My best friend said I deserved a new car. I told him I was waiting on my reports to clean up due to my medically induced bankruptcy in 2016, as I didn't want a high-interest rate. He came out and said he'd cosign. I told him I'd think about it. A couple of months later, he's dragging me out and I'm buying a new car.
I went to a couple of dealerships in the panhandle Area, but none had the car I wanted and they wanted me to sign for a car that was in transit for delivery in May, and boy they were vultures. After feeling uneasy, my best friend found this XSE close to where he lives, and boom!
Huge shoutout to Panama City Beach Toyota for making my buying experience as simple as 1,2,3. I told when it was time to pay I was pre-approved by Navy. They asked if they could run my credit through Toyota Financial ( I told them only Toyota and if anything else, I walk from the table, the lady was very nice and said they only do what their customers want, she is the Dealership Finance Director, hired by the dealership owner personally), after I did the math that was a little over 1400 in interest saved. I said okay and it was instantly approved.
It should be noted that South East Toyota Financial requires a 720 EQ Auto score to qualify for their best rate. If you have a cosigner, only one of you needs a 720 to qualify per the director of finance at this dealership.
APPROVING BANK: Both NFCU and South East Toyota Financial Approved the loan, I went with the captive lender for a better rate.
BUREAU PULLED: TU (Navy) EQ (South East Toyota Financial)
CREDIT SCORE: I had a cosigner, my auto (Never had an auto loan) TU 704 EQ 677 Cosigner 776
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Alabama bought in Florida
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Toyota
MODEL: Camry XSE v6 Fully loaded
MILEAGE:3
FINANCE/LEASE: Finance
PURCHASE PRICE:52k (interest included) I bought Toyota extended 150k mile warranty as well as prepaid all maintenance up until 150k good at any ASE mechanic shop.
AMOUNT OF LOAN:47k
TERM CONTRACTED:60
APR/LEASE RATE: NFCU (5.04%) South East Toyota Financial (3.75%)
MONTHLY PAYMENT: 867
ANNUAL INCOME: 185k but I only reported 97k to SETF my cosigner roughly 36k bringing a combined reported income of 133k
DEBT TO INCOME RATIO: Under 20%
MISCELLANEOUS COMMENTARY:
Neither NFCU nor South East Toyota Finance asked for POI. Neither required anything down, but I paid for the extended warranties & maintenance as well as GAP as a downpayment. Navy Pre-approved me for 65k (that's what I asked for) @ 5.04 I've been a member since 2019. I kept my other car as KBB has it around 12k I will privately sell it since it's owned outright.
I take care of my cars so I added ceramic protection to the whole frame as well as the windshield, Paint protection film to the door holes, sides of doors, and headlights, and hood as well as Llumar Formulaone Stratos Film. I also added OEM mudflaps & LED light bars not featured in the photos.
Outstanding ! Congrats on your loan and new car !
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