topic Re: Toyota/Lexus Financial Services..drove the car off the lot..then this happened in Auto Loans

Toyota/Lexus Financial Services..drove the car off the lot..then this happened

AvaMarie77 — Wed, 10 May 2017 04:23:32 GMT

I am so upset I can't even sleep. No...I AM LIVID!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I go into a Lexus Dealership find my dream Lexus..everything is going smooth as butter.

Sales guy comes back lets me know my Equifax score is 703 and that I am approved....we begin the paperwork to lease my dream baby...

The sales guy shows me the vehicle and then I sign a massive amount of lease paperwork and boom done. I agree to pick up my car the next day.

That night I get a call rom Lexus/Toyota Financial and they tell me I have a fraud alert or some type of freeze on my account. I answer all the questions and everything is all good..or so I thought.

I go back to pick up my Lexus..the sales guy shows me all the specs and then I drive my new lexi home.

Here is where everything gets sticky and an absolute hot mess.

Around 8:00 p.m. my phone starts ringing and long and behold it's the sales guy.. he tells me that Lexus/Toyota Financial cant access my report because there is an alert on it. He tells me I need to call and have it taken off.. I explain to him someone called me last night and Toyota has clearly accessed all my reports because I am getting hard pull alerts galore.

He then tells me well they also need paystubs now....which is no problem but then I ask wait..has the loan not been approved...he doesn't answer the question and says Toyota requires this verification from everyone (interesting they didn't require it from my cousin last week, but ok I send the stubs with no problem)

So now I am asking why in the WORLD would you let me sign all that paperwork and drive off the lot in a car and there wasn't even a FREAKING APPROVAL????

Now I am crying and not sure if I will have to go turn the car in because technically the loan hasn't been approved.

Is this normal? Has this ever happened to anyone else?

Re: Toyota/Lexus Financial Services..drove the car off the lot..then this happened

Appleman — Wed, 10 May 2017 12:07:24 GMT

This is called Spot Approval. Often you sign paperwork to that effect.

Trust me, the sales guy and Lexus want you to be approved.

The finance guy likely had an approval that may have unraveled with the Fraud Alert present. I would imagine as a lender I would dig deeper to ensure the customer was legit given the Fraud Alert etc.

All hope is not lost, but looks like the lender needs additional information to satisfy the loan.

Good luck, but I bet this works out for you....

Re: Toyota/Lexus Financial Services..drove the car off the lot..then this happened

Teo — Wed, 10 May 2017 14:02:17 GMT

Even though it's a pain for you to deal with right now - be grateful. Imagine if you were happily off living your life, unaware that someone was trying to buy a Lexus in your name.

Re: Toyota/Lexus Financial Services..drove the car off the lot..then this happened

nykos5000 — Thu, 11 May 2017 00:13:33 GMT

I wouldnt worry about it. As mentioned, this is called a spot approval so they let you take the car with more than guaranteed chance you will get approved. I have bought cars in the past where I had the car almost 3 weeks before I "officially" got approved. As for the bank asking for paystubs... this is pretty normal when the score isnt as strong. A strong score will mean a less likely chance for proof of income.

Re: Toyota/Lexus Financial Services..drove the car off the lot..then this happened

AvaMarie77 — Thu, 11 May 2017 00:29:11 GMT

Thank you all. I have calmed down and I'm hoping for the best.

What is considered a strong score? I feel like I am being treated like I have a 500 credit score when my score is 703. If I had done better research I would have waited for my score to hit 720 or more...I think after this I will just buy cash cars. This has been a horrible experience but a good lesson!

Re: Toyota/Lexus Financial Services..drove the car off the lot..then this happened

CreditCuriosity — Thu, 11 May 2017 00:33:22 GMT

Interesting.. The proof of income is what I find more interesting with that score as pretty decent/good.. Usually car is about as secured loan as you can get thus rarely require POI. Last time I bought my lexus they just pulled my report no POI, granted my credit reports has alot of hgiher dollar cars and log auto loan history. You will be fine.. Sorry you are going through this and as others stated they wouldn't of let you drive off the lot with the car most likely if they weren't 99% sure they would get you approved. The POI is probbly due to the FA on your CRA them just double doing their best to make sure everything is straight and narrow. The one time I have dealt with Lexus/Toyota finacial they were good to deal with. Granted the finance person at the dealership can certainly make it go alot smoother if they have X person they call at their lending and just get it pushed through by personal relationships they know alot of them on first name baais if the finance person at dealership has been around long enough

BTW when I bought my lexus think I was around 715-720 and got the best terms.