Toyota Finance beat my credit unions rate when I bought my 15 Tacoma. Financed plenty of vehicles through the manufacturers financial service, and I’ve never been hosed.
JBecker 72,
There are so many ways they can (and do) hose you without you’re knowing how they do it.
How do I know this?
I had a auto dealer finance guy (a friend) over an evenings drinks explain it to me.
Trying to re-explain it would take an exhaustive amount of effort and time that I’m not willing to go into.
Too much work.
I was so amazed at how they screw their customers, I now buy any vehicle outright.
No financing for me.
And yes, I realize not all are in a position to buy outright, however I am lucky to be able to.
Well, not really lucky, I earned my way into being able to buy this way.
Many think auto dealership financing is the way to go, not realizing just how much they’re being taken advantage of…
I’m not talking about dealer financing. I’m talking about Toyota, Honda, Yamaha, etc. financial services. If you have good credit they usually are the most willing to give a good deal to make the sale. I got .9% financing on a motorcycle last year. That’s insane.
Never been done wrong by any of them. As long as you pay your bill on time you pay exactly what’s outlined in the contract you sign.
Its not hard to explain how dealers are legally allowed to screw customers who use their financing. They are legally allowed to add on some % to the offered APR and they get this back from the bank. They dont disclose it anywhere to the customer. Its in the agreement they sign with their group of banks.
HOWEVER if you finance through the manufacturer’s financing(chevrolet, ford, vw, BMW, etc…) on a promotional rate, I dont see how the screw job comes into play. I just financed the VW I bought through VW financial. I got 1.9% for 60 months. I could have gotten 0%, but I chose to take $2500 in cash back incentives instead which lead to a lower overall price paid at the end of the loan(which I will pay off early anyway). IF the dealer made any money off that 1.9% loan, they can have it because they sure as shit didnt make any money on the purchase price.
IF you dont qualify for the manufacturers financing, then a credit union is usually a better way to go. Or your bank you already bank with. Best rate I could get from Capital One who I have a credit card and another loan with was 3.79% for 60 months. When I bought my Jeep they beat the shit out of my CU I was already with and had 2 active loans through. CU said 4.25% after adding up all the .05 and .10 discounts for direct deposit and electronic payment and blah, blah, blah… Capital One said “oh, we can beat that, how bout 2.99%” and I said “sure”. Called CU back and said “can you match this” “nope”.
So financing isnt so cut and dry of “go to a credit union”. While I would agree thats generally the best place to go, I always check the banks I currently bank with(including any CC’s I have) as well as check the manufacturers financing. I told the dealer the APR I could get from Capital One(which would have been my prefered outside of the manufacturers financing) and the finance lady asked me my credit score and then said I would most likely qualify for the best rate from VW, which I did.
Honestly, financing a car through a reputable dealer (yeah, I know) won’t get you hosed. If you go through the numbers and compare with the rates that you qualify for/can get elsewhere, you’re not getting hurt - even if the dealer’s getting a little something back from the brand’s financial services department, or elsewhere.
Want to get royally hosed? Buy a house with a 30 year mortgage.
as others said things like Toyota finance etc… one wont get hosed and a CU can’t touch %0 or %1.9 or %2.9 specials they run
I hear you on the 30 year note on a house, which is I why I also bought my house and land outright.
No interest payments for me.
This has saved me mucho dollars.
Navy Federal gets down to 1.49% on theirs. I don’t think there’s any bank that has better rates than they can offer.
yeah thats good I do know my CU can get down to 2.49 sometimes agree CU over bank any day 
but in general dealer against your banking facility maybe I should say ahahhahaha
the dealer %0 are pretty hard to beat
Pics of new car?
Yeah those are custom hand built one at a time in CA. Toyota even hires them to consult for them. If I hit the Power Ball . . .
soon brudah soon
I sold cars for about 9 months at one of the nations largest Chrysler dealers. It’s a cut-throat business. The company I worked for actually had awesome customer service but they treated their employees like common trash. They have a 98% turnover ratio.
^Let me take a wild guess which dealership that was…
I spent 4 years as a salesman and Internet Manager with Autonation in my little corner of WA. That is a car company who, at least in our region took good care of us. The game has changed in the auto industry and with online reviews you can shop not just your car but the dealerships and sales staff too. Customer service has been pushed to the front right along with sales. I had a great time selling cars and taking care of my customers. There will always be sleazy salesman and dealerships though, you can always walk away from them and find one you like.
OP, congrats on the new ride. I’m sorry for your less than good experience with that dealer. Make sure you put that in the customer survey Toyota will send you and post your review online.
Yep. Hahaha. Anyone in our area, and around the country know exactly who DSM is. I loved the people I worked with, and I loved my customers, but good lord the weight they put on your shoulders to sell. I got my ass chewed for not closing a deal at the end of the month on a Ram 1500, when I had 17 rigs already closed that month…
Vandal I plan on that
I think like wicked said to often I think the managers push and stuff the sales guy kept having to get the slick manager dude !!!
sorry guys in the internet age your game is up
when one salesman tells me how the 4runner is based on the tundra frame ? I should have said NO its not but just shook my head cross that guy off the list
loving the new ride the kids are to and the wife now I just have to see what the dogs think
I had a customer, who ended up sending me several referrals, not by a Forester because his dog liked the Outback better. I loved when customers brought their dogs car shopping with them. I kept treats in my desk for the pooches.
thats cool