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Financing through Toyota Financial

my_2_girls
Valued Member

Financing through Toyota Financial

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
Current Score: 645 July 2017
Goal Score: 750... just for starters


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Message 1 of 8
7 REPLIES 7
-Cal-
Valued Contributor

Re: Financing through Toyota Financial

I bought a Toyota a few years ago. They were running a 0% promo which only needed one 700+ auto FICO to qualify, at the time FICO 9 wasn't out yet. While all my scores were above that threshold, I froze EX/EQ (from my phone right before they submitted) because TU had the least inquiries. I knew this information before I went in, but I confirmed it with the finance manager before pulling the trigger.


You can call up the finance manager (don't talk to anyone else) at any dealership and ask them about DTI requirements, which auto FICO they pull and what are the score ranges for tier 1 and tier 2 (don't tell them your score). If I were in your situation, I would call two different dealerships in your area (including the one you're buying from) to make sure they're giving you truthful information. 

Message 2 of 8
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Financing through Toyota Financial

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.




Message 3 of 8
sccredit
Valued Contributor

Re: Financing through Toyota Financial


@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.

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, BBVA $2,500
Infiniti Financial Lease
Goal: New Mortgage 3/2022
Message 4 of 8
Revelate
Moderator Emeritus

Re: Financing through Toyota Financial


@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).




        
Message 5 of 8
my_2_girls
Valued Member

Re: Financing through Toyota Financial

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.


Starting Score: 547 May 2013 to 698 December 2015
Current Score: 645 July 2017
Goal Score: 750... just for starters


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Message 6 of 8
Kento
Regular Contributor

Re: Financing through Toyota Financial

Hello.
If you don’t mind me asking what was your FICO score at the time and which CB they pulled?


Starting Score: on 4/16 2016
Current Score: as of 05/19/2021
Goal Score: 800
In my wallet: a jacked up Utilization Rate.
Message 7 of 8
dangstudentloans
New Visitor

Re: Financing through Toyota Financial

Toyota financial will take your highest score and use that. My transunion fico 8 auto was higher than the other two, so that is the one they used.
Message 8 of 8
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