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Toyota Financial Lease dealership sketchiness

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Regular Contributor

Toyota Financial Lease dealership sketchiness

So I applied online to see if i would be preapproved to lease with Toyota, and I called yesterday to check the status with the dealership I had the app sent to, and at first they told me they couldn't find it, and then I spoke with someone else, and they told me it was denied but couldn't give me a reason as to why. :-/  

 

The person i spoke with sent me another app and told me to fill it out and send it back to her then come in, but I dont feel comfortable doing that if I was already denied why would I apply again and take another hit to my credit -_- but she claims the denial could be due to a different address or minor spelling error but I know all my information and i highly doubt I'd flub something up like that.

 

I haven't heard anything from Toyota yet. When I called the 800 number they said financing is dealt with at the dealers. I live in Houston and everything is really far and the dealership closes at 730 and I work a normal 9-5 so by the time I get off I'll be in traffic and then have to drive an hour to get to the dealership. I'm trying to avoid going there until I have an approval but they keep giving me the run around and wanting me to come in.

 

What would you guys do?

Btw my scores aren't updated

Starting Score: EX 489 EQ 497 TU 491
Current Score: EX 609 EQ 610 TU 616
Goal Score: 700 across the board


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Message 1 of 8
7 REPLIES 7
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Regular Contributor

Re: Toyota Financial Lease dealership sketchiness

Did you apply directly through Toyota Financial Services?

Unless they're doing approvals differently now, I applied to TFS online in 2010 and was approved after I verified my address over the phone. Then I printed out the online approval letter that was emailed to me and took it to the dealer who set the APR. I too live in Houston and dealt with Fred Hass Toyota in Spring, TX.

I've been where you are trying to go and I don't wanna go back.
Message 2 of 8
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Valued Contributor

Re: Toyota Financial Lease dealership sketchiness

Are your scores I. Your Siggy current ? Based off what I see , I see why your where denied. Score are very poor.

 

what on your reports is causing your score to be so low. The more info you give us the better we can help you.

 

TFS pulls TU mostly but I've seen them pull EQ too.

Message 3 of 8
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New Contributor

Re: Toyota Financial Lease dealership sketchiness

I would never do the credit app that appears on many car dealer websites. In my opinion they are just another way for the sales department to contact you. I would get independent pre-approval either from a credit union or my own bank. I'm partial to Cap 1 because they approved me and gave me a really good rate. Also a good tactic for negotiating is to email them. Dealers love to double talk & razzle dazzle you. I emailed about a car that was priced on their website at a certain price and asked what their rock bottom price was. They emailed back that internet prices were the rock bottom but offered me a $200 discount for scheduling an appointment to come in. I explained I only want to come in, test drive and sign the paperwork. In the email she bolded what the price was. I printed that out and took it with me to the dealer. 

Message 4 of 8
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New Contributor

Re: Toyota Financial Lease dealership sketchiness

BTW my scores weren't that great. They pulled EX for Cap 1. That score was 605. My TU is 640 and my EQ is 636.

Message 5 of 8
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Regular Contributor

Re: Toyota Financial Lease dealership sketchiness


@ScoreOrBeScored wrote:

Are your scores I. Your Siggy current ? Based off what I see , I see why your where denied. Score are very poor.

 

what on your reports is causing your score to be so low. The more info you give us the better we can help you.

 

TFS pulls TU mostly but I've seen them pull EQ too.


I have no idea what my current scores are but I'd say the high 600's based on credit.com it says i have a 653 ex and thats usually pretty close to fico and my ck scores are all over 600 and they're usually lower than my fico.

 

I was prepapproved by cap one for 24k with interest rates between 5.99-15.74. I just wanted to lease so I wonder would that help me in getting approved for a lease. 

 

The only things left on my report are a couple of few chargeoffs i wanna say 4 maybe, one being first premier and 2 or 3 medical. 

 

Starting Score: EX 489 EQ 497 TU 491
Current Score: EX 609 EQ 610 TU 616
Goal Score: 700 across the board


Take the myFICO Fitness Challenge

Message 6 of 8
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Regular Contributor

Re: Toyota Financial Lease dealership sketchiness


@anicole wrote:

@ScoreOrBeScored wrote:

Are your scores I. Your Siggy current ? Based off what I see , I see why your where denied. Score are very poor.

 

what on your reports is causing your score to be so low. The more info you give us the better we can help you.

 

TFS pulls TU mostly but I've seen them pull EQ too.


I have no idea what my current scores are but I'd say the high 600's based on credit.com it says i have a 653 ex and thats usually pretty close to fico and my ck scores are all over 600 and they're usually lower than my fico.

 

I was prepapproved by cap one for 24k with interest rates between 5.99-15.74. I just wanted to lease so I wonder would that help me in getting approved for a lease. 

 

The only things left on my report are a couple of few chargeoffs i wanna say 4 maybe, one being first premier and 2 or 3 medical. 

 


OK this is an easy fix just sign up for MyFICO RIGHT NOW and take a look at your 3B Credit Report which will include ALL your SCORES be it Auto, Mortgage, Etc...


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 7 of 8
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Valued Contributor

Re: Toyota Financial Lease dealership sketchiness

This isnt that uncommon.  The finance arms and dealers don't seem to have great connections on pre-approvals.  I have seen similar posts several times for different lenders.  If you don't meet a set criteria you won't get preapproved through those sites and will have to work through the dealership to get your financing done.  Of course you can go to a credit union and bring in preapproved financing which will give you some leverage on rate because dealers love to mark up interest when they arrange financing for you.

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