Warning Toyota Service can now be FINANCED.

Good lord what is next? I don't think financing a service call would be cost effective. The biggest issue I see, is that the dealer would then be incentivized to "Sell More!". Wouldn't they have a great sales line, 'hey lady, these spark plugs are toast, so I can have this engine replaced by end of tomorrow. Engine replacements are normally $19,000.00 new, but I can get that WAYYYY down to $438.00 coughcough<PerMonth/> so if you will just sign here we can get this scheduled for completion by tomorrow.'.

I would think this 'financing' will be a good excuse for premature service maintenance and A1 Sales Pressure.... Am I wrong, is Service Financing a good thing, for the people?

 

We used similar models at the bank for lending money for non secured loans. For some people, it's paying for repairs via lenders like Affirm or paying via higher rate credit cards.

 

*sighs*

First, that company is completely independent of Toyota and quite honestly probably shouldn't be using Toyota's product name to be selling their service. Its just a generic site that they swap out whatever make and model they want into.
Second, I don't even think that is the real affirm website, which by the way, is a legit company. Don't quote me on this but I am pretty sure that this is a knockoff site.

People use affirm all of the time, it's no different from financing a TV at Best Buy or a set of wheels from elsewhere (not that you should ever do either).

 

You can finance spinners and big donk car tires too. lol

 

Yikes.

 

It was emailed, this one from my local Toyota dealer.

 

I stand corrected. My apologies. That is extremely odd, they would make much more offering their own financing service.

 

There is a huge difference between an auto purchase loan (secured by value of the car) and a loan for a repair (secured by nothing). Short term loan companies like Affirm have their place and are way way better than going to a predatory lender like Title Max

 

Three-tier labor rates already in effect at some dealers. $60/hr for apprentice, $120/hr for mainstream work, $300/hr for hybrid system diagnostics.

 

Hookers and blow financing is only a matter of time.

 

i mean if somebody needed a very expensive repair like an engine thats gona cost over 10k then yea sure. i understand most people dont have that kinda free cash laying around. especially these days with everything costing double what it did a few years ago.

 

plus a 10% up-charge if you want a Tech with a BAC < 0.08

 

Long day, haha. Did not mean financing (like buying a new car) but rather payment plans. Have to get more sleep. Thank you for the correction.

 

Depends on what you are buying and the price but sometimes the affirm payments come with 0% interest. Unexpected emergency maintenance and need like $1-2k cash you can pay back with your next paycheck? Sure. Routine maintenance and dealer up charges? Fuck no.

 

People put service visits on credit cards everyday, that’s just financing by a different name. Nothing unusual to see here.

 

Had a buddy of mine pay for 'services' at the Mustang Ranch ( years ago mind you ) with a credit card.
I asked him why he would do that...

He said he wanted one day to tell his grandkids he once paid interest on a B*J .....

 

Yeah, you're probably right

 

I used Affirm to buy a cellphone about 5-6 years ago. Was offered financing by Oneplus at the time. 0% for 6 months was not a bad deal. The bad side of it is it shows up on your credit report as having an account with a consumer finance company that's a less desirable line of credit and can make you look bad to other creditors.

 

TV commercials show people who are deliriously happy showing off the fact that they FINALLY paid off their Title Max loan ... after they had to put their "it gets me to my job" asset on the line because they probably planned badly and wasted money on beer and cigarettes. The commercials have the cute jingle that is supposed to explain they charge only 350% annual interest instead of the "thieves" at other companies who charge 550% annual interest.

"Get your title back at Title Max!"

Payday loans (your next 10 paychecks are gone already), car title loans (they take the car, you risk getting to work), etc ...

 

@RichochetRabbit payday loans are one of the most predatory types of leaders. High interest and they make it sound so simple and easy on the ads on TV. They really hurt poor people. Title loans title max I've not heard of. Maybe they are illegal in some states.