As a former Toyota Salesman, I can probably give some words of wisdom. I was on the line, not in fleet. If you are just looking for a no hassle buy, unfortunately it is usually better to go through fleet. There's good front line car salesman, then there are slimeballs. Sometimes you can get a really good regular salesman that will treat you good, and give you a good deal, but the fact is, they are there for the gross profit.
If you do chose to go with a regular salesman, just let them know in advance, you "usually" go through fleet, and expect fleet pricing. A regular salesman should be eager to earn your business, but typically they won't give you numbers over the phone.
1.First try to pick out the color and major options you want on the car before even going to the dealer. Once you have figured out basically what you want, if you want to go through a Internet Director or Fleet manager call and ask for the fleet manager. Ask if they have the vehicle you want. If they do not have it in stock, they're most likely willing to get it for you but they are typically more lenient on the price if the vehicle is in stock. Ask for the MSRP, and ask for the Fleet price.
2. Take that price and shop it. Call a few other dealers, and get a price from them on a corolla with the same(or close) sticker price. If you do get a better price than what your local dealership is offering you, call them back and let them try to earn your business. It's a good idea to keep your money in your community.
3. Call your salesman, and confirm your appointment, and make sure they still have the vehicle you want.
4. Have a preapproval already if possible from a Credit Union or Bank, etc. This can give you an idea of what the best rate you can do on your own. Don't tell them what rate you have. See what they can offer first. If it is the same rate as you can do, I'd rec. going through Toyota Financial if possible, it is a good bank to have on your credit. If they can't get you approved at all or their interest rate is higher than what you have, let them know you have a preapproval for this % and this term, and whatever the amount is.
These are the current Factory Incentives on the Corolla til 8/1/05
Get 2.9% APR for 36 months, 3.9% APR for 48 months, or 4.9% APR for 60 months or
A Special Lease 36 months, $199 per month, $1,000 total drive-off
Click here to confirm with your area, and to check updated rates.
http://www.buyatoyota.com/
The Special Interest Rates are based on Teir 1 and Tier 2 Fica scores. Toyota goes by your Experian score. A 660 or above is where Teir 2 starts.
If you know you won't be approved for these rates, then I would suggest waiting until they come out with a Rebate. The rebate on Corollas when they do offer it is typically 750.00
To figure out what your monthly payment will be I like to use the Finance Calculator on
www.scion.com Go to Build your scion and pick whatever car, doesn't matter. Chose a car, and transmission, then enter in your zip code. Pick the low bandwith version so it will load up faster.
When you get to the screen click on the "Customize Payment Terms"
This will bring you to a finance calculator. Click whatever credit profile, you can change the Interest later.
You need to add in 9.5% to the sales price to account for Tax, Lic, and Reg.
Enter in your amount you would like to put down, verify the interest rate and change it if needed.
Enter in the Term and click on Estimate Payment.
This is what I figured on a Car with a price of 16,500 before tax,lic, and reg.
18,067 Amount Financed
4.9% for 60 months
0 down
340 a month
(this is of course with no trade in)
If the salesman is way off of whatever numbers you figured it out to be, they probably have the Alarm, Extra Warranty, Paint and Fabric Protection, Gap insurance, etc, already in the payment. If it is way off on payment, ask them straight up- What does that payment include?
If they are very close to your payment you have figured, then you have nothing to worry about. You can try to negotiate if you want, but if they are selling you the car for the price you have already agreed on then there probably is not any room for negotiating.
When you get into financing the Finance Manager wil try to sell you a bunch of different things. Some ofthem are worth it for some people, some aren't. This is my opinion on the products offered.
Gap Insurance. When you buy a car it automatically depreciates a few thousand dollars when you drive off the lot. If you did not put a large amount for a down payment, or a trade in that had a good amount of equity in it, then you are what';s called "upside down" or inverted. Meaning you owe much more than the car is worth. God forbid you were to get in a car accident and the car is totalled, or the car is stolen and not reclaimed, then your insurance company is going to give you the blue book value. In most cases you will owe much more than this number. You will be left with that amount of debt and will have to come out of pocket for that. Gap insurance covers this.
I bought gap insurance myself, because I didn't put alot of money down. I also got it for a discounted amount. This is also negotiable. Dealership cost on Gap insurance is about 250 bucks. If you can get it for under 400 that's a good deal.
Paint and Fabric Protection This I do not recomend. This is basically a 400-500 dollar wax job(usually a crappy one at that) and you get your interior sprayed with a can of this
You can wax your car and save yourself 500 dollars.
I use
www.zainobros.com Good stuff(see sig)
Extended Warranty. If you were buying a Chrysler Product, DEFINITELY get an extended warranty. but you are buying a Toyota. Don't waste your money on the warranty, unless you feel it is necessary. The Corolla has been ranked the Most Reliable car for over 10 years in a row.
Alarm. The aftermarket alarm dealers put in your car cost them about 30 dollars each. they sell it to you for 695.00
My advice is to save your money and get a real alarm. Look into the Viper 791XV. Online it is about 200 shipped. Then have an authorized dealer install it for you.
Credit Insurance: Nope
Roadside Assistance: Get AAA
Good luck
Tips for a cute girl getting a new Toyota?
in her new car...lol...J/K...Radd Guy
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