Lexus/Toyota SAGA continues..I need help..Again

[AvaMarie77]

So.... I finally spoke to the finance manager and my loan has NOT been approved with TOYOTA yet...

I have signed all of the paperwork for the lease and I have the car in my driveway. 

I called Navy Federal and they approved me within minutes for a loan to purchase the car! 

Does anyone know what I need to call and say to the finance manager? If I don't have an approval for this lease can I take it back and use the check Navy Federal gave me and buy a car?

Please help 

[Anonymous]

First, tell them to NOT shotgun your app around the bank world....because they will as soon as you tell them you have a navy approval.  Hopefully they haven't already. I would just go straight up there and get it handled asap. 

[Appleman]

The finance manager will likely want to get the Lexus deal completed with Lexus finance.

NFCU would allow yoiu to use that loan for another car, but you will need to call and confirm.

Are you looking at not getting the current Lexus in your driveway?

[AvaMarie77]

Thank y'all. I will drive to the dealership first thing in the morning!! 

If they will allow me to switch from leasing to buying the one in my driveway I sure will buy it. 

Now I understand why people ask the credit unions first. Lexus/Toyota Financial have been an absolute horrible experience. treated me horribly. 

I'm just hoping I don't have to wait until Toyota/Lexus makes a decision. This all started Monday and still no approval from them. NEVER ever AGAIN! I don't like signing a whole bunch of papers and driving a car off the lot, just to find out that the loan has NOT been approved. That is so backwards to me.

[Anonymous]

How did it go today at the dealer??!!

[AvaMarie77]

Hey there!! 

So...I went to the Lexus dealership today. The finance manager said I was approved with Lexus/Toyota Financial Services on 5/11 (last night) 

Do I believe him...Not sure what to believe with this guy. I don't trust him and I will not do business with them ever again. 

I will wait a few days and call Toyota/Lexus to confirm this. 

Thank all of you who responded to my post. I was a nervous wreck and had to take double anxiety pills during this whole situation.

On a brighter note..I just Love Navy Federal for having my back and providing me with a blank check just in case i had to take that vehicle back. I have it as security if anything goes down in the next few weeks. 

From now on I will most definatly go to my credit union FIRST before I enter a dealership. I have so many hard pulls..not only did the banks hard pull bbut the actal dealership did hard pulls too!!! I didn't know that they did that. 

I am happy I have my dream car a 2017 Lexus E350 in Eminent Pearl with navagation and cooling seats...one day...when I am retired, hopefully around 38 I will get the Lexus LS my ultimate dream car...

My Scores: TransUnion 700, Equifax 703, Experian 701

Utilization- 21% (I plan to get that down to 7%)

[Anonymous]

Glad to hear it worked out for you! Congratulations!!

[Anonymous]

Happy to hear it all worked out.  I had a similar experience years ago and learned to always have that preapproval in your pocket before you go to the dealer to make the process easier and less stressful.  Enjoy the car. 

[nykos5000]

The dealership always knew you would get approved... I have had times were BMW Finance took two weeks to approve, meanwhile, I enjoyed the car to the fullest those two weeks. TBH, those F&L guys work magic and sometimes lie to the bank to get things moving and do it enough to where they can look at your credit and immediately determine if you will get approved or not once they work their magic. I am surprised it took that long with your scores...should have been an instant approval... maybe there was a lack of auto history something that caused Toyota Finance to do a manual review. Nonetheless, Toyota is an easy captive lender... less strict than BMW Finance/MBFS...but maybe a bit more strict than Nissan Motor Acceptance Corp.