Minimum credit score for Toyota financing?

[jestoy7]

Originally Posted by TomInOregon

I guess I'm lamenting the fact that somehow we've gone from a paradigm where the seller earns the buyer's business to a new paradigm where the seller sits back and decides who it wants to do business with. Particularly in this economy where car sales supposedly have slumped and our tax dollars are going to help out car manufacturers and dealers.

The new Prius does not apply to the expectation that you have. Just as you see that it is a good opportunity to buy, so do many other thousands of people. The dealer is not in the business of breaking even or exposing their company (some of them even family owned) to risk. What your expectation is that (after they accept your trade offer and sell you the car at the price you want) they break even or make as little as possible on your transaction. If all companies operated that way, nobody would be in business.

The Prius does not have that much margin built into it, so negotiating a risky trade-in is not something that is highly probable. Dealers could do this if you were buying a Tundra (perse) that we know has more margin built into it.

I agree with you that customer service levels at dealerships have decreased based on my experience. However, attributing that to the fact they dont want to take your offer is not realistic.

Good luck and hope you find what you are looking for.

[TomInOregon]

Originally Posted by jestoy7

The new Prius does not apply to the expectation that you have. Just as you see that it is a good opportunity to buy, so do many other thousands of people. The dealer is not in the business of breaking even or exposing their company (some of them even family owned) to risk. What your expectation is that (after they accept your trade offer and sell you the car at the price you want) they break even or make as little as possible on your transaction. If all companies operated that way, nobody would be in business.

The Prius does not have that much margin built into it, so negotiating a risky trade-in is not something that is highly probable. Dealers could do this if you were buying a Tundra (perse) that we know has more margin built into it.

I agree with you that customer service levels at dealerships have decreased based on my experience. However, attributing that to the fact they dont want to take your offer is not realistic.

Good luck and hope you find what you are looking for.

Is that why I seem so unreasonable to you? Because you know what my expectations were for the deal and I wanted to make sure the dealer lost money on the deal and I was planning to steal pens and office furniture on my way out to hurt them some more? Yes, if all deals were constructed that way, nobody would be in business. That's why I wasn't expecting that to happen.

My expectation was that I would pay full MSRP and full price for the options I wanted. In exchange, they would pay me a fair price for my trade-in which they could either resale for a small profit or break even for a quick sale. How is that expecting them to break even on the deal or make as little as possible?
I'm not asking the dealer to break even or expose themselves to any risk they haven't already exposed themselves to for other people. I had originally planned to let them have a $1,000-$1,500 profit on the sale, partly to cover the inconvenience of handling my trade-in. I think taking a $1500-$2500 risk making a deal with me is far less exposure than taking in a late model SUV on trade where they have to pay off 3/4 of the original selling price. When you consider I would have paid $1,000-$1,500 over invoice and they were pretty sure they would have gotten $1,000 by wholesaling the car, there was no risk of a loss. Downside on making a deal with me $0 profit, potential upside was $2,500-$3,500 profit.

The dealer IS in the business of exposing themselves to risk for the customers they choose.

[jestoy7]

Originally Posted by TomInOregon

Is that why I seem so unreasonable to you? Because you know what my expectations were for the deal and I wanted to make sure the dealer lost money on the deal and I was planning to steal pens and office furniture on my way out to hurt them some more? Yes, if all deals were constructed that way, nobody would be in business. That's why I wasn't expecting that to happen.

My expectation was that I would pay full MSRP and full price for the options I wanted. In exchange, they would pay me a fair price for my trade-in which they could either resale for a small profit or break even for a quick sale. How is that expecting them to break even on the deal or make as little as possible?
I'm not asking the dealer to break even or expose themselves to any risk they haven't already exposed themselves to for other people. I had originally planned to let them have a $1,000-$1,500 profit on the sale, partly to cover the inconvenience of handling my trade-in. I think taking a $1500-$2500 risk making a deal with me is far less exposure than taking in a late model SUV on trade where they have to pay off 3/4 of the original selling price. When you consider I would have paid $1,000-$1,500 over invoice and they were pretty sure they would have gotten $1,000 by wholesaling the car, there was no risk of a loss. Downside on making a deal with me $0 profit, potential upside was $2,500-$3,500 profit.

The dealer IS in the business of exposing themselves to risk for the customers they choose.

How likely is the dealer to make a profit/break even on your car? That is the risk they are exposing themselves to with your transaction. Let's say that there is a whole $1k to $1.5k profit in the Prius you buy, that sets the bar for the max loss they can take on your trade-in (which is kind of small).

I am in a similar situation, as you and can empathize with your frustration:

Originally, we wanted a Prius at MSRP and wanted to break even on the trade ($9k). Some dealers offered $6500 and right away we knew this was going to be a waste of time. After some research, I see that the $9k trade is risky to a dealer because of the supply of my car, so I targeted dealerships that would be willing to offer me $8k but did not have add-ons such as Toyoguard that would jack up the price of the Prius. This made things a lot easier and thus we are waiting for our Prius. We could have sold the Yaris privately for more, but the waiting time plus savings in taxes, kinada gives us a little more value.

[jon_lancaster_toyota]

Im not sure that anyone gave you an answer yet but I'll tell you what I know:

The decision of weather Toyota Finances you or not is score driven but also current debt load driven. For example...you might be a 640 vs. say a 520 but if you've got a collection or BK in the last 15 months you might not look as attractive as say a 520 with limited history.

You are correct that your down payment on the car deal will get you financed.
Toyota is more than willing to lend money, few folks are turned down.

When you go and purchase your Prius as well as look for financing, it's important that the dealer find the best credit score and use that number with Toyota. For example...you'll have three scores available based on the bureaus and one will be higher than the other. You might be a tier 4 on one and a tier 3 on the other.

You'll get financed!

Nate

[DianneWhitmire]

Tom - the used car market is not what it used to be. I'm unsure of when you last bought a new or a used car, but older cars that are higher mile are not bringing what they used to.And, possibly, certain areas of the country are rather depressed in economy.

If someone's got an older trade-in, and it's not worth much, I will usually advise them to get their new car and THEN sell their old one so they are not inconvenienced with renting or borrowing.

Tom, you can't force a dealer to overpay for your older trade just because YOU think it's worth more. And, they would probably give you every dime it's worth to make a sale because that's their business. If you think it's worth more, put your efforts where they belong. After the new car comes, put it up at Craigs List, Auto Trader, and stick signs in it. Park it at Home Depot or Fred Meyer's with a large parking lot... and see what you can do with it retail.

If, even after the cash for clunkers applied to your other car, you can't manage a Prius car payment w/o adding the proceeds from a 10 year old Nissan Altima, you may be on the wrong car. A decade-old Nissan Altima isn't a car anyone's knocking my doors down over finding... so you might actually feel better, and more financially safe doing a car with less cost involved, but similar fuel economy? That's like my best MOM advice?

Originally Posted by TomInOregon

Is that why I seem so unreasonable to you? Because you know what my expectations were for the deal and I wanted to make sure the dealer lost money on the deal and I was planning to steal pens and office furniture on my way out to hurt them some more? Yes, if all deals were constructed that way, nobody would be in business. That's why I wasn't expecting that to happen.

My expectation was that I would pay full MSRP and full price for the options I wanted. In exchange, they would pay me a fair price for my trade-in which they could either resale for a small profit or break even for a quick sale. How is that expecting them to break even on the deal or make as little as possible?
I'm not asking the dealer to break even or expose themselves to any risk they haven't already exposed themselves to for other people. I had originally planned to let them have a $1,000-$1,500 profit on the sale, partly to cover the inconvenience of handling my trade-in. I think taking a $1500-$2500 risk making a deal with me is far less exposure than taking in a late model SUV on trade where they have to pay off 3/4 of the original selling price. When you consider I would have paid $1,000-$1,500 over invoice and they were pretty sure they would have gotten $1,000 by wholesaling the car, there was no risk of a loss. Downside on making a deal with me $0 profit, potential upside was $2,500-$3,500 profit.

The dealer IS in the business of exposing themselves to risk for the customers they choose.

[raidbuck]

My dealer uses a credit union, the one where I started to get a loan. The advantage of going to the credit union and getting approved is that you have a 30 day rate guarantee, but my dealer said the rate was the same whether we got the loan there or at the credit union. When I asked about Toyota Motor Credit he said they only use that when they offier lower rates, such as special rates for hard-to-sell cars/trucks.

Rich N.

[TomInOregon]

Originally Posted by DianneWhitmire

Tom - the used car market is not what it used to be. I'm unsure of when you last bought a new or a used car, but older cars that are higher mile are not bringing what they used to.And, possibly, certain areas of the country are rather depressed in economy.

If someone's got an older trade-in, and it's not worth much, I will usually advise them to get their new car and THEN sell their old one so they are not inconvenienced with renting or borrowing.

Tom, you can't force a dealer to overpay for your older trade just because YOU think it's worth more. And, they would probably give you every dime it's worth to make a sale because that's their business. If you think it's worth more, put your efforts where they belong. After the new car comes, put it up at Craigs List, Auto Trader, and stick signs in it. Park it at Home Depot or Fred Meyer's with a large parking lot... and see what you can do with it retail.

If, even after the cash for clunkers applied to your other car, you can't manage a Prius car payment w/o adding the proceeds from a 10 year old Nissan Altima, you may be on the wrong car. A decade-old Nissan Altima isn't a car anyone's knocking my doors down over finding... so you might actually feel better, and more financially safe doing a car with less cost involved, but similar fuel economy? That's like my best MOM advice?

Thanks, Mom! I appreciate the financial advice. I guess you caught me. I can't afford a car at all, but thought I could sneak one by. Seriously? Now I can't afford the car payment because I don't want to pay an additional $65 per month and $365 in interest? Excuse me for a moment while I scrounge through this dumpster for lunch.

I last bought a new car in 1991. I bought used cars prior to that and have been buying used cars ever since. The last car I bought was last month. I do have an idea of what used cars are worth.

I am NOT trying to force a dealer to overpay for my trade. It's not just me who thinks it is worth that much. Edmunds and Kelley agree with me. I have my own observations, Edmunds, Kelley and the Black Book all agreeing with my valuation. I didn't pull a number out of my $#%. According to you, however, I am trying to extort money from this poor, blameless dealer who is only trying to make a few dollars to give to the orphanage. My unreasonable demands to have him do the exact same thing every other dealer I have ever interacted with does is beyond the pale. Asking him to do the same service he does for other customers who owe money on their cars is ridiculously out of line. I'm the unreasonable jerk who will be mentioned on Internet forums as the reason dealers have such a tough job.

See, that's one of the problems I had with the dealer. Because I balked at taking the $1,000 for my trade we automatically went to the downsell. Let's get me into a corolla or Yaris that maybe I can afford. Thanks for looking down your nose at me and confusing some semblance of financial sense with poverty.

[fred garvin]

Originally Posted by TomInOregon

Thanks, Mom! I appreciate the financial advice. I guess you caught me. I can't afford a car at all, but thought I could sneak one by. Seriously? Now I can't afford the car payment because I don't want to pay an additional $65 per month and $365 in interest? Excuse me for a moment while I scrounge through this dumpster for lunch.

I last bought a new car in 1991. I bought used cars prior to that and have been buying used cars ever since. The last car I bought was last month. I do have an idea of what used cars are worth.

I am NOT trying to force a dealer to overpay for my trade. It's not just me who thinks it is worth that much. Edmunds and Kelley agree with me. I have my own observations, Edmunds, Kelley and the Black Book all agreeing with my valuation. I didn't pull a number out of my $#%. According to you, however, I am trying to extort money from this poor, blameless dealer who is only trying to make a few dollars to give to the orphanage. My unreasonable demands to have him do the exact same thing every other dealer I have ever interacted with does is beyond the pale. Asking him to do the same service he does for other customers who owe money on their cars is ridiculously out of line. I'm the unreasonable jerk who will be mentioned on Internet forums as the reason dealers have such a tough job.

See, that's one of the problems I had with the dealer. Because I balked at taking the $1,000 for my trade we automatically went to the downsell. Let's get me into a corolla or Yaris that maybe I can afford. Thanks for looking down your nose at me and confusing some semblance of financial sense with poverty.

your trade-in is "worth" whatever you can sell it for, not a penny more

if the dealer can sell his prii at msrp to people who don't have a trade he will be less inclined to pay you more than he thinks he can wholesale it for or sell it used for. he is motivated to deal with you in a way that makes sense for him, in the time and in the place he exists. in this time, there is demand for the prius and at MSRP in some places, over msrp in some, and finally at a discount off msrp in other places. another dimension is the model/option package. If you were buying a sequoia at close to msrp he would definitely give you more for the trade. i paid msrp and took options i would not have asked for because of the time, place, and model (IV SR Blzd Prl in the DCMD/VA area. If i had had a trade, i would not have expected the dealer to do any more than what i perceive your dealer is doing.

if your car is worth more than $1,000 - go sell it

[loopybunny]

I apparently have exceptional credit (seriously, I think the guys were shocked) and just let them find me the best rate they could with $9000 down and $1500 for a trade in. They told me I had so many days to find a better rate if I wanted. I remember Saturn did that too when I bought my first new car. And I did end up finding a better rate. However, this time I didn't really bother checking since the rate was so low to begin with.

[DianneWhitmire]

Tom, don't turn your frustration into meanness. It's petty.
No one here, most of all me, is accusing you of being into a dumpster or an extortionist. No one here said you can't afford a car. THAT came from you. And, it speaks volumes right now. I'm done.
Dianne

Originally Posted by TomInOregon

Thanks, Mom! I appreciate the financial advice. I guess you caught me. I can't afford a car at all, but thought I could sneak one by. Seriously? Now I can't afford the car payment because I don't want to pay an additional $65 per month and $365 in interest? Excuse me for a moment while I scrounge through this dumpster for lunch.

I last bought a new car in 1991. I bought used cars prior to that and have been buying used cars ever since. The last car I bought was last month. I do have an idea of what used cars are worth.

I am NOT trying to force a dealer to overpay for my trade. It's not just me who thinks it is worth that much. Edmunds and Kelley agree with me. I have my own observations, Edmunds, Kelley and the Black Book all agreeing with my valuation. I didn't pull a number out of my $#%. According to you, however, I am trying to extort money from this poor, blameless dealer who is only trying to make a few dollars to give to the orphanage. My unreasonable demands to have him do the exact same thing every other dealer I have ever interacted with does is beyond the pale. Asking him to do the same service he does for other customers who owe money on their cars is ridiculously out of line. I'm the unreasonable jerk who will be mentioned on Internet forums as the reason dealers have such a tough job.

See, that's one of the problems I had with the dealer. Because I balked at taking the $1,000 for my trade we automatically went to the downsell. Let's get me into a corolla or Yaris that maybe I can afford. Thanks for looking down your nose at me and confusing some semblance of financial sense with poverty.