Payment Deferrals

Maple Toyota understands financial difficulties happen, and we are here to support you through these extraordinary circumstances. As the emergency COVID-19 pandemic evolves, so does the need for how we conduct business. The health and safety of our customers, employees, and their loved ones is always our top priority. That is why Toyota Financial Services is making accommodations for our customers, which will be considered and evaluated on an individual basis.

What Is a Payment Extension?

An extension is a modification of payment terms on a finance agreement where a scheduled payment can be moved to the end of the contract upon approval by the lender.

What Is A Payment Deferral?

Payment deferral is a change in payment on a lease agreement where a scheduled payment could be shifted to the end of the contract upon approval from the lender.

What Happens When You Defer or Extend a Payment?

Usually, missing a car payment would lead to extra charges, damage your credit score, and possibly start the repossession process. Yet currently, the major banks and several other lenders are allowing customers to alter their payment schedule. In most recent circumstances, payment deferral and extension requests have increased. And while they still require evaluation and approval, we want our customers to understand there may be additional fees associated with an approved payment deferral or extension from third party lenders, including major banks.

It is essential to know, deferrals and extensions are not payment waivers. The payments still have to be made but at a later date. When requesting a payment delay, be sure to ask your financial institution when you are obligated to pay it back. Will you be required to make a double payment, or will the delayed payment automatically be added to the end of your contract term? Also, ask if you will incur any added costs for the deferral or extension. If you currently have an arrangement in place with your lender, it might be a good idea to check back with them to ask the right questions.

If you want to defer or extend your car loan payment in Vaughan, Ontario or simply have questions about your payments, contact your financial institution or the Maple Toyota Finance Centre.

Questions about Payment Deferrals?

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Do you have questions about deferring payments on a vehicle loan?


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Bank Contact Info

Please contact your lender directly:

Bank Contact - CIBC

CIBC: 1-877-454-9030
Bank Contact - RBC
Royal Bank: 1-800-ROYAL-11 (1-800-769-2511)
Bank Contact - Scotiabank
Scotiabank: 1-877-375-2771
Bank Contact - TD
TD Bank: 1-866-694-4392
Bank Contact - BMO
BMO: 1-800-227-9236 or click here
Bank Contact - National Bank of Canada
National Bank: 1-888-835-6281