|
|
Question re: Toyota IncomeDriver Notes
01-03-2021, 04:56 PM
|
#1
|
Full time employment: Posting here.
Join Date: Aug 2016
Posts: 770
|
Question re: Toyota IncomeDriver Notes
Just wondering if anyone has invested in Toyota Financial Services IncomeDriver Notes. I thought I saw someone mention them. If so, do you know ....
1. What the fees are for moving money in and out?
2. Can you buy/sell them as desired or are you required to hold onto them for a required time period?
Overall, what are the pros & cons?
__________________
Retired: July 5, 2019
Seize the day....Soli Deo gloria
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
01-03-2021, 07:17 PM
|
#2
|
Recycles dryer sheets
Join Date: Nov 2016
Location: San Jose
Posts: 470
|
I did not invest to these Notes. But one CONS seems obvious: these investments are not backed by government. Which means, Toyota may decide to hold on them when things go wild for Toyota.
__________________
Retired Sep 2023 @56
Target AA: 50% stock / 20% bond / 30% cash
Target WR: ~3.6%
|
|
|
01-03-2021, 08:03 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
|
I started an application but never completed it. It was my understanding that there were no fees and I expected “normal” processing time for moving funds in and out. There were no penalties or restrictions AFAIK. I was hesitant to open another account and their rates dropped a bit.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
|
|
|
01-03-2021, 08:54 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
|
I have some... not a lot though because I have a lot tied up in CDs. Essentially like an online savings account but with some credit risk... but 1% higher return (1.5% vs 0.5%). I have some 1-year CDs maturng in May and some others in August and some of that money may go into these. No fees.
I don't view Toyota Motor Credit as a particular huge credit risk.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
01-03-2021, 10:32 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,915
|
My Guaranteed Income Fund makes more than 1.5% right now. I could see where this might be tempting for those looking for short term cash interest-bump. Let us know how it works out, those of you who use it.
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
|
|
|
01-04-2021, 01:28 AM
|
#6
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
|
I used to do the same thing with Ford Credit promissary notes administered by a bank in Chicago. That was back in the high interest rate years. Ford Credit has always been Ford's best run division--and very profitable when other captive finance sources (GMAC & Chrysler Credit) folded.
I got an awakening when I found out my no income tax state (TN) had a 5% state income tax on income derived from outside the state.
|
|
|
01-04-2021, 07:45 AM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,622
|
Quote:
Originally Posted by Bamaman
I used to do the same thing with Ford Credit promissary notes administered by a bank in Chicago. That was back in the high interest rate years. Ford Credit has always been Ford's best run division--and very profitable when other captive finance sources (GMAC & Chrysler Credit) folded.
I got an awakening when I found out my no income tax state (TN) had a 5% state income tax on income derived from outside the state.
|
I am assuming you are referring to the Hall Tax on dividends and interest?
That is supposed to phase out completely this year. Can you confirm?
Thanks,
VW
__________________
Retired May 13th(Friday) 2016 at age 61.
|
|
|
01-04-2021, 08:24 AM
|
#8
|
Recycles dryer sheets
Join Date: Jun 2013
Location: Chattanooga
Posts: 499
|
Quote:
Originally Posted by VanWinkle
I am assuming you are referring to the Hall Tax on dividends and interest?
That is supposed to phase out completely this year. Can you confirm?
Thanks,
VW
|
Hall tax in TN has dropped by 1% each year from that 5% level. This tax year (2020) it's 1% of divs and income above $2500 for MFJ. Next year it is removed from the books.
__________________
Currently SKI-ing (spending the Kids' Inheritance)
|
|
|
01-04-2021, 08:33 AM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
|
Quote:
Originally Posted by VanWinkle
I am assuming you are referring to the Hall Tax on dividends and interest?
That is supposed to phase out completely this year. Can you confirm?
Thanks,
VW
|
Yes, phased out completely as of 1/1/2021.
Considering moving there to avoid my state's current 5.25% flat rate income tax.
|
|
|
01-04-2021, 08:41 AM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
Quote:
Originally Posted by Bamaman
I used to do the same thing with Ford Credit promissary notes administered by a bank in Chicago. That was back in the high interest rate years. Ford Credit has always been Ford's best run division--and very profitable when other captive finance sources (GMAC & Chrysler Credit) folded.
I got an awakening when I found out my no income tax state (TN) had a 5% state income tax on income derived from outside the state.
|
About Ford Credit money market, I also had money there in the early 2000s, when they paid a decent premium above the market interest rate.
I am trying to remember why I closed the account. Was it because I was worried about their credit rating, or because I needed the money? Maybe I moved the money to Zions Bank CD, which I felt had less risk?
Darn, my memory keeps slipping away from its "excellent" status.
Well, at least I still remember that I put some money at Ford Credit. At least, that counts for something.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
01-06-2021, 10:47 AM
|
#11
|
Full time employment: Posting here.
Join Date: Aug 2016
Posts: 770
|
Quick update from OP...
I applied for a new account in Dec and didn't hear anything for a couple weeks and the application status showed 'pending'. I called them to find out the status and was told they needed additional documents for a 'CIP review'. (Why didn't they tell me instead of me calling ) I sent them the docs (copy of DLs) and the account was opened and ready to go within a day or two. Yesterday I received mail from them dated mid-Dec asking for additional docs. (USPS sure do suck right now!)
Their website is easy to navigate and it's very easy and fast to transfer money in. I haven't attempted to withdraw anything yet.
Thanks everyone for the replies.
__________________
Retired: July 5, 2019
Seize the day....Soli Deo gloria
|
|
|
01-06-2021, 11:33 AM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
|
Similar story here... I applied and called 10 days later and they needed DLs and a utility bill... I emailed them those documents and they opened my account a day or two later.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
01-06-2021, 11:35 AM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
|
Quote:
Originally Posted by Koolau
My Guaranteed Income Fund makes more than 1.5% right now. I could see where this might be tempting for those looking for short term cash interest-bump. Let us know how it works out, those of you who use it.
|
Can you easily do deposits and withdrawals to your guaranteed income fund like an online savings account? If so, then that would be attractive... who is it with and is it still available to the public?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
01-06-2021, 01:07 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,915
|
Quote:
Originally Posted by pb4uski
Can you easily do deposits and withdrawals to your guaranteed income fund like an online savings account? If so, then that would be attractive... who is it with and is it still available to the public?
|
Like mine, I believe most GIFs are typically within such plans as a 401(k). My GIF was created by (or for, anyway) MY 401(k) plan. It's not available to the public. I've never heard of GIFs being offered outside of a "plan" but I am not an expert. That's a main reason why I kept my 401(k) upon retirement. But, yes, I can transfer funds in and out, subject to other plan rules. Of course, I can't put more non-plan funds into it - I can just move funds within the plan (or completely out - but that's a one-way move.)
I only mentioned my GIF since that's where I keep MY cash and my GIF is doing better than IncomeDriver notes right now - otherwise, I might be tempted to look more closely at these notes. YMMV
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
|
|
|
01-06-2021, 03:50 PM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
|
Sounds like a stable value fund in your 401k.... unfortunately not available to many of us. But a good reason to NOT do a rollover if your 401k has a good stable value fund.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
01-06-2021, 03:55 PM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,915
|
Quote:
Originally Posted by pb4uski
Sounds like a stable value fund in your 401k.... unfortunately not available to many of us. But a good reason to NOT do a rollover if your 401k has a good stable value fund.
|
Yeah, only place I've found a GIF (Stable Value Fund). Doesn't yield a lot these days, but it always yields. I plan to keep 401(k) with GIF to the end. YMMV
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
|
|
|
02-10-2021, 06:40 PM
|
#17
|
Recycles dryer sheets
Join Date: Jun 2014
Posts: 193
|
Can anyone with the Toyota Income Driver (TID) account comment if check books are offered? Can you also pull or push money into the TID account externally? Thanks.
|
|
|
02-10-2021, 07:34 PM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
|
I don't know on the former as I never considered getting a checkbook... but I don't think so.
On the second part, I have my TID account linked to my other main online savings account and can transfer money back and forth.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
02-10-2021, 08:05 PM
|
#19
|
Recycles dryer sheets
Join Date: Jun 2014
Posts: 193
|
Quote:
Originally Posted by pb4uski
I don't know on the former as I never considered getting a checkbook... but I don't think so.
On the second part, I have my TID account linked to my other main online savings account and can transfer money back and forth.
|
Thanks.
I think I wasn't clear in my second question. Must all the transfers be initiated from the TID website? Or can they also be initiated from your bank, e.g. Ally bank.
|
|
|
02-10-2021, 10:47 PM
|
#20
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
|
I don't know. I think for the transfers that I've done so far that I've initiated them from the TID website. What does it really matter? Isn't it six of one or a half-dozen of another?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|