Toyota will run your credit and forward the information to local dealers as a warm lead. Toyota will finance almost anyone as long as you don't have late payments in the last 90 days, collections, charge offs, or bk, and you bring 10% of the msrp or sales price. My recommendation is to call TFS and ask what their guidelines are for bk so you don't waste your time or hp.
@Anonymous wrote:Hello!
Seeing as how we may not be able to refinance our vehicle we may consider getting a new one if we can get a better rate.
Ive heard that TFS is BK friendly. We would be looking between either a Toyota or a GM vehicle if GM Financial is also BK friendly. We currently have a Toyota and like the reliability.
Is it better to get preapproved from TFS directly or have the Toyota dealer try to get a preapproval from TFS? I don’t want our credit pulled all over the place but if a finance manager can push an approval through would that be better?
TFS is very BK friendly, especially if you have positive history with them in the past. Although, with a BK reporting, it would be best to head straight to the dealer and speak directly with the finance manager. Many Toyota dealerships have BK finance specialists who only deal with challenged credit/bankruptcies. They have special relationships with the bank that can go the extra mile such as getting you approved for a higher tier etc. and they have ways of presenting your application that can look more favorable than a standard pull would be on an online application. I was approved through Lexus Financial (same underwritting rules as TFS) 6 months post discharge with an interest rate of under 4%.
