Toyota Financial Services

Anonymous · ‎12-04-2015

Hello Everyone,

Recently I was approved for an auto loan from Toyota Financial Services

***NEW CAR

Vehicle: 2016 Totota Camry Hybrid
Amount: $27,745.80
Lender: Toyota Financial Services
Months : 60
Interest Rate: 0%

***TRADE IN

Vehicle: 2014 Honda Civic LX
Amount: $12,880
Trade Value: $13,500
Lender: PenFed Credit Union / Santander Consumer (Previous)
Months : 48
Interest Rate: 0.99%

I signed the agreements and already got the car, after few days later I have been contacted by my salesmen and He was asking my VISA/GREENCARD.

He said, the bank is asking for the VISA/GREENCARD. I told him I don't have a green/visa and I just only have Employee Authrization Card which will refer as my VISA/PERMIT to work in USA.

The dealership had ran credit inquiries on 3 differents banks (Wells Fargo, Chase and Fifth Third) and as well as inquiry from Dealership and Toyota Motor Credit. all together 5 inquiries so far.

I had the same issue last year, I was asked about my VISA/Geen Card when I was at the Honda Dealership. but somehow they got approval from (7.04%) Santander Consumer. couple of months later, I had refinance with PenFed Credit Union (0.99%).

** My friend bought same car/same trade-in last month from Toyota (Different Dealership), He has only Employee Authrization Card but he was approved from Honda Finance (Trade-in) since he got a Co-Signer.

My question is, since I already signed the agreements what's they are trying to do? and what should I do?

Anonymous · ‎12-05-2015

Because the contract is not finalized until the deal is funded by TMC; the dealership will try and find a lender that will accept documents you do have, or they will consider it a roll-back (meaning they will reverse the deal; but the dealer will take a hit, as the camry will be considered used now, since you drove it off the lot).

Anonymous · ‎12-05-2015

@Anonymous wrote:
Because the contract is not finalized until the deal is funded by TMC; the dealership will try and find a lender that will accept documents you do have, or they will consider it a roll-back (meaning they will reverse the deal; but the dealer will take a hit, as the camry will be considered used now, since you drove it off the lot).

Thanks for the reply!

Since I already signed the agreements what kind of possibility they have of cancelling the contract?

I have been going through same process last year, when I was buying my civic from honda dealership. but they were able to get it approved from Santander Consumer.

How come my friend was able to get the car, since he had same situation?