Your Billing Statement: A Calming Meditation

Each month, your friends at Toyota Financial Services (TFS) send you a wonderful, useful document called a billing statement. We do this to help you feel calm and well-informed, because taking care of you – our customer – is our favorite thing to do...and because it’s required by law.  

It’s come to our attention, though, that as much as we enjoy a good, informative billing statement, financial documents can be stressful for many people. We never want TFS monthly billing statements to be a source of stress or confusion. 

Reading and understanding the information on your monthly billing statement is easier than it may seem, and staying on top of your finances can definitely contribute to your peace of mind. When you understand your statement, you can more easily manage payments, plan ahead and avoid unpleasant surprises like late fees.     

Take a nice deep breath and let’s review your TFS billing statement together, section by section. 

At the top of your statement, you’ll find our phone number and web address. These are at the top to remind you that we’re always here for you and hope you’ll call us with any questions you may have. Below that, you’ll find a box full of helpful information. At the top of the box are your Statement Date, Account Number, Vehicle Model and the last four digits of your car’s Vehicle Identification Number (VIN). This information is like your car’s financial fingerprint. It can be used to quickly and easily identify you in the TFS system should you need support.

So far, so good, right? Next on the billing statement is the Summary of Charges. This section includes past due amounts, unpaid late charges, or other miscellaneous charges. You’ll also see your Current Payment Due, which is the amount you need to pay, and your Payment Due Date, AKA the date you need to pay by. To help keep you on track and on time, we added a reminder that if you are late with your payment, you may be charged a late fee, which is a bummer but we also gave you a buffer (aka Grace Period), meaning that if you don’t hit your payment date exactly, you’ve got a few days before the late fee is applied to your account. Because we know life happens!

A really helpful section of the billing summary is next. The Account Information section contains a clear snapshot of your payment progress. Here’s what you’ll find within it: your regular payment amount, the date of your last transaction (this typically means your last payment), how many monthly payments you’ve made and your loan’s maturity date – the date it’s projected to be paid in full. 

You’ll also find any fees and charges, like late fees, if applicable. To avoid late fees, and help keep you on track, your friends at TFS suggest you take a look at setting up recurring payments.  

One of our favorite parts of this section is the outstanding balance – that’s how much is left to pay off, and it’s wonderfully satisfying, in many cases, to watch that number get smaller with every payment. Principal and Interest are also listed on your statement. They tell you how much of your monthly payments are allocated to reducing your loan balance (principal) and how much is going toward the interest (the cost of borrowing money, calculated daily). The more principal you pay down, the less interest you’ll pay the following month. 

At TFS, we believe the more you know and understand about your finances, the better. That’s why our billing statements are chock full of information specific to you, your loan and your financial well-being. Use this information to stay on track by monitoring the information for accuracy, paying early or on time to save interest and paying more than the minimum when you can to save interest.

Billing Statement FAQ

Why does my payment look different this month?

First of all, well done. If you’ve noticed that your payment amount has changed, that means you’re using your billing statement wisely – to stay on track and in the know. The amount due on your statement can vary for several reasons. Daily interest accrual varies based on how many days are in each month and when you made your last payment. Less interest will accrue in the month of February (28 days) than March (31 days). Late payments can also result in a higher interest charge, since interest continues to accrue during the time between payments​​. Your payments may become lower as time passes because the principal is smaller, which means the daily interest amount is also smaller.

Can I pay extra toward principal?  

Yes, and might we add, we like the way you’re thinking! When your budget allows, making an additional, principal-only payment can help pay your loan off even faster.  Here’s more information about principal-only payments. 

How can I access my billing statement online?

We love flexibility, don’t you? Life’s just a little easier when things are flexible. You can access your billing statement online by using the TFS App, logging into your account or just clicking the link on your monthly paperless statement.  

And if you’re more of a visual learner, check out our quick explainer video that shows you exactly how to read your billing statement in under 3 minutes. 

Clarity and confidence go hand in hand. By learning how to read your billing statement, you’ve taken the guesswork out of your monthly bill and given yourself more control over your finances. That peace of mind? It looks good on you.

©2025 Toyota Motor Credit Corporation d/b/a Toyota Financial Services. All rights reserved. 
 
Toyota Financial Services is a service mark used by Toyota Motor Credit Corporation (TMCC). Retail installment accounts may be owned by TMCC or its securitization affiliates and lease accounts may be owned by Toyota Lease Trust (TLT) or its securitization affiliates. TMCC is the servicer for accounts owned by TMCC, TLT, and their securitization affiliates.

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