dealer finance office

I hate dealer finance office and the folks work there even more. Got my Tacoma at a good price but then things went sour in the finance office. They got all paperworks printed, the term, Apr, monthly payment ready. Spent about five minutes just to sign paper.

With my 865 fico score and they charged me 4.85%. I asked why the apr is so high then he said since they give me good deal on the truck they need to charge me higher Apr. Talked to the vp and he directed me back to this finance guy. He got the guts to tell me to make 6 payments then refinance.

I registered the truck. Then refinanced with bank of America without paying a dimes on interest for them. Got 2.34% and I am happy as a kid with his new Xbox360.

What is your story?

 

you dont even want to know what my apr and monthly payment is lol

i can afford it, i wanted to get back in a truck for the past year so im happy, but if you saw my paperwork,

 

Based on info provided you might wanna run your own score for a few reasons. 865 is above the max I believe and the APR does not reflect a score at the upper end....

 

I had the dealership calculate my monthly payments wrong. They got mad when I corrected it with my finance calculator.

 

they dont call em stealerships for nuffin ya know!

 

Max fico is 850, max vantage score is 900. And 2.34 if you do have perfect credit wasnt that awesome too be honest, I got 2.98 and my score is a smidge over 700. Guy in the office bought a new double cab TRD for 30k at 0.9% and I doubt he's an 850 but certainly higher than me.

 

I'm signing my paperwork tomorrow, and at just over 740 I got 1.79% on 66 months...

Sounds like you need to take a look at your credit score and then re-evaluate.

It's possible to get good deals from the finance office, you just have to be armed and ready to go before you get there. If you go in with no knowledge of your scores and what rates are available, they'll screw you because you're an easy target.

Go in knowing that if they don't give you the % you're looking for, you can get it elsewhere, and they'll be happy to give it to you because they'd rather get .05% of a deal in profit than 0% of a deal.

 

also the dealer gets kickbacks from certain banks for financing, so if you use there financing it could get you a better deal, then refinance to your financial institution...

 

Mine was stupid easy. Got pre-approved through my credit union, they gave me a letter that was valid for 90 days. I go to dealership, agree to a price, gave the letter to the salesman, signed the purchase agreement and drove away.

 

My tacoma was paid for the instant I handed over the certified cheque. Gotta love $0 payments, you really can't beat that.

 

This is what I did. Extremely simple and low interest. I will most likely go this route on all future vehicles as well.

 

What's a Fico score? I have 779 with Equifax, 762 with Experian and 786 with TransUnion. Is Fico the average of all three score?

 

thats weird. i got 2.9 percent from toyota with a score in the 700s and limited history only being 22...

 

Future advice..... walk out next time. It's all tied into overall price. You may have beat them up on price or something, maybe on your trade. They wanted to recoup some of that or just want a better bottom line. I am in the high 600's. My rate is lower than yours. When I go shopping, I always state that I have pre financing and there options are not needed. I made up a percentage that was offered because at this point it is all fiction. Then cool I work in price. I have some one else bring my vehicle in for trade value. All three things are separate. Think about what one percent is of 30,000. It seems like nothing now but over time it is guaranteed money. Good luck in the future.

 

Yes, I beat them badly on the price of the truck. I paid 25k even for a 12 dclb trd sport prerunner on MSRP of 29995.

BOA stated that my credit score is higher than 99% of the population (top 1%) but you dont get .9% or 1.9% in refinancing. Well, I'm happy with 2.34% for 6 years.

 

I had a similar thing happen got a 13 DCSB sport 4x4 w/ entune for $32k on the dot went to financial department and they told me they could give me an apr of 9.9%. I told them no thanks. All of a sudden they figure out they put me in the computer wrong. I ended up getting a 5.5% rate, which I thought was fair since I just got out of college and don't have much credit history.

 

That is sad that they would rather make you think they entered numbers in the computer wrong instead of telling you maybe they could work a better deal.

I was lucky enough to be able to pay for my Tacoma up front. And to top it off, I was able to put $3000 of it on my credit card so I could get the points! Then I just paid it off when the bill came in.

 

4.75 through Capital One

 

On 2012's Toyota will do 1.9% with a 680 or so. If you don't have a finance office that are corrupt assholes.

I got a 2013 TRD Sport DCSB, Entune JBL, for 32k @ 2.5% through Toyota financing with Zero down.

 

if you have such a good fico score, you need to shop around for the best rate and take it to the dealer and tell them to beat that.