1. Attachments are working again! Check out this thread for more details and to report any other bugs.

Toyota financing APR question

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

  1. Jasonsprite

    Jasonsprite Junior Member

    Joined:
    Aug 10, 2009
    74
    11
    0
    Location:
    Northridge(Los Angeles),Ca
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Premium
    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

    Joined:
    Oct 17, 2010
    56,686
    39,222
    80
    Location:
    Greater Vancouver, British Columbia, Canada
    Vehicle:
    2010 Prius
    Model:
    Touring
    Ask a dealership or two, see what shakes out?
     
    #2 Mendel Leisk, Feb 21, 2019
    HPrimeAdvanced and Jasonsprite like this.
  3. Jasonsprite

    Jasonsprite Junior Member

    Joined:
    Aug 10, 2009
    74
    11
    0
    Location:
    Northridge(Los Angeles),Ca
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Premium
    @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
    Mendel Leisk likes this.
  4. Tideland Prius

    Tideland Prius Moderator of the North
    Staff Member

    Joined:
    Oct 2, 2004
    45,024
    16,243
    41
    Location:
    Canada
    Vehicle:
    Other Non-Hybrid
    Model:
    N/A
    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
    dubit, orenji, HPrimeAdvanced and 1 other person like this.
  5. Salamander_King

    Salamander_King Senior Member

    Joined:
    Nov 8, 2015
    10,985
    8,886
    0
    Location:
    New England
    Vehicle:
    Other Hybrid
    Model:
    N/A
    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
    HPrimeAdvanced and Jasonsprite like this.
  6. Jasonsprite

    Jasonsprite Junior Member

    Joined:
    Aug 10, 2009
    74
    11
    0
    Location:
    Northridge(Los Angeles),Ca
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Premium
    @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
    Staff Member

    Joined:
    Oct 2, 2004
    45,024
    16,243
    41
    Location:
    Canada
    Vehicle:
    Other Non-Hybrid
    Model:
    N/A
    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
    orenji and HPrimeAdvanced like this.
  8. Jasonsprite

    Jasonsprite Junior Member

    Joined:
    Aug 10, 2009
    74
    11
    0
    Location:
    Northridge(Los Angeles),Ca
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Premium
    @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
    Staff Member

    Joined:
    Oct 2, 2004
    45,024
    16,243
    41
    Location:
    Canada
    Vehicle:
    Other Non-Hybrid
    Model:
    N/A
    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
    HPrimeAdvanced and Jasonsprite like this.
  10. HPrimeAdvanced

    HPrimeAdvanced Senior Member

    Joined:
    Mar 2, 2017
    2,304
    3,519
    0
    Location:
    Anaheim, CA
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    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
    Staff Member

    Joined:
    Oct 2, 2004
    45,024
    16,243
    41
    Location:
    Canada
    Vehicle:
    Other Non-Hybrid
    Model:
    N/A
    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
    HPrimeAdvanced likes this.
  12. Mendel Leisk

    Mendel Leisk EGR Fanatic

    Joined:
    Oct 17, 2010
    56,686
    39,222
    80
    Location:
    Greater Vancouver, British Columbia, Canada
    Vehicle:
    2010 Prius
    Model:
    Touring
    There's never Prius or Prime ads in Vancouver??
     
    #12 Mendel Leisk, Feb 22, 2019
  13. orenji

    orenji Senior Member

    Joined:
    Aug 17, 2013
    5,884
    3,486
    0
    Vehicle:
    2010 Prius
    Model:
    Three
    East coast has 2018 Primes with $5,000 off....
     
    #13 orenji, Feb 22, 2019
  14. Tideland Prius

    Tideland Prius Moderator of the North
    Staff Member

    Joined:
    Oct 2, 2004
    45,024
    16,243
    41
    Location:
    Canada
    Vehicle:
    Other Non-Hybrid
    Model:
    N/A
    It’s a factory order here. No inventory.
     
    #14 Tideland Prius, Feb 22, 2019
    Mendel Leisk likes this.
  15. Mendel Leisk

    Mendel Leisk EGR Fanatic

    Joined:
    Oct 17, 2010
    56,686
    39,222
    80
    Location:
    Greater Vancouver, British Columbia, Canada
    Vehicle:
    2010 Prius
    Model:
    Touring
    #15 Mendel Leisk, Feb 22, 2019
    Last edited: Feb 22, 2019
    Tideland Prius likes this.
  16. ed4271

    ed4271 Member

    Joined:
    Mar 4, 2017
    107
    64
    0
    Location:
    US
    Vehicle:
    2017 Prius Prime
    Model:
    Prime Premium
    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

    Joined:
    Aug 10, 2009
    74
    11
    0
    Location:
    Northridge(Los Angeles),Ca
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Premium
    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
    LilyHere, Tideland Prius and Mendel Leisk like this.
  18. LilyHere

    LilyHere Junior Member

    Joined:
    Jan 17, 2019
    48
    10
    0
    Location:
    Los Angeles, CA
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Plus
    Congratulations! That's awesome! Any discount on the car?
     
    #18 LilyHere, Feb 26, 2019
    Jasonsprite likes this.
  19. Jasonsprite

    Jasonsprite Junior Member

    Joined:
    Aug 10, 2009
    74
    11
    0
    Location:
    Northridge(Los Angeles),Ca
    Vehicle:
    2019 Prius Prime
    Model:
    Prime Premium
    Hi Lily, managed to get just $1000 off.
     
    #19 Jasonsprite, Mar 2, 2019
  20. Washingtonian

    Washingtonian Senior Member

    Joined:
    May 26, 2017
    720
    618
    0
    Location:
    Western Washington
    Vehicle:
    2017 Prius Prime
    Model:
    Plug-in Advanced
    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
(You must log in or sign up to post here.)