Has anyone had any issues getting approved through TFS (Toyota)? I'm looking at a 4Runner TRD Premium or Pro - My husband and I are applying jointly and are looking at 72 month purchase financing $45,000-$47,000 $0 down - below is credit income situtaion:
My Income: $127,806 His Income: $83,000 plus VA Disability $527/month Total Gross Monthly Income $18,095 ($217,140/year)
Debt to Income appx 35%
Utilization is high - 90% (had our well go out and had to put in some expensive quick repairs and an emergency denatl surgery with crappy insurance - plan to have utilization down to 50% by January) My lease is up on my Yukon in a few months so need to get it t traded soon.
His: Auto 8: EQ 659 TU 626 EX 583/Auto 9: EQ 606 TU 661 EX 562
Mine: Auto 8: EQ 651 TU 640 EX 596/ Auto 9: EQ 596 TU 641 EX 613
Overall credit is good, no lates, medical collection 6 years ago for $180 Car and house payments no issues so what is hurting us is the high utilization but it will be handled just not soon enough.
I know we wont be tier 1 but anyone know what tier 2 odds would be and what bureau they will look at? I just want to be be prepared - also sending my desired price with trade in etc to 3 dealers within a 300 mile radius; will finalize credit app once the terms of purchase are negotiated.
Thnanks!
Starting Score: 547 May 2013 to 698 December 2015 
TFS can finance down to deep sub prime. Only problem is, I heard recently that their loans count as consumer finance accounts now, which hurt your credit score.
@sccredit wrote:
@Brian_Earl_Spilner wrote:TFS can finance down to deep sub prime. Only problem is, I heard recently that their loans count as consumer finance accounts now, which hurt your credit score.
I can't speak to loans but the TFS lease on my wife's credit is listed as an Auto Loan. Her FICO's are all in the 800's.
A CFA doesn't exclude you from that, I broke 820 on two bureaus with a confirmed CFA for FICO 8 and unfortunately there's no CFA notation on a tradeline explicitly, have to look in the reason codes.
We saw some recent data which suggested Honda (I didn't see TFS explicitly but they're probably similar if this is true) was now a CFA, and that's a recent characterization too as I'm nearly 100% confident that wasn't the case years ago.
Haven't seen this confirmed as of yet, and it's a minor penalty for classic FICO 8, but CFA is definitely a thing for the FICO 04 / FICO 98 mortgage trifecta unfortunately... ultimately though finances > FICO, and TFS has a loan for just about everyone and it's something they pride themselves on (or did when I worked there in their IT department 7ish years ago).
Ok here's how we came out on this deal - got a 2018 TRD premium with 57 miles on it; sticker price was $45,595 they came down to $41,199; I owed $30,758 on my lease they gave me $27,200 (which is about $1500 more than anyone else quoting me) so $3,558 neg equity - lease is up April 2019 but I since I have doubled the allowed mileage I was needing to get out quick and $3558 is half of what I would have paid in payments if I had kept the lease until April and added even more miles (leases arent for me!!) I also purchased GAP for $900. The kicker is the interest - we got 8.99% with Toyota Financial Services - I was hoping for 6.5% but they couldnt get it there after trying 3 banks. I didnt want my credit shotgunned all over so I took TFS 8.99% knowing I can refi next year if rates are good - I just need to pay off some things and get my utilization down, then my score should be in the 700s. I'm really happy with the car and the numbers were right where I wanted to be - interest rate was all on our credit so to no one's fault but our own.
