Who did you use for financing? I regret going with TFS

What I would suggest and what I almost did was apply for the college grad promotion through Toyota and then refinance through usaa after to save the $750

 

I haven't had problem with TFS (I have both lexus and toyota through them). The only complaint i have is that it takes forever for scheduled payments to go through and finalize. So you never know if the payment was approved.

 

Some money institutions possibly classify a refinance as a used car where the interest could be higher....keep that in mind.

 

I used TFS for my current truck and never had any problems. It does take a few days for payments to post on your account though.

The option to see current pay off amount was a cool feature. They do cancel your online account once you pay off the loan so be sure to download any history before the last payment.

RJM

 

you can cancel your online payment on toyota financial site. Also can see pending payments and past payments. Were you unable to do this?

I liked TFS and found their site to be very easy to navigate and up front and honest with payoff.

 

not sure about other companies but usaa allows you to refinance up to model year 2015 and still get new car rates.

 

I could have cancelled it had I caught it in time, but they had already posted. I wouldn't have known about it had I not been looking at my checking account activity online. Tomorrow makes 50 days since I called them and they took the payment off my account and said I'd get a check. Still no check. That's obviously how they do business. They hoped I would forget about the money but I won't.

 

I went with SETF (south east toyota finance) i got my $1,000 military rebate and a 2.49% APR. Which is good enough for me. Im jealous of all you guys with 0% APR

 

Now just refi with usaa. You'll get a better rate

 

that was the original plan. i can't get anything lower than 3.19 with them right now

 

Give it 6 months of making payments and then refi for a shorter term and you should be able to get the prime rate.

 

Schools First FCU. 1.49% for 60 months with half down to the dealership.

The dealership sent the title electronically to some other credit union named School Something but that happens all the time so the two credit unions figured it out on their own. I got a letter from my credit union saying they needed the title if I had it. Went in the next day and they did all the calling

Also refinanced my wife's Civic for 1.62% with them

 

I will never give my money to a for profit institution owned by others on a loan to line the pockets of shareholders. Support your local credit union where you are an owner and everything the credit union does is in the interest of serving you better, and not trying to make a buck off your back.

 

I attempted to go with my credit union at 2.99%. During the signing, the dealer told me i qualified at 2.29% with chase. Which was great because i already have a savings and checking account with chase so it would be easier to link and pay days ahead of due date.

 

I used TFS. Completely happy. Always payed extra every month, payed off 1.5 yrs early. Nothing beats a paid for vehicle

OP why didn't you just tell them to apply it toward the principle? Less interest paid to them over the life of the loan!

96 months?!? 8 years of making payments!

 

They (TFS) sent me a check for 6 bucks. You can check online what the payoff is and avoid any major surprises.

 

CEFU 2.29 36 months

 

I have to chime in here.

I was on the Board of Directors for a small CU at work. I did this as charity with no compensation. Small CU's bread and butter was auto loans. That is about the only way they can turn deposits into profit. After a few years of writing off loans given to low-lifes that wouldn't pay you back, our CU finally had to be sold to a larger CU. The larger CU had huge amounts of capital that allowed them to invest in more risky but profitable loans. During the time when I was on the BoD I bought my truck. I put half down and borrowed the rest. I remember fighting with my conscious about borrowing from my CU at 2.25 % (which was almost break-even for them) or 0.5% at Toyota Financing. I went with the 0.5% and apologized to the rest of the Board. They understood. I hated to do it but that capitalism.

When you buy a car call your bank or CU first. Ask them if they'll match or beat a dealer rate. I promise this is negotiable especially with small CUs. If the CU can't beat it then go with the factory financing.

When you buy a vehicle go in tough but polite and get the best price first. Tell them you haven't decided if you are trading in a car. Just negotiate one thing at a time. Try to walk out of the dealer a few times until you get what you feel is a fair price to you and gives them a profit. They have to make money also and you have to respect that. If you are close to what they will accept, they will convince you to stay and talk more. Always be extra polite. After you have the "cash" price then have them give you a figure for the trade in vehicle. Next, you can talk finance. Have your smart phone with a loan app available so that when they talk monthly cost, rate, you can decipher it back to the total amount you'll pay. Do not forget to talk about tax, license, dealer fees, warranties, maintenance agreements, etc. Do this at the SALES desk before you get to the FINANCE desk. The finance desk is nothing more that a sales department in disguise. Tell them you want the "out the door" cost only.