nero_tC

i have over 810 FICO score... my question is...

is there a set APR "range" in which dealers have to work with... or can they bring it as low as they want?

at first they told me i could get 8% and they couldn't get me anything lower than that.... funny thing is today they tell me they can bring it all they way to 4%. I know it's probably unlikely but could they bring it lower if they really wanted to? or is it not possible whatsoever?

i currently have 3.5% with my bank, but I want them to match it so I can do it through toyota finances, since I would prefer to do it with them. but they are giving me a hard time about it. can it happen if they really wanted to? anyone know?

silverstreakersc

anything 700 and above is tier 1 finacing. Check scions home page under finacing for your zip code. I live in KY and recieved tier 1 which is 4.45%

nero_tC

thanks but that really doesn't answer my question. i already have 3.5% why would i go with 4.45%?

silverstreakersc

That is in this area, that's why I said go to the scion website and put in your zip. I don't think that they are supposed to go lower than what is advertised for each area/tier. I was told that it was what it was no exceptions, but that could be just dealer talk. Sorry just trying to help

nero_tC

quite alright, i appreciate the help. and just to let you know that dealer was lying to you because my dealer has me at 4% right now and the scion website says something like 4.45% also for my location, i believe. i just want to know if they CAN match my bank of 3.5% or lower IF the really wanted to.

Dana278

What bank are you getting 3.5% at? Right now the Scion site is telling me 4.9% for excellent credit. A few weeks ago it was 4.75%. When my salesman figured out preliminary paperwork he was calculating at 4.5% without knowing my credit score. I wonder if they'll honor that.

One of my biggest concerns is the financing. I have excellent credit (783 last time I checked) and I HATE throwing money away on interest. I'm hoping they'll go down even lower when they run my score.

JasonH

All Scion dealers have their interest rates posted on thir websites. They are the same for all the dealers in your "zone". If you can do better than the dealer APR, do it.

The APRs are fixed, just like the car prices. If the dealer can do better than the APR listed on their website, it's not through Toyota.

2JZ

i got 4.6%.

you might want to go with the dealer still since on your credit report, a auto loan is treated differently (and more beneficially) versus just a loan. the difference between 3.5 and 4% (if your dealer was serious... it really might have to do with your region, but 4.6 is the best i could've gotten from toyota.) is like a few dollars (if that) per month. Much better to go with auto loan than doing credit loan just to save that .5%

nero_tC

Dana278: Through my credit union. It's actually 3.49% right now. How does your salesman calculate 4.5% without knowing your credit score? Something is wrong with that. But after a certain point I think it's like 720 (not sure the exact #), it doesn't matter anymore, even if you have 850 FICO they will still give you the same APR, unless you haggle with them.

JasonH: My scion dealership has 4.45% posted as the lowest APR for perfect credit. The APR's are not fixed. My dealer went from 8% all the way down to 4%. The only thing that is "pure pricing" is for the car itself, I don't think that works for the APR as well.

2JZ: My bank is treating it as an auto loan also with 3.49%.


Back to my original question, anyone know for sure if the dealer has a range they can work with for the APR? Or can they give you any rate they want? I'm still trying to get them below 3.5%. Reason I would rather go with toyota financing is so that i can get my college rebate. Don't know if its going to work, I guess I will have to wait and see.

exposed29

Your dealer can finance your car through Toyota Financing at Toyota Financing's rate or they have access to several other institutions that have different and possibly lower rates. A good dealer will try to get you the best rate they can. A greedy dealer will get you a higher rate and make more money off the loan.

nero_tC

So I'm guessing I can't get the rebate unless I go with the Toyota Financing rates? Does anyone know about this? Ok, so now my question is does anyone know if there is a range for the toyota financing rates that they can work with? Could it be possible for them to match my bank's rate through toyota financing?

2JZ

my dealer told me that the APR is also part of pure pricing... i don't know what your dealer was smoking in order to give you an initial 8% rating, he was supposed to follow Scion's guidelines... are you in college? or just get out? my score was 753 and i immediately got into the highest tier and that was that, same rate as i got from the Scion website.

nero_tC

That's a car dealer for you, always trying to make an extra buck. But like I said before he started at 8% and now it's all the way down to 4% (but I don't think thats through toyota financing). He didn't tell me, I figured it would be, since I told him I would be using the college rebate.

And yeah, I just got out of college. "Pure pricing" only means they can't charge you more than that, it doesn't mean you can't go lower.

I just went to the scion site again to find the APR, and I just realized since the dealerships in the southeast are independently owned. I believe they have different rates? Anyone know about the rates in the SE? Because I don't have the link where it says "customize payment options" when I tried builidng a tC. Try using a zip code from the southeast and you'll see what I'm talking about.

This is what it says:

Southeast Toyota Finance and JM&A Group offer a variety of financing, leasing, and vehicle protection options through your participating Scion dealer.

But I don't know what that means exactly. I guess the "pure price" experience isn't so much of an experience here in the southeaast. :?

Harman

My question is, if Scion/Toyota will not budge, you may as well finance through your bank. I have low 700+ and Scion get me 4.9%. Since Scion has a "no haggle no hassle" policy, they may indeed not able to negotiate the rate. But again, we never know.

Remember, when you have a score that high, you have the edge and you should be the one who give them hard time. Don't let them fool you. Laugh at their face if they BS you with 8%, or anything higher than 5%.

cliffy1

I'll agree that some dealers don't get it. What should happen is that your dealer runs your credit, checks the score against the posted TFS rate and offer to give you payments based on that rate. If you can get a lower rate on your own, go for it. We get a low flat fee from TFS for setting up the loan, but its not enough to get excited about.

On any product other than Scion, we can "hold rate." That means we have a "buy rate" and are allowed to mark that rate up. For instance, on a $20,000 loan, I may have a buy rate of 4.1%. A customer may not have access to a credit union and his bank may be offering car loans at 6.5% (pretty normal actually). I can offer him a loan at 6.1% and keep the difference as profit. Meanwhile, the customer actually get a better deal than he could have on his own.

The problem happens when I "take his temperature" by asking for 6.1%. That customer may have access to a credit union with a 4.49% rate. That customer will look at me like I'm nuts when I present a 6.1% rate. That's when negotiations start.

Scion isn't about negotiations. At least is shouldn't be. If dealerships are still negotiating rate, they are violating the Scion agreement and screwing things up for all of us. I don't blame you for being distrustful of dealers when crap like this happens. This is why the Saturn commercial is still so funny to me... "So what is it with the catch?" Some folks just can't imagine a deal without one, even when it is smacking them in the face.

nero_tC

Thanks for the explanation. I just wanted to make sure I understand correctly. 3 questions.

1) Does this apply to the Southeast Toyota Dealers/Finance also?

2) So this "buy rate" is the absolute lowest rate you can give the customer? Or can you give even a lower rate? And if so, is there anyway I can find out what the "buy rate" is?

3) How about negotiating installation charges for say TRD springs? Can you do that?

My dealer has been negotiating rates from the very beginning, he went from somwhere around 8% to 4%. Funny thing is somewhere around 5%, he told me he couldn't give anything lower than that. uh hmmm... I just want them to give me me a better rate or eve match? my credit union rate of 3.49%. Is that too much to ask for?

Dana278

Ahhh those wonderful credit unions. I got my last car loan through my school's credit union, but I just closed out my account because the rates here weren't low enough for me to waste my time with them.

In regards to my salesman calculating the 4.5% without running my score...he just checked on the Scion website which automatically gives the current APR for the area. It wasn't anything official, he was just trying to give me a general idea of what my payments will be. He went off of my word that my credit score was in the upper 700's. And I guess I didn't know that someone with a 720 score would get the same rate as someone with an 800 score. Thanks for that info.

And I'm also going to be getting the college rebate, which requires you to finance through Toyota, so I guess I'm stuck with them. Unless I'd rather go with a lower rate and save money over the 60 months of the loan. Tough choice, since it's definitely more appealing to have free money NOW.

zoltiz

My dealer beat my credit union with the rate - "pure pricing financing" is BS - they can always finance it through one of the dealer's sources - it does not have to be via Scion/Toyota Fin. The dealers are trying to use the "pure pricing" to make more money - like with accessories that you buy separately - there is no pure pricing on these... Always shop around ;)

On the other hand I think Toyota/Scion Financial will not budge below certain APR, depending on the region - in ATL it looked like 5.9 was lowest APR for Scion financing (I have a 790 score).

cliffy1

1. It should apply to SET dealers, but SET doesn't use TFS for its financing. They use a lender owned by Jim Moran called World Omni. What a shocker... he's the same guy that owns SET. Oh and he also has a fairly high stake in the warranty company (JM&A stands for Jim Moran and Aoociates).

2. Yes, buy rate is the lowest available without the dealer actually paying the bank to finance the car.

3. The installation of springs shouldn't have anything to do with the financing.

All rules seem to go out the window with SET. I know there are many top notch dealers in that region, but there also seems to be a larger number of ones that are avoiding the idea of the Scion process.

Dana278

Would you mind answering a question for me. When I started the Scion buying process I could get a rate of 4.5% through TFS. Of course I've been waiting for it to arrive, and in the meantime, the rate for Arizona has gone up to 4.9%. I remember my salesman documenting the 4.5% on some paperwork when he was figuring out my payment estimates. Will Scion honor that rate for me, or will I have to get whatever rate is available when I sign paperwork?

I'll ask my salesmen the next time I call, but I'd like to see what you say in case he tries to pull one over on me. Thanks.