Recent buyers: Toyota Finance Rates???

Bill Lumbergh · 07-24-2005, 09:13 PM

I'm about to call "shenanigans" on this, but I wanted your advice first.

I qualified for Tier 1 or Tier 2 Toyota Financing for my 2005 Prius. My salesman basically said Toyota would go along with whatever I wanted to do as far as vehicle purchased and down payment.

Because my dealer's "computer is down" (yeah right) they've been unable to give me a firm interest rate quote from Toyota Financial. When I first qualified for Toyota financing, I was told they couldn't quote me an interest rate until a VIN is assigned to my car (because it was being built). No other banks even asked for VINs. I suspect the dealer is trying to trap me into paying Toyota's rates by preventing me from adequately comparing other lender's rates. They can do this because I'm 4000 miles away and flying to pick up my car tomorrow. It's a little late in the game to be goofing around with this.

What interest rates are they offering? I got 5.35% from Capital one and 6.49% from Wells Fargo.

Details, 60 months, $5000 down, credit score 761.

galaxee · 07-24-2005, 09:19 PM

I think Capital One would be your best bet. We're paying over 8%, credit score at the time- March 17- was 729 (1 point below top tier) and we took a 6 month college-grad deferment with payments for 6 years.

We only took it for the $400 rebate and 6-month deferment. We're refinancing this fall when our payments start.

Bill Lumbergh · 07-24-2005, 09:22 PM

Something suspicious about that, too........the dealer said they'd be unlikely to take a loan from Capital One because they had a problem receiving funds form them. "Because of excessive delays", they don't like dealing with them.

I'm giving the dealer an ultimatum tomorrow......either they give me a firm quote less than 1 hour after I call them tomorrow, or I'm putting a "stop payment" on my deposit check. Something's fishy.

galaxee · 07-24-2005, 09:50 PM

Yeah, I agree. That does sound kinda weird. I'd also be suspicious.

If I'm not mistaken, Capital one should give you a check for the loan amount and the dealer should be able to just cash the check like a regular check...

I'd call bull*** on this one if I were you.

NCPrius · 07-25-2005, 07:17 AM

I bought in early July 2005.
Credit union: 5.29%.
Toyota's best rate: 4.75%.
USAA: 5.24% ... but they matched the 4.75%.

My credit score is a little higher than yours.
$4500 down, 60 months, no extended warranty.

DanMan32 · 07-28-2005, 03:26 PM

You may be able to check with AAA. I got a great refinance rate with them as the broker.

Bill Lumbergh · 07-28-2005, 09:09 PM

Alan Greenspan is killing me. Everything worked out fine and I used Toyota Financing. Interest rate was better than what my bank offered, but it's still higher than I qualified for through Capital one.

bigdaddy · 07-28-2005, 09:55 PM

Bought 7/10/2005

Credit score in mid-700's, plus I'm self-employed. Wife's purse was stolen 1 week before purchase, the fraud alert we issued pulled up when at the dealer, a positive for Experian, TransUnion, Equifax....

36 month interest Capital One 5.05%, with .25% discount for auto-debit.

Toyota dealer 4.75%. Only got that rate cause I pulled out Capital One check. There was no autodebit discount from the Toyota dealer. NETBANK was the one to eventually get my loan, via the dealer. Rates had been rising in the 2 weeks since securing Capital One rate. Capital One would have been probably around 5.25% had I applied that day.

If the dealer is balking at Capital One, call foul and find a new dealer. Capital One well respected, dealer is playing games. I hate those finance guys, they can ruin the best rep that a dealer has, but in turn, they generate most of the profit. My next door neighbor is a Nissan dealer, they make him more than wealthy with their games.

helogirl · 07-29-2005, 02:53 PM

Local credit union pre-approved a 4.49% 100% financing for the Prius. Dealer said they could match or beat the rate, but it ended up I would need a large downpayment (didn't say that at first). I was very frustrated with the process. Good luck.

maggieddd · 07-29-2005, 03:05 PM

Just bought mine on July 14th.
Sovereign Bank gave me 5.59% for 6 yrs.
Capital One was offering me 6.99% for 6 yrs.
Local Credit Union offered me 4.20% for 5 yrs or 4.75 for 6, so I refinanced with them for 5 yrs.

07-24-2005, 09:13 PM	#1
Bill Lumbergh USAF Aircraft Maintainer Join Date: Jul 2005 Location: The 09836 area Posts: 533 My Car: 2005 Prius Model: N/A Package: #1 Thanks: 0 Thanked 3 Times in 2 Posts Friends: 1	Recent buyers: Toyota Finance Rates??? I'm about to call "shenanigans" on this, but I wanted your advice first. I qualified for Tier 1 or Tier 2 Toyota Financing for my 2005 Prius. My salesman basically said Toyota would go along with whatever I wanted to do as far as vehicle purchased and down payment. Because my dealer's "computer is down" (yeah right) they've been unable to give me a firm interest rate quote from Toyota Financial. When I first qualified for Toyota financing, I was told they couldn't quote me an interest rate until a VIN is assigned to my car (because it was being built). No other banks even asked for VINs. I suspect the dealer is trying to trap me into paying Toyota's rates by preventing me from adequately comparing other lender's rates. They can do this because I'm 4000 miles away and flying to pick up my car tomorrow. It's a little late in the game to be goofing around with this. What interest rates are they offering? I got 5.35% from Capital one and 6.49% from Wells Fargo. Details, 60 months, $5000 down, credit score 761.

07-24-2005, 09:22 PM	#3
Bill Lumbergh USAF Aircraft Maintainer Join Date: Jul 2005 Location: The 09836 area Posts: 533 My Car: 2005 Prius Model: N/A Package: #1 Thanks: 0 Thanked 3 Times in 2 Posts Friends: 1	Re: Recent buyers: Toyota Finance Rates??? Something suspicious about that, too........the dealer said they'd be unlikely to take a loan from Capital One because they had a problem receiving funds form them. "Because of excessive delays", they don't like dealing with them. I'm giving the dealer an ultimatum tomorrow......either they give me a firm quote less than 1 hour after I call them tomorrow, or I'm putting a "stop payment" on my deposit check. Something's fishy.

07-28-2005, 09:09 PM	#7
Bill Lumbergh USAF Aircraft Maintainer Join Date: Jul 2005 Location: The 09836 area Posts: 533 My Car: 2005 Prius Model: N/A Package: #1 Thanks: 0 Thanked 3 Times in 2 Posts Friends: 1	Re: Recent buyers: Toyota Finance Rates??? Alan Greenspan is killing me. Everything worked out fine and I used Toyota Financing. Interest rate was better than what my bank offered, but it's still higher than I qualified for through Capital one.

07-28-2005, 09:55 PM	#8
bigdaddy Senior Member Join Date: Jun 2005 Location: Duluth Georgia Posts: 992 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	Bought 7/10/2005 Credit score in mid-700's, plus I'm self-employed. Wife's purse was stolen 1 week before purchase, the fraud alert we issued pulled up when at the dealer, a positive for Experian, TransUnion, Equifax.... 36 month interest Capital One 5.05%, with .25% discount for auto-debit. Toyota dealer 4.75%. Only got that rate cause I pulled out Capital One check. There was no autodebit discount from the Toyota dealer. NETBANK was the one to eventually get my loan, via the dealer. Rates had been rising in the 2 weeks since securing Capital One rate. Capital One would have been probably around 5.25% had I applied that day. If the dealer is balking at Capital One, call foul and find a new dealer. Capital One well respected, dealer is playing games. I hate those finance guys, they can ruin the best rep that a dealer has, but in turn, they generate most of the profit. My next door neighbor is a Nissan dealer, they make him more than wealthy with their games. __________________ Seaside Pearl '05, Package #6, tinted windows, leather seats, dual DVDs for the princesses.

07-29-2005, 02:53 PM	#9
helogirl Join Date: Jul 2005 Location: Virginia Posts: 9 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	Re: Recent buyers: Toyota Finance Rates??? Local credit union pre-approved a 4.49% 100% financing for the Prius. Dealer said they could match or beat the rate, but it ended up I would need a large downpayment (didn't say that at first). I was very frustrated with the process. Good luck.

07-24-2005, 09:19 PM	#2
galaxee resident lab rat Join Date: Mar 2005 Location: boilermaker territory Posts: 9,675 My Car: 2005 Prius Model: N/A Package: #5 Thanks: 0 Thanked 94 Times in 37 Posts Friends: 26	I think Capital One would be your best bet. We're paying over 8%, credit score at the time- March 17- was 729 (1 point below top tier) and we took a 6 month college-grad deferment with payments for 6 years. We only took it for the $400 rebate and 6-month deferment. We're refinancing this fall when our payments start.

07-24-2005, 09:50 PM	#4
galaxee resident lab rat Join Date: Mar 2005 Location: boilermaker territory Posts: 9,675 My Car: 2005 Prius Model: N/A Package: #5 Thanks: 0 Thanked 94 Times in 37 Posts Friends: 26	Yeah, I agree. That does sound kinda weird. I'd also be suspicious. If I'm not mistaken, Capital one should give you a check for the loan amount and the dealer should be able to just cash the check like a regular check... I'd call bull*** on this one if I were you.

07-25-2005, 07:17 AM	#5
NCPrius Join Date: Jul 2005 Location: Charlotte, NC Posts: 19 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	I bought in early July 2005. Credit union: 5.29%. Toyota's best rate: 4.75%. USAA: 5.24% ... but they matched the 4.75%. My credit score is a little higher than yours. $4500 down, 60 months, no extended warranty.

07-28-2005, 03:26 PM	#6
DanMan32 Join Date: Aug 2004 Location: Tampa Bay, FL Posts: 3,775 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	You may be able to check with AAA. I got a great refinance rate with them as the broker.

07-29-2005, 03:05 PM	#10
maggieddd Senior Member Join Date: Jul 2005 Location: Boston Posts: 2,081 My Car: Model: Package: Thanks: 0 Thanked 1 Time in 1 Post Friends: 2	Re: Recent buyers: Toyota Finance Rates??? Just bought mine on July 14th. Sovereign Bank gave me 5.59% for 6 yrs. Capital One was offering me 6.99% for 6 yrs. Local Credit Union offered me 4.20% for 5 yrs or 4.75 for 6, so I refinanced with them for 5 yrs.

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