Last post on May 23, 2013 at 1:00 PM
You are in the Toyota Prius
What is this discussion about?
Toyota Prius, Car Buying, Hybrid Cars, Sedan
#21 of 1195 Re: Prius 0% financing & questions [civicbuyer]
May 14, 2009 (4:53 am)
The 0% is from Toyota Finance not the dealer. I see no reason from what you've said to think you wouldn't qualify. Visit the dealer strike the deal and follow the process. You can always walk out.
#22 of 1195 Re: Prius 0% financing & questions [civicbuyer]
May 14, 2009 (6:38 am)
As wvgasguy noted that financing offer comes from Toyota Financial Services/Toyota Motor Sales.
It gives the buyers the option of a $1000 rebate OR 0% financing for 60 days, but not both AND it applies only to the remaining 2009 models currently in stock...not the 2010 models soon to arrive.
If you want one you shop and haggle and decide soon. Whatever models are left on the lots are the last ones so your choices might be limited
#23 of 1195 Re: Prius 0% financing & questions [kdhspyder]
May 14, 2009 (7:08 am)
Sounds good -- I'm on it today...
See, I learn something new with each car-buying experience -- you're saying there may only be a conflict when these special offers come from the dealer in particular -- not the manufacturer?
#24 of 1195 Re: Prius 0% financing & questions [civicbuyer]
May 14, 2009 (10:30 am)
Good luck and make it fun!
Call the finance department and ask them what credit score is needed to qualify for the 0%. If you fall in the window, you're good to go.
The reason I'm posting is to remind you and anyone else,
"Be prepared for the Finance Manager calling the following morning telling you the loan did not go through". They will usually try to extract additional interest from you.
ie: 2.9%, 3.9%, 4.9% etc. If they try this on you. Tell the Finance guy you will be returning the vehicle in 10 minutes. He will call back and tell you the loan was approved.
Same thing applies when negotiating the initial deal with finance. They will tell you, "you qualify for a higher rate" to feel you out. If you take the bait, they win!
Have a copy of your credit score before ever entering a dealership!
#25 of 1195 Re: Prius 0% financing & questions [rbk3]
May 14, 2009 (12:58 pm)
A lot of what you mentioned is old stuff.
Yes everyone should have a good knowledge of their personal credit score, but see below*. The procedures in the Toyota system are simple. Your Fico score falls into different 'tiers'. If your score is Tier 3 and higher you automatically qualify for the 0%....providing your debt to income level is not out of whack. This is a new requirement for nearly all banks.
*We had two married military officers both with FICO scores over 700 but every scrap of credit was maxxed out. They had a Hummer and I believe a Bimmer on credit and they wanted to buy a Corolla for their daughter. No bank or lender would accept the loan. This is the new 'make or break' criteria.
*A lady with a 750 score had bills totalling $5500 a month and wanted to finance a new Sequoia for $750 a month. Her stated monthly income was $3000!!! In the past before the credit crisis she would have been approved in a heartbeat. Now no bank would take the loan.
#26 of 1195 Re: Prius 0% financing & questions [kdhspyder]
May 14, 2009 (1:01 pm)
Thanks to both of you -- I did give my local dealer a call to ask about the tiers, and it looks like we'll be fine. I'll post back to let you know how it goes if/when it's all done. This web site is so helpful
#27 of 1195 Re: Prius 0% financing & questions [civicbuyer]
May 15, 2009 (1:43 am)
Well I did it. I bought my Prius tonight. I made an offer of $21,000 plus taxes out the door on a #2 package to my local dealer. They said they would take it with $399.00 dealer handling fees added on. I turned it down and said I would shop around. The first delaer I called in Denver "Go Toyota" said yes and I had a short but pleasant buying experience. the MSRP on my Prius is $24568.00. They sold it for $3568.00 below sticker. I financed through my own bank and was given a 4.99% rate (fair). I then put 200 miles on my new car tonight, mostly highway and the onboard computer read 43 MPG average. My average speed was between 70 and 75 mph. So far I could not be happier. My other vehicle is a 2006 3/4 ton 4x4 Dodge diesel. It will be spending alot of time parked from now on on!!!!!
#28 of 1195 Re: Prius 0% financing & questions [archer1]
May 15, 2009 (5:06 am)
Great job and good negotiating. That fuel economy is pretty typical right out of the box for highway speeds of 70-75 mph. There's a 5000 mi and a 10000 mi 'breakin' ( nothing that you have to do ) and familiarity issues that will increase your FE values up to the 45-50 mpg range.
Your net after about a year's driving should be in the 47-49 mpg range.
#29 of 1195 Re: Prius 0% financing & questions [archer1]
May 15, 2009 (11:31 am)
I've got inquiries out to several dealerships -- sent them late last night. So far I've only heard from 3 with actual information. I'm also looking for a Package 2, (flexible on color), and the lowest price I've gotten them to quote is $23,888. Planning to do the 0%, so no cash back offer. I am still hoping to get it for under $23,000, but many of the sales people have written that they are unwilling to "take a loss" since there are so few left and the new ones are coming very soon. The invoice, destination and package 2 come to $22,666 according to Edmunds, and the Edmunds TMV is $23,262. (I offered $22,500.)
I'm in Seattle, and I think they are pretty popular around here. Wonder if my timing is not so great or if it's a combination of factors. Or maybe this is just part of the runaround? It is still early in the day.
Would love to hear your thoughts!
#30 of 1195 Re: Prius 0% financing & questions [civicbuyer]
May 15, 2009 (11:56 am)
they are unwilling to "take a loss" since there are so few left and the new ones are coming very soon.
LOL, that's funny. I can understand them not wanting to take a loss, but I can't imagine them not wanting to clear the lot before the 2010 hits their dealership. having a 2010 sitting beside a 2009 will not be a good selling point for the old ones.