2013 Purchased last week...Dealership calls me today and says...

Do not write them a check until you talk to the bank. If you have to , leave the truck there and go to a local credit union. Talk to them about your options or your personal bank even. I do financing for a living if you have any questions Pm me

 

Do not give them money.... Either get the original deal or walk. My wife is a title clerk at a dealership, and I hear all of the slime ball F&I stories every day when she comes home! Very few honest dealers out there anymore. Back in 84', my dad had the same crap happen to him with the purchase of a Jeep Wrangler Renegade.... He took it back. I think I was more upset when he took it back than he was!

 

now thats customer service sorry your having bad luck man hope things get better and like others have said walkk if they are screwin you with no lube. i was fortunate a couple months ago when i bought my 2010 camry walked in got pre approved for 13% interest (yeah its high with good credit but no credit history) took the car home came back few days later they said i got denied unless i can put money down to show the bank im serious. iput 700 down and walked out with 1500 under sticker price (yes i did the math to see if they fucked me) and a 5.23% rate. there are many dealerships are will work with you and will try to EARN your business. also i think toyota has a first time buyers program? i would look into that

 

I'm going to make the assumption that, like in most states, you signed an agreement to return the vehicle if final financing fell through.

If you still really want the vehicle, find a different lender and see what they will do. Or accept their financing offer.

I certainly wouldn't cough up any more money, though.

My interest rate on the 2014 was 1.75% with Toyota Motor Credit. I know they can swing wildly, but yours at 3.49% on a new car seems a bit high; I would check with anyone else (i.e., many banks and state farm, for instance, offer free Gap insurance if you finance with them) that you have had a financial relationship with.

GAP insurance--you're putting $5.5k total down between your trade. After TTL, you're still what...right at replacement value? Check with your insurer, but I'm not seeing where GAP makes any financial sense, unless you pick it free from a (different) lender. Come to think of it, financing the Gap and the maintenance package is what probably shoved you over the edge on your LTV (loan to value) to even make Gap the least bit attractive. Which is kind of a polished turd, if you get my drift...

Maintenance package--similarly, you're better off without, imho. Your cash...er...credit, though, man.

 

The cosigner is a powerful tool you do have as an option. It allows you to "piggy back" off of the credit of someone else, while growing and establishing your own. When I was growing my credit history, my Dad cosigned on everything with me. It allowed me access to the prime rates he was able to get, but yet I was the one still making the payments.

If you have a good relationship with your parents, are 100% confident you will be able to support the payments on your own and are just using the cosigner as a way to get a better rate, and the bank will actually give you a better rate with your dad as a cosigner, I'd strongly look into going that route.

That being said, as BamaToy mentioned...the pending financing thing sucks, but is a very real thing. I don't think they're trying to pull a fast one on you...I think your lack of established credit history is just working against you here.

 

This ^

 

Have you considered finding a loan yourself? Credit unions tend to have the best rates.

 

BAMATOY and PB65STANG are correct ---

The dealership does have a right to do this and it is nothing shady nor is it a scam.
My feeling working in finance is that the credit union or bank that the dealership sent all your information too is now telling the dealership that the deal cannot go through unless there is more equity in the vehicle to make up the difference that your minimal credit brings.
This is why they are asking for additional funds down - its not going to the dealer but towards the loan payments on your truck and more than likely your payment will reflect that by going down as well.

This is my understanding of what was said.
The dealership wants to mak the deal and the bank wants to make the deal but boh agree that in order for the deal to happen you need more money down based on your minimal credit.

Best Of Luck ..........

 

Personally I'd give em the keys back and go elsewhere. Plenty of fish...

 

Hi,

I never really comment on here and had to retrieve my password just so I could comment. DO NOT write them a check. Demand your trade back, and walk away. Go to a credit union or your own bank and get them to approve you for a loan. I have had dealings with Koons Annapolis and they did not impress me by any means. If need be after talking to your own bank about a loan, get a co-signer and find another dealership. Koons in Westminster is pretty good. My wife had good dealings with Fitzgerald Toyota in Gaithersburg too. Good luck to ya.

Also, if they give you the bs excuse they do not have your trade, demand the $5,500 total back in cash. Do not let them make anything on it if you walk away.

 

This. I financed with Toyota when I bought the truck at 4.5% for 72 months. Refinanced with a local credit union before making the first payment and got 1.79% for 72 months. Saves nearly $5,000 over the life of the loan.

 

I'm still trying to figure out how this can happen.

Did they not run a credit app on you prior to making the deal?

I've never bought a vehicle without them doing a credit app right on the spot. The bank should have known your credit wasn't the best right then and there.

Something is fishy here...

 

Whatever you do,don't go to koons Westminster Toyota.Been having problems last 3 weeks myself with them. Might just be koons owership .

 

I tell you this when I got my 2013 three months ago, I told the dealer the most ill pay is X amount for my monthly (ive done my homework and talked to about 7 dealerships in and out of town) so I knew what was good deal and if they raping me

I said do whatever you need to do but I will not pay more than X amount.

in short, he started with me $1000 rebate etc . I was not biting, and I told him im ready to leave and perfectly happy with my current vehicle

he came back and was able to give me $2500 rebate instead of $1000, gave me $1000 more for my trade in and lowered my APR from 2.9 to 1.9%.

moral of the story: dealership will do whatever they can to sell that truck. but its up to the buyer to know when to get up, leave and visit another Toyota dealership.

oh and double check after you agree with whatever deal you all made. before signing paperwork with the financing guy, make sure the number of months are correct for your payment and that monthly payment is correct. has happened a few times to me but im too smart for their bs told them to correct it or im walking away

 

but ive done my numbers, research and not my first car deal. I know the monthly payment I showed them was pretty close to impossible

 

Unless they put you in a 9 year loan or something ridiculous. That's why conventional wisdom is to never tell the dealer how much you're willing to pay monthly. You might have known it takes to get to the amount you told them you want to pay, but most people would just focus on the payment amount and ignored interest rate, terms, etc. I would NEVER tell a dealer what I want my payment to be. I always negotiate price, and let them know I'm not as interested in their financing because I've got 800+ credit and can get excellent financing at my local bank/credit union. Then once the price is negotiated, give them a chance to get your business further by beating the financing rate. Just my $0.02.

 

I belong to a credit union. My first financed vehicle (my 06 Chevy Colorado), the salesman was honest and said he knew he couldn't beat the rate.

When I bought my Tacoma I figured I'd listen to the financing spiel and have a little fun telling them about the credit union. Before I opened my mouth they told me I could get 1.9% through Toyota. Deal

 

Ford did the same thing to me when I was 18 except they called me the day I was supposed to pick the truck up and no paperwork was signed and no trade in. I kept the same interest rate and emptied my savings account for the additional 5k they wanted. I like you wanted to do it all myself. Now that I'm older looking back I should of just had my sister cosign.

 

Nah I told them 66months, no down and etc. I knew it was the best deal because I went to 4other dealerships who wouldn't give me that deal. And I did this on the last Saturday of the month.

But to get back on the original thread, Op do your homework, call around and walk away when you feel that something is not right. Don't rush buying a vehicle because this will be haunting you for the next 5yr if you get a bad deal

 

Update: Went to the dealership and gave a lecture to the Finance Manager, his boss, and the GM. I told them how I felt like they threw me a fast one and screwed me. I also explained how important "word of mouth" is in a small city like Annapolis. I had him give me documentation and showed me the final approval of the bank on my loan. It should be finished. I still gave them the check for 2k, but that went towards my downpayment. So, I guess this is the end..for now?

I still would never recommend these guys. They were not as honest as I would have hoped. Being a new buyer with very little credit and experience, I would hope someone would say, "Hey, let me explain this to you...Here's how I can do it without screwing you."

Thanks for all the advice.