lexus financial services

[mo15473]

Good Morning my good FICO friends,

I am checking to see if anyone active has experiences with lexus financial services or recently obtain a loan from them. How different are they from there parent company Toyota financial services. For example what type of score do they require, are they harder to get a loan from since they are Toyota's luxury brand, and last if it possible to get a 60 to 70k loan from them if i have only had loans in the 40k rang. I have found I am ready to play with the big boys now and want to get Rid of my new FRS in Dec.

Scores are 680 701 and 703  Worst case ill go to Navy Federal and apply for the loan. Just wounder anyone thoughts on this.

[Anonymous]

I applied for Lexus financing here in NJ and had absolutely no problems I had 6k to put down and payments of $299 and some cents per month for 48 months, but this was on a certified preowned vehicle I think the rx model they may not still refer to them as the rx model. I ended up not taking the vehicle because in the end I wanted a Range Rover, but they are pretty decent with financing and I am self employed they gave no hassles. 

[mo15473]

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@Anonymous wrote:

I applied for Lexus financing here in NJ and had absolutely no problems I had 6k to put down and payments of $299 and some cents per month for 48 months, but this was on a certified preowned vehicle I think the rx model they may not still refer to them as the rx model. I ended up not taking the vehicle because in the end I wanted a Range Rover, but they are pretty decent with financing and I am self employed they gave no hassles. 

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Thanks thats good news to my ears. I am looking to trade in my FRS for GS RX or LS F sport the end of the year pendig on the deal I get.

[Creditaddict]

I don't think you would have any issues either way but the fact you currently have Toyota Financing I think puts you over the top for easy approval with Lexus.

The rate was going to be horrible but when they pulled a sub 600 lexus was going to lease me a CT200h F under Tier 7 (didn't know tiers went that low) but the fact is they are EASY financing!

snap up the lexus Visa while your at it!

[enharu]

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@mo15473 wrote:

Good Morning my good FICO friends,

I am checking to see if anyone active has experiences with lexus financial services or recently obtain a loan from them. How different are they from there parent company Toyota financial services. For example what type of score do they require, are they harder to get a loan from since they are Toyota's luxury brand, and last if it possible to get a 60 to 70k loan from them if i have only had loans in the 40k rang. I have found I am ready to play with the big boys now and want to get Rid of my new FRS in Dec.

Scores are 680 701 and 703  Worst case ill go to Navy Federal and apply for the loan. Just wounder anyone thoughts on this.

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Lexus Financial is also operated under Toyota Financial.

The Lexus lease I had shows up as Toyota financial in my credit report.

If you had previous loans / leases with Toyota, things shoud be much easier for you this time round.

720 (if I remember correctly) is all you need for tier 1 financing with them. They're not harder to get than Toyota. I believe the underwriting standards are the same. They are easier compared to Mercedes and BMW though, but it's not too different either.

It is possible for you to get a 60-70k loan as long as you have the income and credit history to back it up.

They do pull auto enhanced so if you have a history of good auto loans / leases, then your scores will be higher.

[mo15473]

EDIT

Thats good news. But 720 Auto Fico or 720 Fico ? I know when I went and got my FRS fully loaded with extra add ons Toyota wanted a 650 for Tier 1 Financing. Not doubting you just curious as they are both the same financing company. Thanks

[enharu]

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@mo15473 wrote:

EDIT

Thats good news. But 720 Auto Fico or 720 Fico ? I know when I went and got my FRS fully loaded with extra add ons Toyota wanted a 650 for Tier 1 Financing. Not doubting you just curious as they are both the same financing company. Thanks

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auto enhanced. That's what they pulled for me. 

When I talked to the sales mananger, he said it was 720. he showed me this folder with different money factors for different credit tiers. This may have been the dealer's policy, or Lexus' policy, or my manager may just have been talking nonsense to try ratejack me. Best to just verify with your dealership (and also compare with other dealerships in your area).

[mo15473]

Great going to start shopping in late Nov.. trying to get the best deal by the end of the year.

[enharu]

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@mo15473 wrote:

Great going to start shopping in late Nov.. trying to get the best deal by the end of the year.

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I think they have some good promotions going on right now as well. Generally they have the best promos in December though.

However, if you negotiate hard, they probably can give you a really good deal now though, so you don't have to wait. 

The new NX and RC are coming out in November (supposedly), so the dealerships may be really busy and less motivated ot make significant discounts, unless you're picking a non-NX or non-RC car that's already in their lot.

[coterotie]

When I was shopping Lexus.  They said they would use the highest number either auto enhanced or regular FICO.  They also said they would use the highest bureau but they generally pulled EQ.