Hi all... Well, after 6 months on the waiting list at my local dealer, I've been informed that my Salsa Red #9 should be in this week. Apparently the first 2 people on the list passed on it since they didn't want package 9s... suckers. Just a few quick questions.. how is toyota financing? I can go thru my credit union at work for low interest rates, but was wondering how competitive toyota is. If they're competitive at all that is. Second, is it worth it to buy the extended warranty at purchase time, or wait until later? Maybe I could get a better price on my trade in if I go for the extended warranty...
There is a lot of info on this site that can help answer your questions, esp. about the Ext. Warranty. I believe there is a checklist for picking up your car as well in the files section, take a look at that. Financing, esp. is something you should have looked at a lot earlier. Definately call your credit union and get pre--approved and find out what their financing rate is. It won't commit you to using it, but at least you'll be well armed before you get to the Toyota finance guy. Don't expect any 2.9% deals on the Prius, it won't happen. Also, check online and at any other banks you have in your area for good financing, esp. if you have good credit. RE: Extended Warranties. First, you probably don't need it, there are only a few minor benefits and odds clearly favor Toyota making a profit. That said, I did decide to get it for my Prius mainly b/c it's such a novel vehicle and I wanted that little extra insurance. They'll offer it to you for about $1650. It is available any time in the first 3 years and 36k miles for purchase, no need to get it immediately. If they're insistant tell them that you have sources that will sell the 7/yr 100k mile/$0 deductible for $980 (there are 1 or 2) and many that will sell it for $1035--and you can purchase from any of those, it doesn't have to be purchased from your dealer. If they'll meet or beat those prices then go ahead and get it there. Don't fall for any of the Toyoguard or other BS. Congrats, it's a great car.
uh oh... watch your toenails when bigbaldcuban finds out you got your salsa #9 and he's still waiting
Our Toyota dealer told us they can give no deals on financing. We got pre-approved for 3.74% from our credit union. Unless your dealer tells you differently, I recommend going with your credit union.
I ended up financing through Toyota because their rates were better than my credit union. That was three months ago, so things may have changed, but it certainly couldn't hurt to ask. Jeff
The best rate for financing I found online was at ocsavings.com. At the time (1.5 months ago), their rate was 3.5% for a 60 month loan. I got approved for the loan from them and then used this figure when purchasing the car. The local dealer got me 3.48% with a local bank--not much of a difference but a lot less hassle. Bet you I wouldn't have gotten anything that close had I not gone in there with a pre-approved loan. BTW, ocsavings.com currently advertises 3.75%.
Go with your C/U for a loan. My C/U was 3.5%, Toyota was offering 6.5% and couldn't go down lower than that. Your C/U probably offers an exteded warranty for new cars also.
I have to agree with all those who have recommended the CU. I used the COngressional FCU and they have 3.8 for 60mo wich seem competitive with the other rates listed above.
The local credit union has "green car" loans at prime + 0% used it for my Prius loan. VanCity Credit Union in Burnaby B.C. Canada Very progressive institution in the banking field. When I went to the dealer to pickup the car I asked him if Toyota Credit will match that, you probably heard him laughing in Texas.
get cu rate my experience was very similar. I had pre-approved CU loan. Rate was 1 or 2 % lower than Dealer could/would ofer. Recommend checking your CU or favorite loan shark. Get their best rates. If dealer can beat it AND beat it w/o shafting you on your trade in or adding extra stuff to the contract..... Go with the dealer. If not, use your CU. cas (7 driftwood arrived mid april 04)
And now, the conclusion... When I initially talked to the Toyota people over the phone, they wouldn't give me a value for my trade in, and told me they'd have nobody available to even look at it until the day I came in to pick it up. Since I'm the kinda guy who likes all his ducks in a row, this was unacceptable. But they weren't bending, so it seemed I'd have to accept it. But a few hours after getting off the phone with my salesman, I had an idea. I called back my salesperson and said I needed a delivery sheet with all prices listed and signed so I could send it to my credit union. This did 2 things for me.... it made them realize they were going to have to appraise my car sooner than they wanted and it forced them into realizing they were going to lose a lot of backend profit if I did the outside financing. Faster than you can blink, they told me to come in right away. According to edmunds, I should expect around 9400 as a dealer trade in on my car. Initially they only wanted to do 7400, but some haggling got them up to 8600. They decided to match my credit union and offered me 5.20% percent financing. I left the dealership on Friday, and waited the weekend for my Prius which arrived Monday. The only "loose point" was the decision on which extended warranty to take 7/75 or 7/100. Monday rolled around and it was back to the dealership I went. I dropped another little bomb and told them I didn't want to buy the extended warranty there, but I'd purchase it separately down the road. That move got my interest rate knocked down to 2.90%. Which is really better than my CU could do. So in the end, I didn't get *full* value for my trade in, but I didn't go thru the hassle of selling it on my own. For the 800 difference, I'll take it. On top of that, I got a pretty kick nice person finance rate. I think. Day one and everythings good so far.
