Toyota Finance / GMAC Finance

[Red1Blue]

Did any try getting a loan recently from Toyota or GMAC? I am wondering what kind of scores they are looking and what CRA they might be pulling for approvals.

[Anonymous]

HI.. I have been shopping around for a car loan the past week or so (trying to get all

my inquiries in before the 14 days is up).  I have damaged//slowly rebuilding credit.

I got an approval from Roadloans but have continued to see what else I might be

able to get.  GMAC denied me... they always have... even way back before my

credit went South.  I could never get an approval with them and I boycotted GM

cars for a long time in anger over that.  Ha...ha.  Tried Honda... denied.  Chrysler...

denied.  Then, I decided to go to Toyota's site and put in an app.  To my surprise,

this morning I received an approval from them.  They make you choose a vehicle

as part of the app process.. I just put in the FJ Cruiser... so.. the approval is based

on that vehicle... 72 months... they didn't give the interest rate.. have to go to the

dealer to finish it up.  All it basically says is that they approved credit based on

my proposal.. .I asked for 72 months with $3K down on an FJ Cruiser.  I don't know

yet what CR they pulled.. I will have to see tomorrow when it shows up.  They

must've pulled my EX because I wouldn't think the other two have high enough

scores.  Good luck! 

EX 610//TU 559//EQ 544 (I hate Equifax!)  

[Red1Blue]

Thanks lance for your input. Let me know what CR they pulled. Can we apply with Toyota for both new and used cars or does it have to be a new car? I am thinking of getting a used 07/08 Camry or Highlander with low miles. I drive lot of miles. I like to buy cars with low miles and put miles and sell the car. Can you also post the link where you applied for the loan.

[Schoolbuskid]

You may find this link helpful good luck!

http://www.toyotafinancial.com/consumer/tfs.portal?_nfpb=true&_pageLabel=bk_PaymentEstimator&_nfls=t...

[Red1Blue]

This link works only for new car financing. It does not give option for used car. When I applied for Honda it gave option for use car.

[Anonymous]

Concorduser... I am currently talking with a Toyota dealer about a used car.

I gave him my approval number that I had received from Toyota on line.

Evidently, that can be used for new or used.  The link that Schoolbuskid

posted is the same place I applied  ... just pick out a car when it asks for it

and continue through the application.  Once you have your approval, just

let the dealer know you are interested in a used vehicle.  It should work fine.

I'm still trying to make my deal work and waiting to see if Toyota will buy

the contract on the used vehicle.  Fingers are crossed.  Good luck to you!

[borg_cube]

Recently purchased a 2009 Corolla for one of my employees. Not only was the deal insane (I have no idea how or why they sell a hot car in demand like a Corolla for over 3K under sticker) but I also got a 36 month 0% finance deal through Toyota. The fleet manager laughed at me when I went to give him a 3K down payment. He rightfully told me to pay the bare minimum monthly payment on the car and put whatever else I was going to spend against my home mortgage or other expenses. Duh!

They ran Experian I believe, which happens to be my lowest score at 738. He said that anything over 720 qualifies for a top tier rate.

Sucks though...every time I get any type of credit, Experian is always used. I have 8 inquiries there over the past two years and TU and EQ only have two each. Those scores are up to 50 points higher I believe due to the lower number of inquiries.

Going to buy a Prius this week or next when it finally comes in. No...I'm not green, just saving my money for jet-a fuel!!! I think I'll use my credit union's blank check for up to 50K to pay for that because Toyota is not offering better than my CU on that model. Maybe then since I'm already pre-approved there will be no inquiries.

Speaking of cars...I've put a down payment on this one due for delivery next year: www.aptera.com

See-ya later OPEC!

[Red1Blue]

That is a cool looking car. How much is the cost for it? It is a 3 wheeler. Is it safe?

[borg_cube]

There are two versions; an all electric for about 26K and a plug-in/gas hybrid for 29K. I went with the latter since I average over 100 miles per day and the all electric only has a range of 125 miles.

There are tons of clips about this car on youtube. You should check them out. The builders claim it's safe and will in fact exceed safety standards.

The 3-wheel concept isn't new, and in fact back in the 30's some were designed for their aerodynamic qualities. It is classified as a motocycle by the DMV, so it gets to use the HOV lanes free as well.

Don't listen to me, go watch the videos. In one of them, the VP even takes you around the facility to prove that "they're not full of crap!" Gotta love the entrepreneurial spirit!

I live only about 10 miles from their factory, so I can't wait to start seeing these on the road come November.

[Anonymous]

omg, that is the coolest car ever! Thanks for posting the web site!