Minimum credit score for Toyota financing?

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.

 

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.

 

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

 

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?

 

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.

 

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

 

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.

 

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

 

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.

 

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

 

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.