Help with trade-in

Overall Toyota sales are down 36% from last year.

 

That may be so but they are still far from hurting lol. I don’t feel bad they have lost a few million dollars to pad the executives pockets. They’ll be alright. It’s good for big corporate greed to come in check every now and then.

 

I have to (respectfully) disagree with this although mine may have been some crazy glitch.
When I bought my truck there were 2 credit checks (which was stupid) on the same day. The dealership ran one, then Toyota Finance ran one...my score dropped 86 points that very day. I was more than a little pissed. This was in March of '18, it finally got back to normal about 3 months ago.

 

IMO you'll lose too much money to justify the trade. I'd advise keeping a new car a minimum of 5 years, 10 is better. But it doesn't hurt to ask. It seems used vehicles are bringing a premium now.

As to credit scores. The guy with a 750 credit score gets the same interest rate as the guy with an 850 credit score. A few points either way at this point isn't important unless you're right at 750. Between 700 and 750 and you'll still find it easy to get a loan, and at good rates. You may pay 1% more than the guy with an 850 credit score. If buying a $500,000 home financed for 30 years that 1% is a big deal. On a $20,000 loan for 5 years not so much.

Below 700 and above 650 and you're a moderate risk to lenders. You'll probably be approved, but don't expect favorable interest rates. Below 650 and you may not get the loan.

 

Holy shit

Yeah yours is definitely not the norm. I think mine only dropped like 20 points for the pull and new loan when i got my tacoma. Some of it depends on the total credit and debt you have as well. I dont think I’ve ever heard of one tanking that hard.

Typically if you have a couple pulls in a short period of time its no big deal unless you open a bunch of accounts during that time too.

 

Yeah, I'm not sure what happened with mine but it wasn't normal! We bought my wife a car in Feb and I told them they have a one time shot at a credit check!

 

Coincidence.

Multiple credit checks within 45 days for the same purchase count as 1. It is multiple applications for multiple different loans or credit cards in a short period of time that cause the score to drop.

Paying off a loan will actually drop your score. I paid off my house and my score dropped by about 60 points. Took 4 months to get it back up.

There are multiple agencies that monitor your score. Some go to 850, others 950. When I look at my scores the agencies that use 950 always show my score 50-60 points higher than the agencies that stop at 850. But relatively speaking it means the same thing. The credit check you monitored may not have been the same one the dealership and Toyota used. Your score may not have dropped much at all if you compared different agencies.

 

The credit scoring system is flawed. It seems like it order to keep a good score you need to stay in debt to some degree.

 

I totally agree. I got a credit card (first one) a couple of months ago and my score bumped up a few points. It's like they're happy I'm going to be charging stuff

 

@Itchyfeet

From the consumer's point of veiw it is very flawed. And has been for decades.

Personally, I keep just enough debt to maintain an acceptable score (my only debt is the 0% loan for the truck).
This way I have credit available if I need it for an emergency, but am not paying out interest.

Granted, it took a very long time to get here, but I think it was worth it.

 

My advice is to wait until the Tacoma market turns back right side up. At least a year. You'd take a severe beating if you traded now. Use the wait time to decide EXACTLY what you want. (Color, trim level, etc.) Then when the market has returned to your favor, buy THAT truck. No compromise. Then keep it at least 10 years, so you stand some chance of getting your money's worth.

 

That looks exactly like my wife's 2018 Camry XLE V6. We both love it.

 

^^^ very good point above. When you do trade in make sure you get what you want. It took me alot of searching for awhile. Take your time figure out what you want and make sure not to settle for 'whats around '.

Also it wouldn't hurt to check carvana or trade in value and compare what they will give you compared to the tacoma you want

 

X2 --- Carvana is a great idea and only takes a few minutes to check . If Camry's are like Tacoma's they might give you $24K .

 

Dude. Stop taking advice from your mother or you’ll end up shits creek with debt.


Tacoma prices aren’t going down.
Pull the trigger now and eat the payment and put down whatever you have . Or buy a junker...your only two options






edit: you already bought the Camry.

RIP OP


Hopefully mom helps with the loss you’ll be taking.

 

BTW.. Prices might be different now but I got my exact 2015 tacoma for roughly 24k (what you might get for your camry). Manual transmission V6 4x4 access cab lower mileage with decent maintenance records no rust (very little i guess) certified pre-owned but it took some looking and pouncing. Prices may have changed due to inventory

Thats if you're into getting a 5 year old vehicle.
PS.. its running great! Good luck with your search/decision

 

If your not happy with the car & really want the Tacoma I would trade it in shop around you don’t need to run your credit till your ready to make the deal so don’t fill out a credit report form at every dealer you walk into for the trade go in tell them what you want to do let them give you some numbers and you can do your homework before going in see how much you should Expect to get on trade call your bank who has the loan on your car get a pay off amount so you know how much Negative is left from trade to the loan and in most cases they can roll that into your new loan on the Tacoma & your payments won’t go up much over the loan so hope that helps good luck

 

This ^ is why I no longer care about credit scores,I would rather be debt free myself.

 

I totally agree. I went over several years and paid off all my student loans, all my credit cards. I only owed a mortgage payment and nothing else. I swore off using credit cards and any payment plans. I was big on those 0% for x month deals when I needed something. I started to save and pay cash for things. My credit score was still great but started to fall some. It turned out that using my credit card to buy a thing for $50 or so and paying it off every month brought it back and then some. So yes you have to always be active using your credit some.

 

I own a 2020 TRD off road and I am currently renting a Camry while visiting my daughter in Idaho. If you don’t NEED a truck, keep the Camry until you at least have a decent amount of equity. FWIW the Camry has way more room in the interior and you will get used to driving, parking and backing up. I pull peoples credit everyday as a mortgage lender. Your credit will be fine at the end of the year, but you should still keep the Camry.