After being given the run around on price at my local Toyota Dealer I used the Consumer Reports Build and Buy Program, found a dealer in the next state over, talked to them on the ohone and found the car I wanted at a good price. I filled out the "pre-approval" financing form on the website the the sales guy and the finance guy said it came back with a score of 634. They mentioned a couple of charge-offs I had and said it wasn't horrible and were sure they could work with it. They called back in a few minutes and said Toyota Financing had me at a Tier 4-5, but that Ally Bank had me approved at a tier 2 and that the interest rate would be 8.5 over 72 months. The next morning they called and said that Ally had called them and rejected it and they didn't understand why as it had been approved the night before. They said the woman they spoke to at Ally said it was because I've moved a couple of times in the last year and have 2 phone numbers (!). THEN the sales guy said that their finance manager had called in a favor and got me approved at another bank, but since it was his day off he didn't have all the details and would call me Friday morning (tomorrow) to go over it all. But he assured me I was approved and that it was definitely below 9%. I'm planning on renting a car (because I'm not trading my current one in) and driving the 2 hours to the dealer on Saturday morning to get my car. BUT, I want to make sure the financing is approved before I go. I don't want to get there and find they want me to sign a sales contract that says "subject to financing approval" or some such. I feel as though I'm in a vulnerable position coming from 2 hours away - they'll think that once I'm there, there's no way I'll leave without my car. I asked about having them send me proof of financing approval before I make the trip but didn't get a clear answer so will ask again tomorrow.
I *may* be scaring myself unnecessarily. This is a large Toyota Dealer with only 12 complaints with the BBB in the last decade (they're rated A+ by the BBB). Now, I do know, because of my score watch, that Toyota Finance and Capital One pulled my report yesterday, but I don't see a pull from ALLY on there (unless Ally, like ING, was bought by Cap One . . . .). There is a 3rd bank on there, which I know is local to the dealer, so am assuming this is the one the financing will be through. I should have confirmation of this tomorrow.
Because I'm buying out of state, I need to bring the car home, pay the sales tax and register it here - the dealer can't do it for me. Seems as though this can also put me at a disadvantage.
Any advice? They should be able to send me some sort of document proving approval of financing from this bank right?
My other option is to go with a Kia from a local dealer. It's a more expensive car, but the financing is through Kia at 8.5% so it seems less likely there'd be the risk of a spot delivery and I wouldn't be wasting 4 hours of my time driving there.
I'd rather have the Toyota but I want to make sure my rear-end is covered before I make the drive up there! Am I worrying unncessarily?
Starting Score: 2/2013 EQ 535