Good morning everyone and Happy 4th!
I purchased a 2015 Toyota Prius on Friday, July 2nd from a large high-volume Toyota dealership about an hour away. Before I made the actual trip up the dealer, I communicated through multiple emails negotiating pricing until I finally received a price breakdown I liked. I drove the 50ish miles to the dealer and purchased the new car. Although I was looking over my contract and I'm now starting to feel a little nervous.
I submitted a credit application before I drove up to do the deal - this would give the dealer a full day (when banks are open) to send my information out to lenders - or so I would assume. When I went into the finance office, the F&I manager gave me all the normal loan information - interest rate, term, payment amount, etc. The lienholder on my insurance affidavit is listed as Southeast Toyota Fianance d/b/a World Omni Finance Corp. - and the finance manager even went so far as to explain that I was eligible for my finance terms through Southeast Toyota's "Conquest Program" - being that they approved me due to having a perfect 12 month payment history with my previous sub-prime auto lender on my trade-in. I even asked multiple times "The financing is approved and through Southeast Toyota, correct?" and the finance manager assured me it was.
I've looked over my retail sales contract thouroughly, and the full breakdown with my interest rate, payment, and loan term is printed on it with everything filled out as it normally would be. The new car has already been switched / registered into my name. Problem is, I had to sign a "Conditional Sale and Delivery Agreement" which states the seller has the right to cancel if financing cannot be secured within "20 Days" and I would have to return the vehicle, etc. At this time, I have received two inquiries on my credit - 1 EQ inquiry by the actual dealer when I first submitted my credit app, and another EX inquiry from CapOne yesterday. My FICO's are as follows: EX: 611, EQ: 632, TU: 647. I have perfect payment history on my previous auto loan for 14 months, a student loan for 3 years, and various credit cards. I have two CA's from 2009 due to fall off next summer.
I just don't want to fall victim to the god awful Spot Delivery or, Yo-Yo Financing scam.
Thanks for the reply! I just recently received an email from my salesman who advised I should receive a statement with all the information I need to setup an account with Southeast Toyota Finance in about two weeks. I finally saw the inquiry from SET pop up over the weekend as well.
Very excited as this is my first ever brand new car! =)