I went to the dealership on October 8, 2008 to test drive the Toyota XRS I really liked the car, and they talked me into buying it right there and then. I was planning on putting down 14k and financing the rest of the car with 0%APR making the payment around 300 a month. When I sat down with the finance person they told me why would I want to do that if I can earn interest in my bank account which by the way I get 3.30% at Etrade savings. So they said Put down 0 and finance the 25k. The car came to 25k after fee's and taxes extended warranties. So 25k over the 36 month 0% loan which is about 700 a month i was like holy crap 700 a month is extreme and I was unsure if i wanted to do it but i figured they were right I'll earn more interest in the bank then giving it to them. So i signed all the paper work and left the dealer without giving them a dime!!!
2 days after I bought the car they called me and told me that Toyota would not approve the loan cause 700 is way to high for what i earn at my job and if i could put down 15k or get a co-signer and I said I'd call them back after a week went by i called back and said I could not.
Then after a not hearing from them for 2 weeks i figured things were fine. the sales person called his 2nd time and kept asking me to give him a good "grade" on his report card i was like whats the deal i have not gotten any paper work in the mail or this report card??? and they asked if i could at least pay Fee's and Taxes which were like 3k and they will finance the rest and i said NO.
another week went by and I called and asked them if i am going to have to return the car or what? cause i am sticking to the deal we both signed to and they said they were "finalizing" everything... So today its Nov 13, 2008 I have never gotten any paper work from Toyota or the dealership. Is this crazy or what?? they said the 1st payment would be due 45 days from the October 8th which hasn't come yet... You think that will still be the case ?
I wish i new what was going on? I'm done calling trying to find out I mean the last time i talked to them which was 2 weeks ago they said things were "finalizing"
Last edited by dj2000lbs; 11-13-2008 at 10:38 AM.
Reason: speling
Toyota Financial sucks. I've had nothing but problems from them. When I was signing the paperwork I made it very clear that I DO NOT receive mail at my physical address and to be sure to get my PO BOX to them. Of course they did not. So I did not receive any information as to where my payment was to be mailed. Took me like 5 phone calls to get them to remove the late fee charge. I hate them.
Wow. It's crap like this that gives car salesmen bad reputations. Sounds like you may have dealt with a new, inexperienced or greedy salesman who was thinking more about his commission instead of thinking whether or not you actually qualified for the loan. The problem is your D.T.I. (debt-to-income ratio) is too high. Toyota is worried about your ability to make the payments. I worked in finance for years and I can tell you one simple truth: Don't pay tomorrow for what you can pay for today. If you have $15K to put down, put it down. 0% interest or not, you still inevitably have to pay the principal balance - so - might as well get a nice head start. Take the remaining balance ($10K) and finance it over 3 years at 0%. You now have the best of both worlds. In 3 years you will own your car free & clear with no interest paid. Hope this helps.
I put 0 down and got 4.9%, over the case of my 5 year payment plan, that car will cost me a total of ~$20,500 (LE though, not XRS). I'm doing about....2.5k extra on top of what the car cost for me give or take. For me, it was worth it, because my broke ass couldn't put anything down, but hey, like he said, if you can, I would. It's 0% apr. I'd take it.
It would be different if it was like, put 15k down and then it's 2% apr. I'd calculate that out before saying ok. But this one's a pretty basic enough deal that works in your favor if done right.
Oh. And one last bit, agreed with toyota financial being dicks. I had some fucker call me the other day and speak to me in the most condescending manner just because they didn't get certain documents needed that I distinctly remember getting faxed to them. "Ok well, do you think you can these to us? Do you think you can do that? Ok? Because we need them."
They gave you the car with financing still pending? Is the normal today?
Do you have a contract for buying this car and what does it state? Do the terms of the contract state the sale is still pending final credit approval or are all the terms and conditions now final and fixed?
If the terms are now fixed Toyota needs to abide by them. If for some reason they are not give the car back to them. Speak to the head sales person or owner and state you getting the run around and to either deal or take the car back.
Given the current state of the economy which will get worse you should be able to get a better deal. Personally in my opinion unless your job is very secure suggest you keep the cash you have and find a cheaper or used car.
Whatever you do, find out what is going on. Toyota could state you failed to do this or that and hit you with fees, etc. Go down and talk to the head sales person or owner.
The loan agrement was final. They figured it was going to go threw cause i have great credit. but not the highest paying job i also live with my parents. my dad thought it was crazy that they let me leave the dealership without having the loan finalized threw Toyota. I could pay for the car out right but I wanted to build my credit and why not earn interest thats roughly 50 a month. when this first happened i thought this would be a great opportunity to renegotiate the deal but thus far that has not happened. I thought about driving into the dealer and demanding they take the car back and just buy something cheaper (not at the dealership) I might just be getting cold feet.. But i don't really think the ball is in my hands i think its up to the dealer if they want to take the car back or not?
I think you could bargain the car lower, unless you signed to the contrary. :| If you can manage to get them to take the car back, I'd go to a different toyota dealership and try for the same car. Play the "Well, I got this offer at this place...can you match or beat" game. It worked for me.
With the state of the financial market and Toyota's sales dropping (Not as significant as our Big Detroit 3 but still), I'd say you have a really good chance at cutting a better deal for yourself.
Just, do a shitton of research before going in. Know MSRP, know on average what people in your area are paying for a XRS. Calculate if it's better for you to finance altogether over a longer period of time, but try to get a low apr. All sorts of crap like that.
If the loan and car sale is final it is now a contract. Toyota can not come back and demand you renegotiate the terms.
But as you state Toyota has the upper hand as for better or worse you signed the contract.
If they are this crazy to want to renegotiate feel them out. Be polite, etc as they have the upper hand. They may want you to modify the terms to better suit Toyota.
Figure out what you want to do before you start talking to them.
Make sure your you find out when the payment is due! You don't want to miss payments!
Ideally the goal would be to have Toyota cancel this contract, give them the car and call it good.
Toyota is going to do what is best for them, not you. Whatever angle they come up with is for their benefit thus if given the chance to modify the terms suggest you fully consider any new terms. This unless they want to cancel the contract completely with no penalties etc. Then suggest you do this and go elsewhere.
thats why u gotta pay cash =) i traded in my maxima i got 14,600 for it and then i paid cash for the rest, my gf financed her scion a few years ago and she has nothing but problems with the website and payments and such. toyota financing is a JOKE
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2009 Corolla S Black Sand Pearl - Automatic
thats why u gotta pay cash =) i traded in my maxima i got 14,600 for it and then i paid cash for the rest, my gf financed her scion a few years ago and she has nothing but problems with the website and payments and such. toyota financing is a JOKE
I have not had a single problem with Toyota finance. Guess I have been lucky from what everyone is saying. I can use the balance owed cash to make some interest! every little bit helps!
If they get wierd, I am lucky and can just pay them off!
Toyota Financial sucks. I've had nothing but problems from them. When I was signing the paperwork I made it very clear that I DO NOT receive mail at my physical address and to be sure to get my PO BOX to them. Of course they did not. So I did not receive any information as to where my payment was to be mailed. Took me like 5 phone calls to get them to remove the late fee charge. I hate them.
I dunno about that. If I was lending you money and all you gave me was a PO Box rather than a physical address, I'd be wondering if things were legit.
And with the US economy in the crapper because of lending issues, everyone is very tight with credit around the world. Even those who have great credit and jobs are having trouble arranging financing.
So blame all you want. Just blame Bush and his short-sighted lack of any banking rules or policies.
Just blame Bush and his short-sighted lack of any banking rules or policies.
Well not to get all Political but there is a lot of blame to go around. I bought this car on October 8th right before the October 10th meltdown on the S&P and others. Toyota approved me for a 25,000 loan because I had credit score in the high 700's. This is my 1st car loan my debt to income ratio is 65% that is INSANE lucky for Toyota I have all the money to buy this car sitting in my saving cause I am a hardcore saver. but had I just wanted this car if you have good credit apparently thats all you need to drive away from the dealership without paying a dime. Yesterday I called the dealership I didn't want to do it I thought MAYBE I would get to drive away with a XRS Corolla for FREE! maybe i slipped threw the cracks But somebody posted here about paying a late fee and i figured with my horrible luck i would get the 1st payment with a late fee. When I called she new who i was at the dealership and i told her how i had not herd anything from anybody nor had i got anything in the mail? She was like OMG Toyota Finance hasn't called you yet? I said No and she was like I need to you to fax me 2 check stubs so i can send them to Toyota Finance. So I did and I never heard back.... I think its CRAZY that I bought this car October 8th and this is the first time they have actually seen what i make by seeing my check stubs. I considered being like check stubs i am unemployed now lol but I'm not the great at being dishonest. SO I guess I'll see what happens this dealership def does not want the car back I already have 1400 miles and I'm sure they would have took it a while ago if they had any doubt about not being able to push this loan threw. but who knows...
When I bought my car, they knew everything about me. How much i made, where i work, my credit score, how much I had in the bank, and whether i qualified for the loan.
In this day and age i cannot understand why they didn't have you qualified before you left. Someone made a big mistake at the dealership.
It is not Toyota Financials fault that you did not qualify for the loan, they can qualify you in a matter of minutes. Sounds more like the dealer let you have it before they got an answer from Toyota Financial?
Whatever you do, don't just drop it off at the dealership. When you took possession of the car you made a legal promise to buy it. Unless the purchase and sales agreement stated that the sale was contingent on you obtaining financing, you own it. It is your responsibility to pay for the car, which really has nothing to do with Toyota.
I had a friend that just drooped a car off and he ended up in court for not paying (and he lost) - - - and he didn't even have the car!
If you have the money in the bank, why don't you just go pay for it?
Or at least see if you can do the original deal and finance $10,000.00 of it.
Don't let an issue like this effect your credit. It is not easy to get it back.
I always finance a car for the longest term that I can get with decent interest rates. Then when I feel like it, and can afford it, I put more down on the monthly payment.
BTW - $700.00 per month to buy a car????? My mortgage payment is the same amount.
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