Financing 2022 - Dealer ONLY will use Toyota Financial??

Doing my homework is key for me. When I go into a dealership I know all the NADA and KBB book values for my trade in and for the vehicle I’m interested in. I have my financing set up before hand. I research the dealerships. I also negotiate the lowest price possible BEFORE I give anyone my drivers license. Dealerships run credit reports off of the drivers license and if you have a good credit rating the dealership may try to pressure you into paying their ideal price or into purchasing the add ons. It’s a big poker game so I try to never let the salesperson know how much I want the vehicle. I have also played one dealer off another dealer (dealer X will give me $$$ for my trade in. What will you give me). In front of the salesperson I also check everything inside and out. As a woman I get treated like I know nothing about vehicles so I have also brought a guy friend with me so the dealer has someone to talk to l while I do the figuring, negotiating, etc. I usually go into a dealership about an hour before closing and always on a week night. The finance department and behind the scenes people all want to go home at a decent time on week nights. The bottom line for me is if I’m not happy I walk away.

 

Unfortunately in my experience smaller town Toyota dealerships are more unscrupulous than big town Toyota dealerships.

I mean who Forces a customer to pay $495 for nitrogen filled tires. LOL - within 50 miles of leaving dealership (wasn't going back) the low tire pressure indicator went off, sure enough all 4 tires were Low.

Then there was the $995 for "door ding" protection, meaning if I get door dings they will repair, Really? When I have a door ding I want out of any vehicle I own, I just go to a paintless ding removal place, usually the take out 5 dings for $150 or so. $995 is a lifetime of dings on all my 4 autos!

Haven't bought an american car in a while yet I never had any of those guys try to screw me over so badly, sad.

 

Not sure what banks/CUs you use.
My CU writes checks or just gives me cash all the time anything over $10k cash they ask for 24 hour notice.

Buying from the dealer is simple.

Step 1: Tell them what you are willing to pay OUT THE DOOR. If they agree to your price proceed to step 2. If they disagree you walk out. Let them chase you or call later it is amusing.

Step 2: Use their financing

Step 3: Proceed to your Credit Union and refinance. My CU offers 1-3%. cash back to refinance. And only charges the County Clerks $12 title filing fee. I put the 1-3% towards my principal. (Though for my current Tundra I just pulled funds from my HELOC). Easier than applying for a new line of credit and the amount financed was small as I had a trade in that was paid off and just a few thousand dollars shy of what I bought the Tundra for).

Step 4: Enjoy driving your new ride.

 

It's easy. I had this situation with our 2nd 4Runner. I did the Toyota financing, made one payment and then refinanced it with our credit union.

 

I did better than Toyota back in November on a new 21. They ended up beating it by a quarter percent with an outside bank. So I went with the dealership to speed things up by a day and saved a small amount.

I think they should do more for repeat buyers with good credit.

 

Pay cash then drive to your bank to finance it. I’ve done it a few times, you get the same interest rate from any reasonable bank or credit union and they should still treat it like a new car.

Bigger question here is why anyone in their right mind would buy a 2022 and not wait at least a year for all the bugs to get worked out.

 

Dealerships can run credit reports off of a drivers license? False lol.

 

Because I want a 2022 unless you can guarantee that there will be less bugs in the next model. Can you?

 

It's a pretty well known fact the first few production years on a new power-plant is usually the most problematic.

Can I guarantee a 2023 will be better? No. But I would wager $$$ that you will be in for warranty work more often than you want to be.

 

Yes. Dealerships can run credit reports off of drivers licenses. The number is tied to your ssn. They just have to subscribe to a service. Nothing is private anymore.

Dealerships run a soft report. Which is as good as a hard report if the dealer has a calculator.

 

my dealer asked for a picture of my license and my deposit and not too long after I got emails from credit sites that I had an inquiry

 

Because the American auto industry has lobbyists that have influenced laws to be passed in just about every state that benefits themselves and dealerships at the expense of the customer. That's why TESLA has such a hard time trying to sell direct to customers and still can't in many states. https://en.wikipedia.org/wiki/Tesla_US_dealership_disputes


End of May 2020 I got my 20 plat through Toyota Financial Services with their PNW deal of 0% for 60 months. Doubt that will ever come back again.
If you can't get what you want, go to another dealer. Don't put yourself into a situation that won't make both parties happy. Plenty of other dealers out there that will be willing to work with you.

They may be ABLE to find out your SSN and then use it to run a credit check, but they are not allowed to legally run your credit without authorization from you. If they did, then you would have quite an easy lawsuit.

 

Literally just did this today buying a car for my son. Saw the car online yesterday, made appt. to drive it today. Drove it liked it and said let’s do the deal. Sales guy comes back with a deal sheet that (a) is $800 higher than the price yesterday and (b) has a $898 prep fee and (c) tells me the price reflects a $500 “discount” for using their financing - I was going to pay cash. Sales guy rambled on about he doesn’t know why the price changed and touting the “prep” fee which was really ceramic coating. So I said sorry I can’t do that and my son and I left. Literally as I was pulling out of the parking lot the Sales Manager comes running out waving his hands for me to come back (I should have videoed it).

I told him what had happened, he says he never saw the deal sheet. So we went in, he says what can I do to get the deal done. I said give me the price I saw yesterday and drop the $898 “prep fee”. He gave me the deal. I did have to use their financing but I’ll pay that off before the first payment is due.

The finance guy says if I pay it off before the 3rd payment the dealer gets hit with a charge back on the $500! They made plenty of money on the deal so I have no remorse in paying off the loan… they should have just given me the better price without having to fuck around with financing.

 

Dealerships run what’s called a soft check of your credit. It’s not the full blown credit report for a loan but it is a check for an area concerning pre approval. They don’t need your permission to run it and it gives them an idea of how much you can pay. It gets tied to handing over your drivers license for the test drive. And it’s based on your drivers license. They can’t run a hard but they can run this soft one which gives the general range of your credit. It’s pretty easy to figure out what a person can afford based on the soft report

 

The idea of credit union refinancing is really good, and it should work. If the dealer offers me something like this, I will go this way too.
For now, I don’t want to take any loans to buy a car because I don’t want to deal with banks or other financial institutions. The safest way for me is to save money and then buy the car in cash. After reading an article on https://www.greedyrates.ca/blog/how-to-get-a-car-loan-in-canada-when-you-have-bad-credit/, I understood that my credit score would not get me anything good in terms of interest rates.

 

Dude why are you necrobumping a 5 month old thread?