Last post on May 21, 2013 at 12:51 PM
You are in the Toyota Prius
What is this discussion about?
Toyota Prius, Car Buying, Hybrid Cars, Sedan
#24 of 1190 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 1190 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 1190 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 1190 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 1190 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 1190 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 1190 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.
#31 of 1190 Re: Prius 0% financing & questions [wvgasguy]
May 15, 2009 (12:05 pm)
Yeah, I must say this is definitely different than 4 years ago when I bought our Civic... It was easy to get a price over the phone, and I got it for very close to invoice vs. this which is over $1k above it. And the salespeople seem almost... standoffish. Definitely irritated. Maybe they figure they have so few left that they can easily sell it to someone who's not doing quite as much research?
We'll see! I've been without a car for 8 months, so if this doesn't work out, I will live.
#32 of 1190 Re: Prius 0% financing & questions [civicbuyer]
May 15, 2009 (1:36 pm)
It is ironic that they will tell some people they want to move the 09's to make room for the 2010's and then tell people when they get there that they have so few that they don't need to discount them. Right now the lots are bare in a lot of dealerships because production has been cut. The truth though is that production is cut because cars are not selling. It's a catch 22 but it should be working in favor of the consumer rather than the dealer.
#33 of 1190 Central Atlantic Region_WV delivery
May 15, 2009 (5:27 pm)
The sales manager just called me to go over the spec for my preference. He said he had to get it ready tonight as it has to be turned in by tomorrow AM!
I joked with him and asked him what ship is coming in. I had told him about the link I found on PriusChat showing the GPS locations of the ships. He said, I may be able to find out if indeed he gets an allocation.
It's a smaller dealership and while they wouldn't get a large allocation if any at all, I know that when they got my 07 TCH in, it came in the first shipment in West Virginia and I had a VIN ending with 0579. I'm hopeful he will be as lucky this time. However if he can't get what I want or fairly close I will wait since I plan to own this a while and want it pretty much like I've spec'ed.
2010 Prius V
Beige / sand leather
All Weather Floor and cargo mats
Heading to Ocean City next week. Maybe I can keep my mind off of it. I want it to come in, but not while I'm gone