Screw PH. Recommend ME/my SO a new car!

[Provost Harrison]

I've had a $15K line of credit I've used on and off for 6 years. And about 10 years of active credit card use. That's why my score is in the top 1% of Canadians. That DID NOT MATTER to Toyota Finance, inexplicably.

We've been pre-approved for a Mortgage of $750,000 over 25 years. Our house is actually substantially less than that.

But yes, this is another inexplicable thing. The big banks look at my history and score and throw credit at me whenever I want it...

Oh I've had this. When I bought my present car they were willing to lend me the in excess of £20k I would've needed (although I paid cash anyway, just seeing whether any deals were worth it). But I bought a laptop a few months and was going to for the interest-free option for about £1500...but they declined me?! At the same time my credit card company didn't bat an eyelid at extending my credit limit to cover travel expenses until invoicing when I first became self employed!

It's incredible Asher and amazingly inconsistent. No wonder the banks f**ked up because I don't think they know who to lend to.

[Provost Harrison]

Who'd have thought...dodgy people in car sales? Next you'll be telling me estate agents are bent too. That would just shake my world

[Cort Haus]

A friend of mine who works in the car industry reckons that it is difficult for the car companies to make money on selling cars, where there is much competition, which is why they charge ridiculous amounts for parts, and make their money that way.

In a similar way perhaps dealerships find it difficult to make money selling cars, so they try to make money by selling money instead.

Or not, in this case. This conjecture is probably both complete bollocks and irrelevant to the matter at hand, and I've no idea why I typed it but I'll feel even more stupid if I cancel at this point.

[Zoetstofzoetje]

the best customer, as such, can barely keep up with credit card repayments, misses a few, and pays heavy fines.

world gone crazy w00p w00p

[Asher]

New update.

Got another email today. Somehow overnight (before the banks even opened ), they shaved 1% off the interest rate on the loan from the bank on the new deal. Now it's $10 a month cheaper than I originally asked for.

I'm still expressing skepticism...

[Asher]

The out of town dealership just shaved another 1% off of that.

[Zoetstofzoetje]

apparently there´s a lot of hidden margin they didn´t include in the 2.5%

[Asher]

I'm wondering how much of it is damage control as well. They were very proud of their reputation/word of mouth, and my emails implied I'd ensure everyone I meet knows about the awful experience I had there.

[Kuciwalker]

Because if you are considered too risky to pay X per month, obviously you have to pay X + $100 per month.

Duh? What, do you think it makes sense to charge riskier borrows less?

[Zoetstofzoetje]

I'm wondering how much of it is damage control as well. They were very proud of their reputation/word of mouth, and my emails implied I'd ensure everyone I meet knows about the awful experience I had there.

well done, they tried to screw you, you acted as somebody with nothing to lose, and now they worry about their marketing position, and you get an even better deal!

[Asher]

Duh? What, do you think it makes sense to charge riskier borrows less?

I realize you're thinking with your actuary hat on. Which is what the retards at Toyota Finance did as well.
This is why I find your kind less than fully intelligent. Spreadsheets and numbers over common ****ing sense. I've virtually zero risk. Any assclown could determine that.

Anyway, further update:

The director of finance for the dealership called me and profusely apologized. The finance woman we had dealt with was "very new". She's arranged a 4.99% open loan (to be paid back within 84 months -- the monthly payments work out to be $200 or so less than before), added all available incentive discounts, and took $2500 off the list price of the car (500 more than before). The total discounts work out to be $6000 off the MSRP. So this has kinda worked out...

[Jaguar]

Asher, I'm shocked that your interest terms are so crappy. I had a tiny credit history and Toyota still financed me on reasonably favorable terms without any complaints.

[Asher]

Did you read the thread, Jaguar?

Toyota Financing won't touch me, despite my top 1% credit score and pristine credit history with tens of thousands of collars of credit. This is the absurdity of the situation.

The 4.9% interest rate is from a bank for an all-purpose open loan.

The 4.9% interest is the best possible rate for the people with the best credit. The bank has no problem with me at all.

[Asher]

What I may end up doing is actually paying back 90% of the cost of the car in January and take the extra money out of my mortgage (3.09%, or lower by then...)

[Jaguar]

Did you read the thread, Jaguar?

Toyota Financing won't touch me, despite my top 1% credit score and pristine credit history with tens of thousands of collars of credit. This is the absurdity of the situation.

The 4.9% interest rate is from a bank for an all-purpose open loan.

The 4.9% interest is the best possible rate for the people with the best credit. The bank has no problem with me at all.

I was referring to the 6.9% they offered you after you yelled at them. That's unbelievably awful for someone with your credit history. For any sort of loan.