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How to save thousands on your Southeast Toyota Finance auto loan

You can lower your monthly payments on your Southeast Toyota Finance auto loan and save $600 every year / $50 every month through refinancing. You are a great candidate for refinancing if (a) you got your current loan at the dealership and/or (b) made all of your loan payments on time.

Instead of making your monthly payment to Southeast Toyota Finance why not refinance now and save thousands in minutes.

Table of contents


  1. How to make your Southeast Toyota Finance payment
  2. Some background on Southeast Toyota Finance
  3. Refinance your Southeast Toyota Finance auto loan
  4. Southeast Toyota Finance loan payoff amount
  5. How soon can you refinance your Southeast Toyota Finance loan
  6. Will refinancing your Southeast Toyota Finance loan hurt your credit
  7. Can I skip a car payment with Southeast Toyota Finance
  8. Does Southeast Toyota Finance have a grace period
  9. How long does Southeast Toyota Finance take to repossess my car
  10. What happens if I pay extra on my Southeast Toyota Finance loan
  11. Savings from refinancing your Southeast Toyota Finance loan
  12. Southeast Toyota Finance reviews
  13. Does Southeast Toyota Finance report to the credit bureaus
  14. Southeast Toyota Finance car loan refinance rates
  15. Can you refinance your Southeast Toyota Finance loan with the same lender
  16. Refinance your Southeast Toyota Finance loan now

How to make your Southeast Toyota Finance payment


If you currently have a loan with Southeast Toyota Finance paying online is easy. Simply go to https://www.setf.com/login?returnUrl=%2Fvehicle-dashboard and top right corner at Log in. You can choose between:

  • Making a one time payment.
  • Enrolling in Autopay from your checking account.

Please note that many banks and financial institutions offer a rate discount for enrolling in autopay (to reduce your interest expense and lower your monthly payment). Southeast Toyota Finance would have highlighted this option to you to get you into a lower interest rate when you got pre-qualified during your application process for your auto financing.

If you can't pay online, you've also got the option to:

Pay your bill over the phone: Call 1-888-688-1166

Pay your bill through the mail: Send a check to Southeast Toyota Finance

Southeast Toyota Finance
PO Box 70832
Charlotte, NC 28272-0832

Nicholas Hinrichsen - Published: September 10, 2020

Some background on Southeast Toyota Finance


Before going into more detail, here a little background about Southeast Toyota Finance: Southeast Toyota Finance (SET Finance or SETT) is a finance company for 177 Toyota dealerships in Alabama, Florida, Georgia, North Carolina, and South Carolina. The company is part of World Omni Financial Corp., which was established in 1981. World Omni Financial Corp. was the first captive finance company in America for an import car manufacturer. A captive finance company means that they offer their services to customers of select retailers (Toyota, in this instance) to allow customers the ability to buy the retailer's products (Toyota cars).

They offer nearly 730,810 finance and lease accounts to both consumers and Toyota dealers in the states listed previously. It consistently ranks in the top percent of its industry in the market share of dealership satisfaction among its clients. SETF offers a multitude of programs, including finance programs, loyalty programs, college, and military rebates. They also have some portfolio work in dealership loans that include inventory financing, working capital, real estate, and construction loans. In 2016, SET Finance launched its eContracting service at Toyota of Hollywood, and World Omni funded its 3 millionth contract.

Southeast Toyota Finance targets the segment of American car shoppers with good (i.e. prime) credit and we observed an average auto loan interest rate of 5.4% (within a range of +/- 4%), while rates vary a lot by credit score. Our Southeast Toyota Finance auto loan calculator can pre-qualify you hassle-free through a simple credit application and help you get a sense for how much you can expect to save from a Southeast Toyota Finance auto refinance and the best rates.

Refinance your Southeast Toyota Finance auto loan


To lower your monthly payments on your Southeast Toyota Finance (also known as SETF, SET Finance or World Omni) auto loan, you need to find a lender that can extend your used car loan term or who offers lower auto loan rates before the loan is paid in full. The best way to do so is through an online application that returns your annual percentage rate (APR) immediately. Usually, lenders offer you a lower rate than your current auto loan for one of two reasons:

  1. When you bought your car, the participating dealer marked up your rate. That's common for auto loan originations and to make more money
  2. You improved your credit over time and now qualify for a lower car payment and interest rate.

Both of these observations are common sense and the reason for why you can save a lot of money, especially if you drive your car for personal use. You improved your credit with the credit bureaus from prime credit (i.e. between 680 and 720 on your credit report) to super prime credit (i.e. above 720), you're not facing any financial difficulties and therefore, your new lender will be likely one of the following ones:


You successfully got out of the prime credit segment (a FICO between 680 - 720 on your credit history) and moved into the super prime credit segment (FICO above 720). Credit Unions love super-prime members. These lenders have a community charter, are FDIC approved and are non-profits providing a great customer experience. Therefore, the rates are as low as they get.

In the following, we will walk you through the exact steps to pay off your Southeast Toyota Finance loan. If you want to skip the details and refinance now through a simple loan application, get an offer with a few clicks and with no impact on your credit.

Southeast Toyota Finance loan payoff amount


First and foremost, we need to pull up your Southeast Toyota Finance loan payoff statement. The loan payoff statement is not your outstanding balance. Instead, the loan payoff statement summarizes the following data points:

  • your payoff amount (usually your loan amount balance plus a few small fees)
  • the due date until your payoff is valid to avoid late fees (usually 10 days from when you requested it)
  • the per-diem (how much of daily interest your loan accumulates)
  • your account number (the new lender needs that to payoff your loan)
  • the payoff address (the new lender needs to know where to mail the check to)

There is no such thing as prepayment penalty and all the above information can be found on the official payoff statement, just to be clear. You have multiple payment options but first you need to locate the payoff statement from Southeast Toyota Finance's customer service reps:

  1. Call the Southeast Toyota Finance customer service phone number at 1-888-688-1166 and ask to be connected to the loan payoff department.
  2. Log into the online banking at Log in (https://www.setf.com/login?returnUrl=%2Fvehicle-dashboard, top right corner) and browse to the 'Loan Payoff' tab. You will be able to download a PDF.
  3. Do a three-way phone call with the new lender and a Southeast Toyota Finance customer service rep at 1-888-688-1166, which allows the new lender to ask Southeast Toyota Finance all the questions necessary to pay off your existing loan.

Should you plan to payoff your loan and you are currently in the United States, you can overnight a check to the following address:

Southeast Toyota Finance
PO Box 70832
Charlotte, NC 28272-0832

Once you paid off your auto loan, expect to receive the vehicle title along with a lien release letter in the mail. Car loans are usually secured personal loans and in order to be able to sell your vehicle or refinance it, you need the lien release in hand.

We provided those addresses above because we always struggle to find a service provider's contact information. Just be aware, due to COVID-19, waiting times for customer service reps might be longer than usual. Want us to take care of the refinance for you? We can lower your rate in less than two minutes.

How soon can you refinance your Southeast Toyota Finance loan


You're eager to refinance your Southeast Toyota Finance loan? Great, you should absolutely work towards lowering your Southeast Toyota Finance payments through refinancing. The average Southeast Toyota Finance auto loan is $28,409 when first originated. The average credit score of a borrower is 759. Take a look at the following chart with credit scores on the x-axis and auto loan rates on the y-axis:

Southeast Toyota Finance Rates by Credit Score


As you can see on the chart above, the rates go down with increasing credit score:

  • The green marker is the average.
  • The bottom of the boxes indicate where the lowest 25% of borrowers land.
  • The upper end of the boxes indicate where the 75% of borrowers land.

Compared to the averages above for Southeast Toyota Finance, where do you land? Is your rate better or worse than comparable borrowers with your same credit score?

The chart makes it clear that Southeast Toyota Finance focuses on the good (i.e. prime) credit segment. The next chart shows the percentage of loans from Southeast Toyota Finance by credit tier:

Percentage of Southeast Toyota Finance Borrowers by Credit Score


As you would expect, most borrowers are in the good (i.e. prime) credit tiers, around the average of 759. Lastly, take a look at the following chart, which shows the percentage of loans by APR:

Percentage of Southeast Toyota Finance Borrowers by Rate


As you would expect, the majority of borrowers are around 5.4% APR.

Car dealerships make most of their money on finance and insurance products. Therefore, there's a good chance that you are overpaying and can save money through refinancing - already the day you drive off the lot! That said, you will save the biggest amount of money from refinancing after you made 12 to 18 payments. That's when you will notice the effect from improving your credit above and beyond good (i.e. prime) credit.

That said, we recommend checking regularly: you can get a free refinance offer with no impact on your credit in three simple steps.

Will refinancing your Southeast Toyota Finance loan hurt your credit


Refinancing will not hurt your credit! If you have the app CreditKarma installed on your phone, take a peek at what factors determine your credit. You will find the following:

  • Number of Hard Inquiries (less is better)
  • Age of Credit history (more is better)
  • Credit Card Utilization (less is better)
  • Total Accounts (more is better)
  • Derogatory Marks (less is better)
  • Payment History (more is better)

None of these factors is impacted negatively if you obtain a refinancing offer for your Southeast Toyota Finance loan. Lenders don't need to do a hard credit inquiry to make you a firm refinance offer. Neither do they charge an application fee. From a soft credit pull, we can see your whole credit file and estimate your rate.

Should you decide to accept the refinance offer, the new lender will have to perform a hard inquiry in order to add your new loan to your credit file. The hard inquiry, however, only happens after you have been approved.

We argue that the positive impact of refinancing your Southeast Toyota Finance loan outweigh the negative impact of the hard credit inquiry: after you refinance your Southeast Toyota Finance loan, you will have a lower rate and lower monthly payments. As a result, the likelihood that you will be able to establish a perfect payment history increases which will drive your score up quickly.

Can I skip a car payment with Southeast Toyota Finance


You're short on cash and are wondering whether you can skip a car payment with Southeast Toyota Finance? The answer is yes, you can defer one or more payments on your existing auto loan. You have to talk to Southeast Toyota Finance about the deferral first though. You can't just not pay or you risk collection calls and ultimately a repossession.

Ideally, you give Southeast Toyota Finance a call at 1-888-688-1166 and describe your situation. Southeast Toyota Finance's goal is for you to make your payments throughout the whole term of the loan. Finance charges will continue to accrue on the unpaid loan balance, which means you will end up paying more on your loan after all. But for as long as you communicate well with Southeast Toyota Finance, they will defer one or more payments out of courtesy and to help you with your repayment.

All that said, you can lower your Southeast Toyota Finance payments through refinancing if you've made all your latest payments on time. In three simple steps, you can find out how low your payments could be without having to skip a payment or two.

Does Southeast Toyota Finance have a grace period


The Southeast Toyota Finance late payment policy provides a grace period of 7 to 15 days. Grace periods vary from lender to lender and due to the coronavirus pandemic, banks have become a lot more lenient with their borrowers.

Late fees vary drastically by loan, the minimum late fee we've encountered was 5% of the monthly payment amount. However, we strongly advise not to take advantage of Southeast Toyota Finance's grace period unless you have an emergency. You'd be putting your credit at risk, which can have a long-term, negative impact on your personal finances.

Instead, we recommend exploring if refinancing can help you reduce your monthly burden and potentially even provide unexpected cost savings. Provide your phone number and follow our three simple steps to get a firm offer, 100% online and with no hit on your credit.

How long does Southeast Toyota Finance take to repossess my car


Repossession law varies slightly from state to state and range from 3 to 5 months after you stopped making payments on your Southeast Toyota Finance loan. Each individual retail and installment contract - the contract you signed when you got your car and Southeast Toyota Finance loan - states what constitutes a default.

Some states and contracts even trigger a repossession within 45 days (or a month and a half) of being in default. You are in default when you stopped making your payments and for as long as you haven't paid the Southeast Toyota Finance late fees.

Just catching up with your missed payments making Southeast Toyota Finance whole doesn't automatically mean you're not in default anymore. You really need to pay Southeast Toyota Finance everything you owe including fees to be not considered in default any longer.

What happens if I pay extra on my Southeast Toyota Finance loan


The answer is simple: your loan term will shorten but your monthly payment will stay the same. A number of our customers hope they can reduce their monthly payments through paying extra but no lender will do that.

To lower your monthly payments, you have to refinance your loan. If you haven't considered refinancing your Southeast Toyota Finance loan yet, you definitely should: not only can you reduce your monthly payments within 2 minutes or less, your total interest expense will go down as well and as a result, you can save $600 every year / $50 every month.

Savings from refinancing your Southeast Toyota Finance loan


We performed a study on the top 40 auto loan companies to refinance and found that the average Southeast Toyota Finance loan rate is around 5.4% (within a range of +/- 4%). If you made your payments for 6 / 12 / 18 consecutive months, you're guaranteed to be able to save money on your Southeast Toyota Finance loan.

Your new interest rate should be on the order of 1.4% or below. That means you will save $400 every year / $33 every month if your remaining loan balance is around $10,000 and you refinance. Usually, we see higher loan balances when refinancing our customers, e.g. around $15,000. If your loan balance is around $15,000 you will save $600 every year / $50 every month when you lower your rate by 4%.

For a guaranteed rate in less than 2 minutes, open WithClutch.com, enter your phone number, select your goal (e.g. 'Lower my monthly payment') and click on 'Apply Now'. Our process will not hurt your credit and you'll receive a firm and guaranteed rate with not more than 5 clicks. Should you have any further questions, check out our FAQs.

Southeast Toyota Finance reviews


If you currently have a loan with Southeast Toyota Finance, you most likely got the loan at the dealership during the car purchase. You probably used your used vehicle as a trade-in to lower your down payment. The dealer found you your loan and you can make your payments by clicking on Log in at https://www.setf.com/login?returnUrl=%2Fvehicle-dashboard.

79% of all Americans with auto loans get their auto loan at the dealership. People shop for new cars, they don't shop for new loans. As a result, auto dealers have a leg up when it comes to giving car shoppers loans. In fact, the same is true for auto insurance and when you inquire about a warranty.

The challenge is this:

  1. the number 1 goal of a car dealer is to sell a car
  2. the number 2 goal of a car dealer is to sell the car at the highest possible margin

Considering the interests of the car dealer and how most car shoppers get their loans, no wonder Americans are overpaying on their interest rates, right?

As mentioned above, Southeast Toyota Finance is an auto loan and financial services company that specializes on the segment of Americans with good (i.e. prime) credit. We looked at reviews for Southeast Toyota Finance and found the following:

  • BBB: 1 out of 5 stars and 122 complaints
  • Consumeraffairs: 1.1 out of 4 stars from 41 reviews
  • Glassdoor: 3.7 stars out of 5 stars from 6 reviews

Ever wondered if Southeast Toyota Finance treats everyone like you? Sadly, they do. Other loans you might have also qualified for could have been with one of the following auto loan companies:


If you bought your car at a Franchise Dealership, you may have qualified for a loan with one of the Captive Finance companies (i.e. the auto loan companies that are owned by the respective car brand), e.g.:


After you've made your first 6 / 12 / 18 payments, your chance to refinance your loan and lower your monthly payments has come. The challenge with refinancing is that most auto loan companies require you to visit their branch before they can give you any indication of how much money you will be saving. Fortunately, we can help with that.

Does Southeast Toyota Finance report to the credit bureaus


When you first obtained your auto loan, Southeast Toyota Finance reported your new loan to the credit bureaus. Your Southeast Toyota Finance loan shows up as a so called trade-line on your credit report. Through a soft or hard credit inquiry, we can see:

  • When you got your Southeast Toyota Finance loan
  • What your initial balance was
  • How high your monthly payment is
  • Whether you've made your payments in time and full
  • How high your outstanding balance is
  • How many payments are remaining

If you miss a payment, Southeast Toyota Finance will very likely report the incident to the credit bureaus. Just like any other auto finance company, Southeast Toyota Finance will also report to the credit bureaus when you paid off your loan or refinanced it. In both of those cases, your loan will show up as paid off.

Southeast Toyota Finance car loan refinance rates


We can help you get the following Southeast Toyota Finance refinance rates:

Credit New car Used car
760+ 2.69% 3.49%
700-760 3.00% 4.25%
650-700 5.50% 6.50%
600-650 9.75% 10.75%
550-600 15.50% 17.50%
Below 550 22.00% 22.00%

As mentioned above, Southeast Toyota Finance car loan rates vary a lot by credit score, i.e. lowest rate for excellent credit to highest rate for challenged credit. Yet, the rates are usually the same no matter where you live in the United States - be it Hawaii or Maine, Alaska or Florida. We therefore recommend taking a look at your Southeast Toyota Finance refinance offer for your exact and personalized refinance terms.

Can you refinance your Southeast Toyota Finance loan with the same lender


The answer is short and sweat: no, you cannot refinance a Southeast Toyota Finance loan with the same lender. Southeast Toyota Finance does one of two things with your loan:

  • Keep it and generate profit over the course of the loan and while you are paying your interest.
  • Sell your loan to an institutional investor or the public through a securitization to realize a lump sum profit immediately.

In both of those cases, the institution holding your loan is expecting your monthly payments. When you refinance, however, you change the expected cash flow to Southeast Toyota Finance, which impacts Southeast Toyota Finance's bottom line. Southeast Toyota Finance would not allow that.

Therefore, Southeast Toyota Finance won't let you refinance your loan with the same lender (i.e. Southeast Toyota Finance). Instead, you need to find a new lender offering a lower rate.

Fortunately, we recently studied the best auto loan refinancing companies and wrote a thorough review. In a nutshell, only WithClutch offers a fully digital pre-qualification experience, even for borrowers with minimum monthly income and without charging unreasonable fees. We do our best to give our clients the best auto refinance loans. Our partner lenders can offer the lowest rates and can help with lease buyouts as well as refinancing.

Refinance your Southeast Toyota Finance loan now



Haven't explored refinancing yet?
WithClutch.com is a fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.

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