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toyota college grad incentive

Discussion in 'Prius, Hybrid, EV and Alt-Fuel News' started by akorovesis, Mar 27, 2007.

  1. akorovesis

    akorovesis New Member

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    was looking at the kelley blue book website and the incentives on the prius and noticed there is something called the $400.00 college graduate cash incentive.

    http://www.kbb.com/kbb/NewCars/Incentives....0194%7c0%7c0%7c

    it says it expires 3.31.07. i looked on toyota's website and couldn't find anything about it. i recently graduated (within a year) with a masters so i'm wondering if anyone has heard of this? my dealer never mentioned anything about it.
     
    #1 akorovesis, Mar 27, 2007
  2. galaxee

    galaxee mostly benevolent

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    yep, we took it on ours. catch is you have to finance with toyota to get it, and that's crappy. if you can beat them down on the interest rate it might not be so bad. they give you $400 off and also IIRC a 6 month deferment, at least they did 2 years ago.

    we took the $400 off, and the deferment, then refinanced. the deferment accrued something like $1100 in interest (!) at a very very high interest rate. we would have been better off finding our own financing and NOT taking the deferment.
     
    #2 galaxee, Mar 27, 2007
  3. akorovesis

    akorovesis New Member

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    <div class='quotetop'>QUOTE(galaxee @ Mar 27 2007, 02:45 PM) [snapback]413082[/snapback]</div>

    is there a time frame? like you had to graduate within 6 months? i financed through toyota with their financing deals, so it seems like i should qualify. i was even talking to my salesman about the fact i went to grad school. he didn't mention this incentive. grrrrr.
     
    #3 akorovesis, Mar 27, 2007
  4. MarkMN

    MarkMN New Member

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    I got the toyota college grad incentive when I bought my car just about two months ago. I graduate with my masters in a few months (hopefully), and all my dealership needed was a letter from my advisor that I was graduating within six months. No set date was needed, just six months. I know that you also get it if you purchase your car within some time after you graduate (1 or 2 years??). I didn't hear about a deferment from the dealer, so I don't know if that still works. For your information, the 400 dollars acts as a part of your down payment, so it doesn't lower the amount of sales tax that you are charged. Also, negotiate on price before bringing it up; since it acts as a down payment, you should still be able to negotiate first. And you still have to finance with Toyota, but that was a no brainer for me since I got 2.9% for 36 months.
     
    #4 MarkMN, Mar 27, 2007
  5. akorovesis

    akorovesis New Member

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    does anybody know the exact time frame for after you graduated? i graduated last may. i don't know if they'll give it to me since i already bought the car 2 weeks ago, but i just want to have as much info as possible before i call my salesman.
     
    #5 akorovesis, Mar 27, 2007
  6. MarkMN

    MarkMN New Member

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    It is 2 years after you graduate, which means I still qualify since I got my undergrad less than two years ago, and it says I qualify by just being in a graduate program. That makes me wonder why I needed to say that I graduate within six months, all they really need is proof I am in the program. Oh, well, triple qualification for me and double qualification for my wife!

    Here is the link about it. I hope you still get your 400 $, though I wouldn't place bets on it...

    http://www.toyotafinancial.com/finance/college_grads.html
     
    #6 MarkMN, Mar 27, 2007
  7. akorovesis

    akorovesis New Member

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    thanks for the link..i couldn't find it for some reason. i'm calling my dealer (but i won't hold my breath)
     
    #7 akorovesis, Mar 27, 2007
  8. MarkMN

    MarkMN New Member

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    Good Luck, let us know what happens!
     
    #8 MarkMN, Mar 27, 2007
  9. onerpm

    onerpm New Member

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    I've used it twice in the past year or so, as my wife finished her degree later in life. You have to finance the car purchase thru TMAC. The dealer applies the $400 like a down payment.

    In both cases, I paid off the loan very shortly thereafter, as I'd planned to pay cash to begin with.

    RPM
     
    #9 onerpm, Mar 27, 2007
  10. malibucarl

    malibucarl Member

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    <div class='quotetop'>QUOTE(onerpm @ Mar 27 2007, 04:32 PM) [snapback]413122[/snapback]</div>

    Toyota seems to have this program active most of the time. My daughter used it 2 years ago.
    With the 2.9% for 60 months financing it makes a nice bonus.
    Carl
     
    #10 malibucarl, Mar 27, 2007
  11. akorovesis

    akorovesis New Member

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    they're giving me a hard time. i told him to fax me over the program requirements. evidently i was late making payments 2 months in 2003, and this disqualifies me. i can qualify for their 2.9% financing, but not this program. load of crap!! i'm going to call toyota financial once he faxes me this.

    he offered me a couple of free oil changes for not informing me of this program since i had told them i recently graduated from a graduate program. which doesn't even come close to $400.
     
    #11 akorovesis, Mar 27, 2007
  12. Tideland Prius

    Tideland Prius Moderator of the North
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    Yeah there is a Grad Program up here but it's usually to entry level models like the Yaris, Corolla, RAV4 and Tacoma. Incentive range from $500 to $1000.
     
    #12 Tideland Prius, Mar 28, 2007
  13. rangermike

    rangermike New Member

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    <div class='quotetop'>QUOTE(gonegreen @ Mar 27 2007, 04:42 PM) [snapback]413169[/snapback]</div>
    I had the same proble,. What a bunch of BS. I too qualified for the 2.9%. But because of a missed payment in 2004, I was disqualified for the $400 incentive.
     
    #13 rangermike, Mar 28, 2007
  14. RPryke

    RPryke New Member

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    I used this when I bought my car 2 weeks ago on the 17th of March.

    The no down payment, and the deferral was what I liked as I just moved to CA, and just got a job, but wanted a new car to drive with better gas mileage since my commute is long.

    So the no down and deferrment were good for me.

    About Refi, how would I go about that, once the deferral period is over? Or do I do it sooner?
     
    #14 RPryke, Mar 30, 2007
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