Toyota Dealership & Toyota Financial & Tips + Approval

[titancylinder]

Hello Everyone,

I thought I'd share my experience at a Toyota Dealership in the southeast. I went to the dealership with a friend of mine who has autism, he wanted me to go with him to make sure he didn't get taken advantage of. 

Here are some things I learned about this dealership and Toyota. As with anything credit-related, YMMV.

One of the dealership's commercial managers took care of us because the girl we spoke to on the phone was off that day. They did this to pass the commission to her.

1. They pulled FICO AUTO V8F

2. Toyota prefers to pull Equifax first. But will pull any CB you ask them to. Just let them know which CB isn't frozen.

3. Toyota Financial looks for a minimum of 2400$ a month of income. If the score is 700 or over you will auto qualify for Toyota Financial's highest tier.

4. If you tell the Toyota dealership you are prequalified for X amount of dollars from x Financial Institution, so long as they have a relationship with that institution, they don't mind submitting the credit app just to that bank. For example, my friend was prequalified at PenAir for up to 39000 at 3.99 @ 75 months (Used) with no POI. 

5. The dealership submitted the APP to Penair and it was approved for 37000 @ 3.99 for 75 months, with no POI. My friend walked out with a 2019 Toyota Avalon Touring with less than 40k miles on it.

Some things about his profile:

1. His AUTO 8 score was over 750

2. He is low income, under 30k

3. He has steller payment history

4. He's only had 1 other auto loan and that one required a co-sign by his dad to get approved, which he paid off 2 years earlier than the term of the loan.

5. He's under 35

[babygirl1256]

Congrats to your friend on his 2019 Toyota Avalon Touring approval. Thanks for the DPs as it's awesome that a person would auto-qualify if their score is  > 700. I certainly share that information. Hoping that your firend enjoys his ride!!! 

[titancylinder]

---

@babygirl1256 wrote:

Congrats to your friend on his 2019 Toyota Avalon Touring approval. Thanks for the DPs as it's awesome that a person would auto-qualify if their score is  > 700. I certainly share that information. Hoping that your firend enjoys his ride!!! 

---

Glad I could help with this share! 

[Antredd]

Here's another data point. In April 2021, I qualified for 2.99% at 72 months or 1.99% interest rate at 60 months through Toyoto Financial. I  bought a 2021 Toyota Venza, and my 2015 Toyota Corolla with 200k miles on it was traded in for $5k to my surprise. I didn't know at the time that the dealers all were having low inventory. I have bought and financed 5 previous Toyotas and Lexuses with Toyota Financial and Lexus Financial.

I remember the sales person telling me that all three of my Fico Auto scores were over 700. At the time, they were in the low 700s. So, I guess I qualified for the high tier financing without even knowing it.

[titancylinder]

---

@Antredd wrote:

Here's another data point. In April 2021, I qualified for 2.99% at 72 months or 1.99% interest rate at 60 months through Toyoto Financial. I  bought a 2021 Toyota Venza, and my 2015 Toyota Corolla with 200k miles on it was traded in for $5k to my surprise. I didn't know at the time that the dealers all were having low inventory. I have bought and financed 5 previous Toyotas and Lexuses with Toyota Financial and Lexus Financial.

I remember the sales person telling me that all three of my Fico Auto scores were over 700. At the time, they were in the low 700s. So, I guess I qualified for the high tier financing without even knowing it.

---

You certainly did Congrats!

Also, Lexus Financial is Toyota Financial, just with different UW requirements.