Minimum credit score for Toyota financing?

[TomInOregon]

Originally Posted by fred garvin

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

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

Sigh...That's the point. I don't want to sell it. Let me refer you to post #50.

[TomInOregon]

Originally Posted by DianneWhitmire

Tom, you can't force a dealer to overpay for your older trade just because YOU think it's worth more

No one here, most of all me, is accusing you of being into a dumpster or an extortionist. THAT came from you. And, it speaks volumes right now. I'm done.
Dianne

Originally Posted by DianneWhitmire

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?

No one here said you can't afford a car. THAT came from you. And, it speaks volumes right now. I'm done.
Dianne

I'm not trying to be mean. I read what you said and responded. Subtle insinuations that I am trying to impose my will on the dealer and suggesting that I can't really afford to buy a car were pretty low and uncalled for. Did you spell it out in those words? No, but the intent was pretty clear.

[DianneWhitmire]

Tom, there are way more cars available readily, daily, to Toyota customers. Cars that there are going to give you time to sell the Nissan privately.
Prius may be in short supply and seem like no deal can be had. But, we make MANY cars that would still allow you time to retail your own car and do the cash for clunkers too.
You may be on the wrong car, and for more reasons than car payment. Please don't put words in my mouth? I'm not an insulting or caustic soul.

Originally Posted by TomInOregon

I'm not trying to be mean. I read what you said and responded. Subtle insinuations that I am trying to impose my will on the dealer and suggesting that I can't really afford to buy a car were pretty low and uncalled for. Did you spell it out in those words? No, but the intent was pretty clear.

[fred garvin]

Originally Posted by TomInOregon

Sigh...That's the point. I don't want to sell it. Let me refer you to post #50.

if you "don't want to sell it", it is worth what you have been offered for it

this is my last post, as this is now circular

[Muhahahahaz]

Originally Posted by Jabber

First off, as a previous finance manager for dealerships for the last 16 years (off and on), I'll dispell a few myths:

1) Your score does get affected when your bureau is run, but it is graduated scale based on the number of inquiries and the time between them. If you have 10 inquiries in 10 days, your score will drop more than 10 in 60 days. Mortgages do not have this problem. Car dealerships have been trying for years to get the same exemption, but nothing yet. Be careful when buying a car. Once you sign that credit application, the dealer can legally send you to 10 banks if he wanted to. Doesn't happen often, but I have personally seen it. Shady dealers will do this to prevent you from buying somewhere else. The more inquiries, the lower the score. If you started off low, it may drop you far enough to be un-financable.

2) Currently, there is no minimum score requirement. Many factors are involved such as new/used, money down, term, why is your score low? Is it because you have high credit card balances or because you have 2 repossessions? (not you personally OP!)

Along the same lines, Toyota has 9 different tiers to their credit system. Toyota only uses your bureau score to determine rate once they establish credit worthiness seperately.

3) Always check with your credit union first. It will keep the selling dealer honest about the rate.

4) Again, to the OP. You can only use one "cash for clunkers" rebate per household. And you have to purchase a new vehicle. You mentioned a Gen 2, so I think you might be looking at a used one.

He may mean a Gen 3 Prius II...

Also, I believe the $3,500 he mentioned for the second car is what he expects to get on trade-in.