militaryman wrote: ↑Thu Apr 15, 2021 10:23 am Is anyone having issues logging into their Income Driver Notes account?
Just spinning here!
Try starting here: https://www.incomedrivernotes.com/en.html
militaryman wrote: ↑Thu Apr 15, 2021 10:23 am Is anyone having issues logging into their Income Driver Notes account?
Just spinning here!
Really? 1.5% is attractive for an unsecured debt? I don't find that attractive at all. You know you can lend money against real estate for 10%+, right? Secured by the value of the property?grayparrot wrote: ↑Sun Feb 14, 2021 8:21 pm I understand that these are senior unsecured debt, but available essentially on-demand so free of interest rate risk. The current rate of 1.5% is obviously very attractive in the current environment. Has anybody had experience with the platform, reliability of access to funds, etc?
+1White Coat Investor wrote: ↑Thu Apr 15, 2021 11:15 amReally? 1.5% is attractive for an unsecured debt? I don't find that attractive at all. You know you can lend money against real estate for 10%+, right? Secured by the value of the property?grayparrot wrote: ↑Sun Feb 14, 2021 8:21 pm I understand that these are senior unsecured debt, but available essentially on-demand so free of interest rate risk. The current rate of 1.5% is obviously very attractive in the current environment. Has anybody had experience with the platform, reliability of access to funds, etc?
And 10 year treasuries are yielding 1.6% (state tax free)? And Vanguard's intermediate corporate bond fund is yielding 2.16% for a diversified portfolio?
What am I missing? Why do you find these attractive? Are you only comparing them to cash? Are you really comfortable with unsecured debt for your cash needs? I'm not. Mine is either in a MMF or an FDIC insured savings account.
I am not @grayparrot, but yes the proper comparison of these unsecured debt notes is indeed with cash. 10-year treasuries carry long term interest rate risk, intermediate term corporate bonds carry both counterparty risk and interest rate risk, lending money against real-estate (for 10%??) is illiquid investment.White Coat Investor wrote: ↑Thu Apr 15, 2021 11:15 amReally? 1.5% is attractive for an unsecured debt? I don't find that attractive at all. You know you can lend money against real estate for 10%+, right? Secured by the value of the property?grayparrot wrote: ↑Sun Feb 14, 2021 8:21 pm I understand that these are senior unsecured debt, but available essentially on-demand so free of interest rate risk. The current rate of 1.5% is obviously very attractive in the current environment. Has anybody had experience with the platform, reliability of access to funds, etc?
And 10 year treasuries are yielding 1.6% (state tax free)? And Vanguard's intermediate corporate bond fund is yielding 2.16% for a diversified portfolio?
What am I missing? Why do you find these attractive? Are you only comparing them to cash? Are you really comfortable with unsecured debt for your cash needs? I'm not. Mine is either in a MMF or an FDIC insured savings account.
Try the link you get in your welcome email https://www.eaccountservices.com/incomedrivernotes (h/t Stinky upthread). Though it seems to redirect to the same page this link worked for me to login.militaryman wrote: ↑Thu Apr 15, 2021 10:23 am Is anyone having issues logging into their Income Driver Notes account?
Just spinning here!
I had an issue logging in with Chrome this morning - it wanted to send an email to verify my identity, which is odd since I log in all the time with Chrome and tell it to "remember this computer". The email never came. I then tried logging in with Edge and it went right into the account with no verification.militaryman wrote: ↑Thu Apr 15, 2021 10:23 am Is anyone having issues logging into their Income Driver Notes account?
Just spinning here!
I have made two deposits but I only have one note. However, I do see the correct balance of both deposits.tbradnc wrote: ↑Mon Apr 12, 2021 3:34 am For those of you putting money here - how many notes do you have in your account?
I've got 1 note and when I transfer money in I add it to the existing note.
I notice that there is an option to create a "new enrollment" which I suspect would create a new note.
Is there an advantage to having multiple notes?
+1. There are senior unsecured short-term demand notes of Toyota Motor Credit Corporation (TMCC). I view these as undiversified commercial paper, which is similar to a "prime" money market with concentrated credit risk. They have zero duration and zero interest rate risk.lakpr wrote: ↑Thu Apr 15, 2021 11:52 am
I am not @grayparrot, but yes the proper comparison of these unsecured debt notes is indeed with cash. 10-year treasuries carry long term interest rate risk, intermediate term corporate bonds carry both counterparty risk and interest rate risk, lending money against real-estate (for 10%??) is illiquid investment.
The only knock I can think of against these unsecured debt notes is that it is not FDIC insured, but otherwise investing in these notes is the same as investing in money-market funds. Highly liquid, put money in today and withdraw tomorrow and NOT be worried that within that one day, or one month, you have lost some of your principal due to market fluctuations.
Thanks for your post.gjlynch17 wrote: ↑Fri Apr 16, 2021 5:42 pm I am comfortable with the credit risk due to the A+ rating on other TMCC senior unsecured debt and that other short-term senior unsecured debt of TMCC is trading at approximately 0.30%. I do monitor the trading of similarly situated TMCC notes and credit rating reports on TMCC
For credit monitoring, I primarily use Moody's. I believe you have to register but it is free.
Thank you for sharing the link to the Moodys website. As expected, most of press releases are “locked” and available only to subscribers.gjlynch17 wrote: ↑Fri Apr 16, 2021 6:05 pmFor credit monitoring, I primarily use Moody's. I believe you have to register but it is free.
https://www.moodys.com/credit-ratings/T ... 50/summary
For rates, I primarily use Fidelity's fixed income search tool but one could use Vanguard's, Schwab's or another broker also. I have not traded individual corporate notes/bonds but TMCC's seem to be fairly illiquid (high bid-ask spread) which may be common for corporate notes.
There is another point of view on this.RetiredNewbie wrote: ↑Wed Mar 03, 2021 11:33 am Even though I consider myself risk-averse, I applied because I believe that there is an extremely small chance that Toyota will default on their notes. Their long-standing commitment to quality demonstrates to me that they care about their reputation. I would not buy this type of note from Ford, because in my observation quality hasn’t meant much to Ford in many years; from what I have seen in their dealings with my family and neighbors.
I'm wondering the same thing. Is there a difference between adding money to an existing note? versus creating a new note?tbradnc wrote: ↑Mon Apr 12, 2021 3:34 am For those of you putting money here - how many notes do you have in your account?
I've got 1 note and when I transfer money in I add it to the existing note.
I notice that there is an option to create a "new enrollment" which I suspect would create a new note.
Is there an advantage to having multiple notes?
I have made several deposits, all into the same "note".Thomas93 wrote: ↑Mon Apr 26, 2021 7:03 pmI'm wondering the same thing. Is there a difference between adding money to an existing note? versus creating a new note?tbradnc wrote: ↑Mon Apr 12, 2021 3:34 am For those of you putting money here - how many notes do you have in your account?
I've got 1 note and when I transfer money in I add it to the existing note.
I notice that there is an option to create a "new enrollment" which I suspect would create a new note.
Is there an advantage to having multiple notes?
Look upthread. Several folks (myself included) have posted about the timelines we’ve experienced, for initial account opening, subsequent deposits, and withdrawals.
I just looked upthread and read your posts. Thanks so much for posting so much useful information. I will add my own timeline. These appear to be a great substitute to a money market fund if one is okay taking on a little bit of credit risk.
Can you tell me where you find MF or ETF that are FDIC insured. I hear everyone worried about being FDIC iinsured but most of my money is in the MARKET and its not protected by FDIC.White Coat Investor wrote: ↑Thu Apr 15, 2021 11:15 amReally? 1.5% is attractive for an unsecured debt? Are you only comparing them to cash? Are you really comfortable with unsecured debt for your cash needs? I'm not. Mine is either in a MMF or an FDIC insured savings account.
Is it just an easy to use electronic interface for redemption? I don't think anyone has posted on that. I ask because in past comments threads on this site people have mentioned I think that it's slightly inconvenient to redeem a CD from Ally bank where you have to call up or something like that. Also that CDs auto renew. So I'm wondering what the ease is to redeem funds for anyone that has had experience. Thanks!
Yes, I did a small "test withdrawal" that I reported on upthread. Here were my results. To my surprise, it was 1 day turnaround - all electronic - very easy.Thomas93 wrote: ↑Wed Apr 28, 2021 7:02 am Is it just an easy to use electronic interface for redemption? I don't think anyone has posted on that. I ask because in past comments threads on this site people have mentioned I think that it's slightly inconvenient to redeem a CD from Ally bank where you have to call up or something like that. Also that CDs auto renew. So I'm wondering what the ease is to redeem funds for anyone that has had experience. Thanks!
In my experience, “ledger” balance becomes “available” on the second following business day.smihaila wrote: ↑Wed Apr 28, 2021 2:42 pm I did the initial funding of the note, and I do see those funds listed under the "Ledger Balance".
Question: When will that show also as an "Available Balance"?
Does the "Ledger Balance" mean that the note is not yet funded with my ACH influx of money, and I won't be getting any interest for all the days while it's showing in this state? Or is this Ledger thing only a way to indicate that funds would not be available for redemption / withdrawal?
Thank you.
I've been waiting only for 1 business day so far, but I'll give it another day.
Just curious - have you decided where your $500k is going to go?
No alternative identified for the moment, unfortunately.
Why not a mix of stocks/bonds?smihaila wrote: ↑Tue May 04, 2021 10:51 pmNo alternative identified for the moment, unfortunately.
In the meantime, I also asked Toyota Financial Services whether each note can have some ACH routing + account number associated to it. Or, if push transfers could be initiated from another financial institution via a Bill Payment feature (I've noticed there are two bill payees named "Toyota Financial Services". But no reply so far.
I guess the only alternative is GM Unsecured notes, other paltry credit unions with their miserable 0.55%, or ... stock market / VTI (as much as I wanted to stay away from the latter) .
While the interest rate currently offered by TMCC is attractive, I agree that the customer service and flexibility is not the highest.smihaila wrote: ↑Tue May 04, 2021 10:51 pmNo alternative identified for the moment, unfortunately.
In the meantime, I also asked Toyota Financial Services whether each note can have some ACH routing + account number associated to it. Or, if push transfers could be initiated from another financial institution via a Bill Payment feature (I've noticed there are two bill payees named "Toyota Financial Services". But no reply so far.
I guess the only alternative is GM Unsecured notes, other paltry credit unions with their miserable 0.55%, or ... stock market / VTI (as much as I wanted to stay away from the latter) .
SpaceCowboy wrote: ↑Mon Mar 08, 2021 3:36 amThey are both administered by BNY Mellon. That’s their website, which is only so, so.indexfundfan wrote: ↑Thu Mar 04, 2021 7:47 am I just noticed that both Toyota Income Driver and GM RightNotes are administered by www.eaccountservices.com. So they look to have very similar online features.
The other thing I note is that GM is also paying 1.5%. So hopefully that encourages Toyota to maintain the same 1.5% rate to stay competitive with GM.
I can confirm that GM is also administered by BNY Mellon. I decided to switch my TMCC notes funding source from my brokerage to my bank account. I printed off the form and emailed it to them. One note was changed within a day or two. One note was not updated.Stinky wrote: ↑Wed May 05, 2021 5:32 amWhile the interest rate currently offered by TMCC is attractive, I agree that the customer service and flexibility is not the highest.smihaila wrote: ↑Tue May 04, 2021 10:51 pmNo alternative identified for the moment, unfortunately.
In the meantime, I also asked Toyota Financial Services whether each note can have some ACH routing + account number associated to it. Or, if push transfers could be initiated from another financial institution via a Bill Payment feature (I've noticed there are two bill payees named "Toyota Financial Services". But no reply so far.
I guess the only alternative is GM Unsecured notes, other paltry credit unions with their miserable 0.55%, or ... stock market / VTI (as much as I wanted to stay away from the latter) .
You mention GM notes in your response. If you try them, I think that there's a good chance that you'll have the same customer experience. See the following quote from upthread.
SpaceCowboy wrote: ↑Mon Mar 08, 2021 3:36 amThey are both administered by BNY Mellon. That’s their website, which is only so, so.indexfundfan wrote: ↑Thu Mar 04, 2021 7:47 am I just noticed that both Toyota Income Driver and GM RightNotes are administered by www.eaccountservices.com. So they look to have very similar online features.
The other thing I note is that GM is also paying 1.5%. So hopefully that encourages Toyota to maintain the same 1.5% rate to stay competitive with GM.
Apples vs oranges. I Bonds are subject to purchase limits, and not redeemable in first year, as I'm sure you know.
BNY Mellon, right. Thank you for the heads-up on this.Stinky wrote: ↑Wed May 05, 2021 5:32 am While the interest rate currently offered by TMCC is attractive, I agree that the customer service and flexibility is not the highest.
You mention GM notes in your response. If you try them, I think that there's a good chance that you'll have the same customer experience. See the following quote from upthread.
SpaceCowboy wrote: ↑Mon Mar 08, 2021 3:36 amThey are both administered by BNY Mellon. That’s their website, which is only so, so.indexfundfan wrote: ↑Thu Mar 04, 2021 7:47 am I just noticed that both Toyota Income Driver and GM RightNotes are administered by www.eaccountservices.com. So they look to have very similar online features.
The other thing I note is that GM is also paying 1.5%. So hopefully that encourages Toyota to maintain the same 1.5% rate to stay competitive with GM.
I think the pros and cons of all kinds of fixed income make them directly comparable, allowing us to "shop around" with new money. I have been hearing the purchase limits and first year thing about I bonds for 10 years now, and have ignored the naysayers and now have 108,000 worth and counting with about half those bonds earning over 3% as of this month.
Anything can be compared to anything. The question that prompted this subthread was about how to redeploy $500k. I Bonds are not going to help much there.z3r0c00l wrote: ↑Wed May 05, 2021 2:41 pmI think the pros and cons of all kinds of fixed income make them directly comparable, allowing us to "shop around" with new money. I have been hearing the purchase limits and first year thing about I bonds for 10 years now, and have ignored the naysayers and now have 108,000 worth and counting with about half those bonds earning over 3% as of this month.
Right, although for a family of 4, 4 x $10,000 worth of I-bonds (maybe EE bonds too) annually may become interest-ing (pun intended) as a side pool of cash.
Yes, just saw that also. Thanks for posting that. I haven't received any notice of this from TMCC.
Ally is still at 0.5%. I just checked.
Do you happen to know what's Dominion Energy's credit rating?GeraniumLover wrote: ↑Wed May 12, 2021 9:23 am It looks as if Dominion (mentioned/linked to upthread) is still offering 1.5% on deposits $50k and up, at least for now.