Does anyone know what Toyota is offering with respect to interest rates? I know we've briefly discussed this before but I wanted to see if any of you, or dealers, have a good idea. I would guess that rates might be higher on the FJC but I have no clue how that works. I got 2.9% on my '05 Tundra Double Cab 9 months ago, and I just checked with my credit union and they're offering 5.75% as the lowest (60 month). With pretty good credit I was hoping Toyota could go a little lower than the CU, but I didn't know if they shop other banks for you, only offer their rate, or what.
If you're a Costco member, the online auto loan via Capital One is a great way to go. They were offering 4.9% fixed for a 60 month loan, with auto-payment from your bank, in Sept.
They FedEx you a check, with a notation on it "Not to Exceed $XX,XXX" and you simply write a check to the dealer.
If you're a Costco member, the online auto loan via Capital One is a great way to go. They were offering 4.9% fixed for a 60 month loan, with auto-payment from your bank, in Sept.
They FedEx you a check, with a notation on it "Not to Exceed $XX,XXX" and you simply write a check to the dealer.
Sandi
Interesting. I might just have to become a member then. I've always disliked big corporations who think they can charge membership fees to get more of your money...but this wouldn't be a bad deal. Thanks!
Interesting. I might just have to become a member then. I've always disliked big corporations who think they can charge membership fees to get more of your money...but this wouldn't be a bad deal. Thanks!
yea, and you can pick up a ****in ****load of mayo!!!!
If you're a Costco member, the online auto loan via Capital One is a great way to go....They FedEx you a check, with a notation on it "Not to Exceed $XX,XXX" and you simply write a check to the dealer.
It appears some dealers won't accept Capital One style drafts unless you complete a second credit application with the dealer.
Here's one person's experience who had one of Capital's "Not to Exceed $XX,XXX" drafts in hand.
My credit union does the same thing. The difference is that I'm already 100% pre-approved for the loan and the dealer isn't at any risk for non-payment (although they might not realize that).
Same here, we were approved last week and as long as it comes in March as I was told, I won't have to reapply. Later than March and we have to reapply which will mean a higher rate. Right now, locked in at 5%.
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2006 Tacoma Access Cab 4.0ltr V6 TRD Offroad, 6 Speed Manly-man-mandingoness "Too close for missiles, switching to guns."
Member #13 - no matter what that thing says.
Thanks for the link; I read the posts, and it seems that there is some confusion on how it actually works with Cap One.
Our experience: online application. You select how much you're applying for. Click submit. Within 10 minutes, had an email confirmation of approval for the application.
Nothing else to finalize; nothing else to sign. They FedExed the check, with the NTE notation. DH took the check to the dealer, made it out to them, and declined all credit apps via the Pontiac dealer.
Two weeks later, his pre-ordered car arrived, we picked it up, no problem. No application with the dealer, no multiple credit checks...
In a previous purchase, even with full pre-approval from our Credit Union, the Ford dealership did the "you need to sign here" cr*p. DH did. He wrote out the downpayment, had the check from the Credit Union, AND THE DEALER SUBMITTED HIS APP FOR FORD CREDIT ANYWAY. We had to write a very stern letter, threatening legal action, before they canceled the application.
So, I'd refuse to sign the "back up loan" app. But be aware you may have to wait a week or so for the check to clear before you can take possession of your $30K FJ, unless there's a Customer Service number the dealer can call to confirm the loan approval.
Sandi,
appreciate the info.
How does being a costco member benefit you in applying for capital 1 financing? I need to look into some credit union options.
doing it through toyota works out to about 6%.
Thanks.
Sandi,
appreciate the info.
How does being a costco member benefit you in applying for capital 1 financing? I need to look into some credit union options.
doing it through toyota works out to about 6%.
Thanks.
Capital One is the "authorized" financial broker for Costco Auto Loans. So if you're a member, you go to the Costco site, click on "services", and then you apply online with C1.
I think the theory is that by having a certain volume of preselected customers, C1 discounts the market rate by a small percentage.
That said, our CU wanted ~7% for the DH's auto loan in Sept. C1/Costco offered 4.9%.
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