailing address for claim documents
- A list of required documents, for lending products
- A list of required documents, for investment accounts
Sources7
- 1.Where will the title/lien release be sent?
- 2.Once my loan is paid off, how long will it take to receive my vehicle title/lien release?
- 3.Early Lease Return
- 4.Toyota Financial Services IncomeDriver Notes Frequently Asked Questions
- 5.Prospectus Supplement: Toyota Motor Credit Corporation IncomeDriver Notes, January 19, 2024
- 6.Contact Us
- 7.Appointed Representatives, 3/2018
Frequently asked questions
No. The TFS FAQ "I am the appointed Estate Administrator for a decedent who financed their vehicle through TFS. There is an outstanding balance on the account. What are my options for closing the account?" answers: "Please contact our Customer Service Team, who can help you determine the best solution." The number is 800-874-8822 for a Toyota account and 800-874-7050 for a Lexus account; Puerto Rico accounts are served by Toyota Credit de Puerto Rico at 800-469-5214.
The Early Lease Return page carries a "Deceased Customer" section with two options. Transfer of Lease: when someone is interested in taking over the lease contract and its obligations, a call to 800-874-8822 (Lexus: 800-874-7050) covers the transfer criteria and options. Probate Lease Cancellation applies "in the unfortunate event of death of all parties on the lease contract" and may allow early termination and forgiveness of any remaining lease payments; a call to the same number determines eligibility. TFS states that cancellation or forgiveness of lease obligations may be taxable as income.
TFS lists a Credit Life and Disability Insurance Claims (CLAH) line at 800-445-8154 (Monday-Friday, 7am-5pm Central). Guaranteed Auto Protection (GAP), when purchased and disclosed separately on the finance or lease contract, may pay the remaining balance (minus certain fees and charges) between the amount owed and the auto insurance settlement if the vehicle is declared a total loss through theft or accidental damage. GAP claims are filed through the TMIS servicing portal, and a customer whose vehicle was financed or leased with TFS can also call 800-874-8822.
Toyota Financial Services' Customer Service Team can be reached by phone at 1-800-874-8822 for questions throughout the claims process.
Sources
Data sourced from Toyota Financial Services primary sources (27 pages reviewed). How we research.
Toyota Financial Services death claims support
Customer Service Team
Phone
Lexus Financial Services Customer Service
Toyota Credit de Puerto Rico
IncomeDriver Notes Customer Service Center
Credit Life and Disability Insurance Claims (CLAH)
Hours
Website
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