In the market
 

Delete this or move to the right section, if I'm not asking in the right place.

I'm currently in the process of purchasing my FR-S. Only things I'm trying to iron out are the interest rates.

I've already been quoted 6.35% @ $370 for 84 months.

Now I know thats not great, but I gave them a budget to work with, which may have been a bad idea. 300-350. But even then, it's still not in that range, UNLESS, I were to Lease. Then I would be looking at 300/month with a $2k down payment.

Basically, my question is: I've seen people on here get deals, where they've put 0 Down, and got 1.9% interest. Is that just a special deal at specific dealerships? or am I missing something. Are there any dealers in the LA area that are doing 0 Down with 1.9%??

Also, they told me my credit was in the Tier 1 range, which means I should be getting rates way lower than 6% if that's true. I just don't want to keep asking around, because I feel like they're just going to make me fill out another application, and I don't want that to affect my credit. I'm new to the car buying process.

SO....what gives? :iono: Any advice or comments are appreciated. Thanks.

And this is based on a price of $24,830 with the $750. College Grad Rebate

My advice... Find a low mileage used. I bought mine with 9k back in October. 1.99% rate, got the car for basically 20k even. If you're not set on brand new that's what I would do again. Plus it was Toyota certified used so I have the crazy 7 year 100 k warranty.

Walk away… I wouldn't settle for anything over 3%. 84 months is a hella long time.

I wouldn't buy used, and I would also walk away from that dealer. I'm a college kid and I got 2.55%. If I can get that, you can too with your recent college grad rebate.

Your credit must be terrible or not exist, thats horrendous.

That's exactly my thoughts, but it's not. So I'm just thinking they're trying to screw me over.

Takeover my lease at 324/mo for 23 more months

If it's a Manual in Whiteout and in the LA area, then hell yeah! lol

Must be screwing with you, or you're not putting anything down and they're screwing with you. Even with no credit, the College Grad Rebate program entitles you to the Tier 1, best credit, loan rates through Toyota. Right now, on the FRS, according to Scion's website, that's 1.9%.

Take a quick look at the subform for Cali and try to find dealerships that people recommend and go there.

I knew something was fishy about this deal. Thanks dude. I wasn't going to make any rash decisions. But yeah, I guess I just gotta keep searching.

Will do. Thanks

As others have said, that is a crap deal. When I got my BRZ, I got 2.9% easily. Could have gotten better had I waited another month (bought a house 2 months prior to buying the BRZ). And on top of that, I had student loans out.

However, none of that really matter since I made payments on everything I owed (here's the kicker...) on time.

There is a caveat on some of the deals (the 1.9% on all remaining 2013s) that your amount down has an effect I believe. So, if you're not willing to put much down, that may affect the interest rates they can give you. (no money down = bigger risk for them)

If nothing else, talk to @HeubergerMotors to get a reasonable baseline. There have been plenty of LA owners that shipped out of state from that dealer

84 months? Damn. Also to add to the stink around this deal, when I talked with my dealer they made it very clear that you cannot get the college grad rebate for anything over 60 months.
If you are not dead-set on new get used. I almost got a used 2013 for 22k (this was April 2013) but someone bought it right under me before I bought mine new. It saves a ton of money, and with CPO you have a better warranty than buying new. If you do not have a huge down payment (which it sounds like you do not) this is a good way to get it well within the monthly payments you want without stretching to a 6-7 year loan.

I looked them up, and it's a Subaru dealer. Do they also have Scion's?

Use the internet. Email every dealership near you. Tell them what your looking for. Ask them what kind of financial incentives are available. Talk to your personal bank or Credit Union. Find out what their car loan rates are. Try Penfed.org. You can be member of Penfed.org if you donate $15-30 iirc. I recently purchased a used car at 1.49% for 60 months through them. Also .... buying a CPO 86 isn't bad if you're not financially able to buy a new car. Makes better financial sense.

Good luck with your search.

Don't think they do, but I went with Subaru because they quoted a price for limited trim for the same you get sticker price at Scion. If you go the premium route you may end up getting better bang for your buck. Search forum for differences on frs versus brz premium

Whoa didnt know toyota apr went that high lol. They're totally screwing you. The 1.9% is usually on last years model. Unless that's a quote on a 2015, WAIT until they come out. Which is what? 2-3 months from now? Any remaining 2013 will probably be 0.9% and 2014 will be 1.9%.

I was well above tier 1 and I got quote around 2.45% on my monogram. Have you been working with a steady income though? If you can't prove a steady income, short credit history, and if you have student loans to pay off, that could explain a higher rate.

Try another dealer, and DON'T give them any numbers. NEVER tell them your budget or what you're comfortable paying, and make sure you include insurance in your calculations! Ask them to give you quotes based on theoretical down payments/length of payment and just tell them to assume you're in tier 1. That's what I did. My salesman only had my full name and email. Didn't give him my cell # until I was content with some of the basic #'s.

Try another local dealership and tell them you're interested in a whiteout manual, they can, and probably will, just trade with the stealership you're working with now. DON'T let them know you already talked to them so they can still work out the BEST deal otherwise they will just "beat" that already crap deal slightly. Also if the new dealership does pull the trade through, try and see if they can allow you to pick it up so they don't have to deliver. Make sure they DON'T prewash your car so they can't mess it up. It'll be that much more rewarding when you can rub it in their faces by driving off their greedy lot. gl!

FYI if you wanna go brz, try costco, hands down the cheapest for the MY i found. My roommate went costco for his wrx, and they never even checked if he had a membership but ymmv...he got it for $200 less than the sticker. No haggling at all though.

too bad the frs isn't in the costco program.

http://www.scion.com/promotions/aprpromotion/

Agreed with everyone else, if you have good credit you shouldn't be getting quoted over 3%

Never give them a 'budget', always negotiate solely price of the vehicle and apr, everything else falls from that, never take options as $x/month, always the whole price.

Probably not a Toyota loan. Probably a loan from local finance that the salesman/dealership gets a kickback from.

I just did this exactly, and got rates as low as 1.9 with the College Grad Rebate.

Do you think it will make a huge difference when the '15 comes out?

I would still want the '14 model though, the '13 headunit just annoys the piss outta me. But yeah. I think I'll wait till the '15s are on the lots, and see what they can give me for the '14 model.

No, no, no. That interest rate is too high. How terrible is your credit? Low credit score?

I was told I had Tier 1 Credit, so that's what confused me also. Unless they were yanking my chain, but that wouldn't add up.

Point is, I'm not going through with that one. So no worries.

How old are you OP?

The late '13s had the same head unit as the 2014s. So maybe you could even find one of those.

Go to toyota cerritos. Go straight to internet sales. The reason your interest rate is so high is that you are stretching it out for so long. If you go down to 60 mo. You'll get the 1.9% special. it's not going to be in your budget. So you're not gonna get close to a 1.9% due to the term length that you're after for the budget. Whenever I go car shopping (frs was the 6th car that I had bought) I never tell them what I want to pay. I say give me the best deal possible. They came back with 1.9% and you'll have it paid off in 60 mo (5 years) not 84 mo (7 years)

Personally I will not go over 60 months. Although the payments are higher, I'll own it sooner rather than later.

Just my .02

I'm 24 in July, and I just checked my score...702. Not bad for a young blood. :party0030:

No worries, I've contacted other dealers, and they offered me 1.9, with 0 down. And thats with the College Grad Rebate. I can't afford the finance option, but that still applies to the lease, and I can walk out the door, at $350 for 36months/36k miles. Plus, no payments for the first 90 days.

Once the term is up, I'll keep it and pay the rest off. By then I'll have a promotion and possibly a pay increase.

Oops, you got that info. Pay your insurance on time, it's one of the most impactive to your credit score. I autopay mine, my credit is 800+, but I'm also 20 years older than you.

In the market
 

Wait for Toyotathon or go to a different financial services .... wait maybe try another dealer first.

Go through your bank, the dealer isn't the only place to secure financing.

Welcome to the worlds most frustrating roller coaster, buying a car!

If you say your credit is good, I agree with everyone that is saying you should be able to get at least a 3% rate if not better depending on your actual credit score. Do not give up, there will be many more obstacles you will get to, this is just the process. They have what you want and are trying to get as much out of you as they can. I would suggest seeking loan information from other credit unions, maybe even your personal bank as you have an established relationship with them already.

In reference to the college rebate, you can get the $750 rebate however if your finance term is more than 60 months they will not give you the delayed payment incentive. Gotta read the find print as I am not sure what it states for the current rebate. When I was in the market, my fiance had just graduated from college and we were putting this car in both of our names. Math aside, we decided to go with the lower payments and that meant 65 month term, which negated the delayed payment incentive they were offering then which was something like 90 day delay from your first payment if you had a credit score of 740+, but we still got the $1,000 rebate (We bought our FRS in December 2013).

Good luck on your journey, stay strong and don't settle for nothing less than what you want.

This is the reason I'm saving and buying mine cash! In and out no interest. Not everyone can do this but I finally can.

They should have a promotion going on right now and you should be able to get 1.9% easily. I'd continue to shop around. If that dealer isn't willing to work with you another one will!

Have you budgeted for insurance? Future license and registration fees? Maintenance?

It sounds like you're stretching yourself a little thin financially which may end in tears, check out the classified section and see how many people are selling due to 'changing life circumstances' = I can't afford it anymore. I hope you get a good deal, but it sounds less like you're saving yourself money and more like you're digging a financial pit to afford this dream.

Also: don't bank on that promotion to be able to pay off the car, you never know what will happen.

I'm surprised not many have addressed this yet but, I don't think you can afford to buy the car. I wouldn't ever buy a brand new anything without at minimum 10% down. You're going to be upside down on that car for quite a while. If I were you and if it were possible, I'd hold off a while until you can afford to put a chunk down and lower the loan term. If you need a car asap I'd get something a few years old and save until you can afford the FRS/BRZ. I'm not a fan of leasing because it's a glorified rental.

Hope I helped a little :)

Same mentality when I decided to lease!:thumbup:

I'm 24 also with a score of 777...should've broken the car in with a drive to Vegas...

Some #'s for you to play with, my lease payments are $343 for 36 months/36k miles, with $3k down on a Monogram. Seeing that you want a base, depending on your down, it should definitely be less than or really close to mine as the Monogram has a sticker of 3K more.

I don't think the 2014's will drop lower than 1.9% either though. Look at their current deals for 2013's and it should be really similar.

This is the good thing about Scion's "Pure" lease things and you're in Tier 1 so you should qualify for this deal.


http://www.scion.com/promotions/pure...t=e#model=FR-S