I was wondering if anyone has used Toyota's college graduate incentive package.
I called a rep today to ask some questions, and he said that these applicants aren't screened as strenuously at normal ones and that I'd be likely to qualify with no cosigner or auto financing in my history. On the website for the program they say minor non-credit related lapses less than 250 are accepted. He also said that an offer letter would count as proof of income and that even with less than stellar credit, this particular program qualifies me for the promotional APR's.
My question is about the usage of debt ratio (I forget its official name). I'm at like 80% on my credit card. I have a degree in Finance, so I know that financially speaking it's wise to pay this down before financing a car, but when my job starts in a month, I'll be grossing 5K a month, so I'm not terribly worried. The website for the program didn't mention this, and from what the guy stated on the phone, credit scores aren't as important for these programs.
My score is 620 on one, 643 on the other and the only bad account is a 165 dollar collections reported as paid on a mysterious medical bill. (I've tried contesting it- to no avail).
Has anyone gotten financing through the college graduate program at toyota with a high debt usage ratio?
