0% Toyota Financing -- April 2013

Discussion in 'Dealers & Pricing' started by obafgkm, Apr 10, 2013.

  1. obafgkm

    obafgkm Junior Member

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    I'm thinking about taking the plunge to purchase a Prius V Three. The current 0% financing offer is tempting. I have a question:

    Once I negotiate a "final", out the door price for the car (including taxes, etc.), should that price be the same with 0% financing from Toyota? Is there any additional charge for financing through Toyota? I don't plan on mentioning that I will likely be financing it until I get a final price I can live with.

    Bottom line -- does the 0% financing mean that the price I would ordinarily pay up front is exactly what I'd pay over five years?
     
  2. DianneWhitmire

    DianneWhitmire High PRIUStess

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    Yes, your pricing shouldn't change to take the 0 apr. FYI from a dealer's / dealership perspective, I don't care how you pay for your car. I just hope you have good enough credit to qualify for the 0% and I will mention it so there are no problems or miscommunication!
     
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  3. obafgkm

    obafgkm Junior Member

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    Thanks -- my wife and I have pretty high FICO scores (high 700s and low 800s) so we shouldn't have much problem -- I hope!
     
  4. -1-

    -1- Don

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    :)Excellant incentive. You're able to roll all cost, taxes, tags, extended warranty etc, into the 0%, 60 month financing deal. No reason for anyone who qualifies, not to take advantage. Kind of like, "I'll gladly pay you between now and sixty months, for a new Prius today". Actually, your first payment isn't due for about six week from taking delivery. Who's your daddy? Toyota is my daddy.
     
  5. Fore

    Fore Don't look back!

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    Keep in mind tho that most, but not all dealers will not let you go below sticker price when you take the zero percent financing.
     
  6. Sfcyclist

    Sfcyclist Senior Member

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    I had no issues with my dealer. As long as I qualified, you can loan whatever you like associated with TFS.

    I bought mine last month and only 1.9% for 60 was offered. .9 wasn't an option.
     
  7. DianneWhitmire

    DianneWhitmire High PRIUStess

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    I've got - in my region - on 2013 liftbacks and wagons, 0% for up to 48 months.. and 0.9 for 60 months.

    We have other rates for other Prius models... the 2013 c is 0% for 36 months ONLY... and the 2013 PlugIns are 0% 36 months, 0.9 for 48 months and 1.9 for 60 months.

    Each region varies.
     
  8. SalixIncendium

    SalixIncendium Tree Hugging Environmentalist Wacko

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    Me too. I was a bit disappointed to see they dropped the interest rate a percent two weeks later...
     
  9. innerpri

    innerpri Junior Member

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    I negotiated below sticker and got the 0%, also if you have not bought a new car in a while be ready for "back end sales" of the warranty and Toyota care. Lots of threads on both the warranty and Toyota care to help make your decision.
     
  10. Sfcyclist

    Sfcyclist Senior Member

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    technically it's a different deal as it's a shorter term. I'm wondering if I can switch over since it's only been less than 1 month?
     
  11. obafgkm

    obafgkm Junior Member

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    Few more questions -- I have not yet decided from which dealership to buy the vehicle (I'm about to send some emails with a request for a price). I am a little leery of putting my name on a pre-approval application with the name of any particular dealer.

    1. While the website says the pre-approval certificate can be used at any participating Toyota dealership, what is the benefit of getting the pre-approval certificate before I get a firm price on a car?
    2. Would the dealer's knowing my information influence the price the dealership proposes for the car?
    3. How long does it take for the pre-approval process?
    I guess my inclination is to be us close-mouthed about how I'll be paying for the car until I get a firm price.
     
  12. innerpri

    innerpri Junior Member

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    1. I used the pre approval though the Toyota financial website, just so I knew where I stood. It was not through any dealer. 2. Not sure about that, I just found from Prius chat and other dealerships what people were paying and went in armed with what I was willing to pay. 3. After I negotiated the price, the dealer applied for 0% for me, took about 10 min. The pre approvial was less than a min on the website.

    0% did not cost me more, not even a charge or small % for every thousand, Just my total divided by 60 months.
     
  13. DianneWhitmire

    DianneWhitmire High PRIUStess

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    It's always unfortunate when things change ... but they rarely are "very" different, for the most part. You can't rewrite when you're that far off in time... it's not the dealer's *deal* but the manufacturer's.
    I try to put this in perspective for folks: if it's 0.9% today and it changes to 1.9 tomorrow, you wouldn't offer to rewrite to pay more... you bought when you bought.
    We never know when they are going to improve things or worsen them. They rely on some serious data assessment with weekly, daily, and monthly sales and compare region to region... and even down to district to district. They figure out of they are - by ratio or percentage - above or below supply vs demand... and this isn't done till the bitter end (of the month and incentive period)... so things don't change when they are where they wanna be (is "it's working, don't fix it) or, if they are getting above their projected numbers and worry about having enough cars to meet demand, they might raise the rates to slow sales or leases. And, vice versa. rates drop if the supply gets a tad too high. No way for you, or me to know if this is the case across the states or regions... so just get your car when you need it and let the universe bless you in some other way! It usually does. ;)
     
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  14. -1-

    -1- Don

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    Dianne thanks for your insight how those things work. When manufacturer incentives such as special financing are announced, is there normally a set period or end date? Or, can they be rescinded or changed at any time?
     
  15. Sfcyclist

    Sfcyclist Senior Member

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    I was not able to change over.

    The promo always note an end date. I see this one is 4/30 over here.
     
  16. kenji4861

    kenji4861 Member

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    So the offer says "Offer available only through Toyota Financial Services to well-qualified buyers with premium-rated credit. 36 monthly payments of $27.78 per $1,000 borrowed. No down payment required if qualified. Offer ends 4/30/13."

    That makes it technically not 0% APR right? That's getting charged 2.8% up front to borrow money for 3 year
     
  17. Sfcyclist

    Sfcyclist Senior Member

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    Do the math, it's no interest. 27.78x36= $10,000.08. It's just a note to assist you to estimate monthly payments.
     
  18. p00kienrayray

    p00kienrayray Active Member

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    dont you mean 27.78x36 = $1,000.08?

    Kenji, it 0% interest. Say you finance $25,ooo. 36 monthly payments of 27.78 per $1,000 borrowed --> $27.78 x 25= $694.50 per month. $694.50 x 36 months = $25,002.
    So you're technically right that its not completely 0% because you're paying that extra $2 :-P
     
  19. kenji4861

    kenji4861 Member

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    Thanks guys for the clarification. I stand corrected :)
     
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