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Toyota financing APR question

Discussion in 'Prime Main Forum (2017-2022)' started by Jasonsprite, Feb 21, 2019.

  1. Jasonsprite

    Jasonsprite Junior Member

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    In Los Angele Toyota is offering 60 months at 4.9 APR for the 2019 Prius Prime. That's the "advertised" rate.
    I have good credit and normally qualify for the 0.9 APR . So does that mean if I use Toyota financing im stuck with the 4.9 advertised APR or can I get a better rate from Toyota. ( I know I can get a better APR from a outside lender, but prefer to stick with Toyota financing if I can get a better deal ).

    Anyone have any experience or input on this matter ? Thank you in advance.
     
    #1 Jasonsprite, Feb 21, 2019
  2. Mendel Leisk

    Mendel Leisk EGR Fanatic

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    Ask a dealership or two, see what shakes out?
     
    #2 Mendel Leisk, Feb 21, 2019
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  3. Jasonsprite

    Jasonsprite Junior Member

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    @Mendel Leisk I have called couple of dealers. As you can expect they have ten different stories. Would like to know the facts before I walk in to the dealer. Thanks for the reply.
     
    #3 Jasonsprite, Feb 21, 2019
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  4. Tideland Prius

    Tideland Prius Moderator of the North
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    I don't know how the US works but in Canada, the advertised rate is the rate that everyone gets and is set by the manufacturer financial arm of Toyota. Dealers can give additional discounts but since that comes out of their pocket and not the financial arm of Toyota (and they don't get reimbursed by them), they will only be willing if they want to move that vehicle (or if you're a returning customer etc).

    If you can get a lower rate elsewhere, then go with that. Over 60 months, that's a big difference between 0.9% and 4.9%.

    Edit: I should say the rate is set by Toyota Financial, not the manufacturer if we want to be correct.
     
    #4 Tideland Prius, Feb 21, 2019
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  5. Salamander_King

    Salamander_King Senior Member

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    60 months at 4.9 APR for the 2019 Prius Prime does not seem to be much incentive. I would go with other lender if TFS dose not offer better rate. FYI, for 2018 PRIME TFS is offering 0.9% APR for 60mo.
     
    #5 Salamander_King, Feb 21, 2019
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  6. Jasonsprite

    Jasonsprite Junior Member

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    @Salamander_King Thanks. There are no 2018 Primes in the LA area. At least not any I can find.
     
    #6 Jasonsprite, Feb 21, 2019
  7. Tideland Prius

    Tideland Prius Moderator of the North
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    How far are you willing to drive?

    North Hollywood Toyota says they have one 2018 Advanced in Classic Silver
    Keyes Toyota in Van Nuys says they have a 2018 Premium in Titanium Glow
     
    #7 Tideland Prius, Feb 21, 2019
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  8. Jasonsprite

    Jasonsprite Junior Member

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    @Tideland Prius . Thanks for the info. Spoke with Keys Toyota. They currently have zero incentives for the 2018. $500 off and 5.9 APR on the 2019. LA is a crazy market. Thanks again.
     
    #8 Jasonsprite, Feb 21, 2019
  9. Tideland Prius

    Tideland Prius Moderator of the North
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    Wow, that's crazy. No incentives to move last year's model?


    Yeah even checking toyota.com shows no incentives for 2018 Primes and only 4.9%/60 months for 2019 Primes. The 2019 Prius has a better rate at 2.9%/60 months.
     
    #9 Tideland Prius, Feb 21, 2019
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  10. HPrimeAdvanced

    HPrimeAdvanced Senior Member

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    I really wasn't shopping around, but I haven't seen any 2018 advertised here in Southern California. I think the volume of 2018 Prius Primes must to be very low in our area. There eventually was a large quantity of 2017's, plus they were brand new, a good reason for discounts. Also, even my Schoolsfirst Credit Union has jacked interest rates way up to 2.99%, for excellent credit, 60 month financing. Used to be 1.84% when I bought my Prime. Wait and lose. Fairly soon, most EV incentives will disappear, I believe. Still no TV advertising whatsoever for Primes out here, at least not on the channels I watch!!


    Posted via the PriusChat mobile app.
    AChoiredTaste.com
     
    #10 HPrimeAdvanced, Feb 21, 2019
  11. Tideland Prius

    Tideland Prius Moderator of the North
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    Two local Kia dealers are advertising in giant banners the Soul EV. Also, I’ve seen bus ads on the Soul EV, Ioniq Electric Plus (PHEV) and Niro Hybrid (save gas, use less gas, use no gas in reverse order).

    Very little from Toyota. I saw one online banner ad. That’s it. No paper ads or banners at dealerships. Surprisingly, trucks are still out front and centre.
     
    #11 Tideland Prius, Feb 21, 2019
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  12. Mendel Leisk

    Mendel Leisk EGR Fanatic

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    There's never Prius or Prime ads in Vancouver??
     
    #12 Mendel Leisk, Feb 22, 2019
  13. orenji

    orenji Senior Member

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    East coast has 2018 Primes with $5,000 off....
     
    #13 orenji, Feb 22, 2019
  14. Tideland Prius

    Tideland Prius Moderator of the North
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    It’s a factory order here. No inventory.
     
    #14 Tideland Prius, Feb 22, 2019
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  15. Mendel Leisk

    Mendel Leisk EGR Fanatic

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    #15 Mendel Leisk, Feb 22, 2019
    Last edited: Feb 22, 2019
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  16. ed4271

    ed4271 Member

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    I'll would wait. Somewhere in later in the summer time that's when they have better deals.

    Posted via the PriusChat mobile app.
     
    #16 ed4271, Feb 22, 2019
  17. Jasonsprite

    Jasonsprite Junior Member

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    FYI

    So basically the answer to my question is that Toyota will not offer a rate better than what's advertised for the car model and year. This is the case for Los Angeles . Not sure if it's the same everywhere else. I went with my bank and got a very good rate and got a 2019 Prime Premium.
    Thanks for everyone's input and advice.
     
    #17 Jasonsprite, Feb 24, 2019
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  18. LilyHere

    LilyHere Junior Member

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    Congratulations! That's awesome! Any discount on the car?
     
    #18 LilyHere, Feb 26, 2019
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  19. Jasonsprite

    Jasonsprite Junior Member

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    Hi Lily, managed to get just $1000 off.
     
    #19 Jasonsprite, Mar 2, 2019
  20. Washingtonian

    Washingtonian Senior Member

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    One factor is that interest rates are creeping up. I was just offered a 17 month CD at 3.5% interest from the Navy Credit Union. Last year the rate was 2.1%
     
    #20 Washingtonian, Mar 2, 2019
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