College Rebate purchase but under Parent title?

[deedz]

I'm wondering if anyone has purchased a car with the scion 1000 dollar rebate while purchased under a parents name? One dealer told me I would have to be the one purchasing the car and own the title but what if I were to co sign?

Im under the age of 25 so in order to save money reasons I am still under my parents insurance.

[Capt Canuck]

So cake and eat it too?
If you cannot afford to insure an FRS, you cannot afford an FRS and best not purchase one.

Not to be Buzz Killington, but hey ho... on a positive note, welcome to the forum

[deedz]

Originally Posted by Capt Canuck

So cake and eat it too?
If you cannot afford to insure an FRS, you cannot afford an FRS and best not purchase one.

Not to be Buzz Killington, but hey ho... on a positive note, welcome to the forum

Its not that I cant afford the car...it just dosnt hurt to save money when there is an opportunity there right?

[86_ZN6]

you can't avail the college rebate if your name is not on the title

how is your credit?

[deedz]

Originally Posted by 86_ZN6

you can't avail the college rebate if your name is not on the title

how is your credit?

what if I co sign? Or what if I purchase the car and put my parents as the head of insurance? Would it work like that?

[86_ZN6]

again im asking you how is your credit

if you co sign with your parents and not credit is not as good then you will have a higher APR. it means you will be paying a higher monthly rate and higher interest

If you purchase your car with your name on it, then you will need to get your own insurance policy and not with your parents

[encity5]

I dot think he's asking about his credit and his financial status, just about this college rebate.

As far as I am aware your name needs to be on the cars title to get the rebate. If your parents gel co sign for the loan or what not, as long as you are the registered owner and title holder for the car, I believe you should be eligible going through Toyota financial.

But I'm not 100% positive

[Xenith]

Also, you should KNOW your credit score before going in there to finance through Toyota Financial. They only check Experian and TransUnion when they quote you. Know what your Equifax credit score is because it may be higher than the others. My Experian and Transunion scores were slightly below 700, but my Equifax was 727, and being over 720 gave me their best rate (2.99% APR). I had to have them ask for the Equifax number though as I knew my credit score was higher than what they quoted me.

As for the college rebate, make sure it is worth getting. What I mean by that is, you may (very likely) get a better rate at a credit union than you would at Toyota. Say you get preapproved at a credit union for 1.99% APR, and Toyota only gives you 3.99% with the $1k rebate. It would not be worth getting the rebate in this case as you would pay more in the end with the 3.99% APR than the 1.99% APR. In my case, I wanted the low rate and the rebate. So I got 2.99% from Toyota with the $1k rebate and am going to refinance with a credit union for 1.99% so I get the best of both. But, even if I didn't refinance, I would have saved $360 getting the 2.99% and the $1k rebate compared to not getting the rebate and getting 1.99%.

Just something to think about.

[FR-S,M.D.]

The $1000 rebate is completely separate from TFS financing. You can get the $1000 off without financing or you can get both. In terms of the registration, you can qualify for the grad rebate and keep your car under your parents' insurance by having both names on the registration. That's what I did.

[Xenith]

Originally Posted by FR-S,M.D.

The $1000 rebate is completely separate from TFS financing. You can get the $1000 off without financing or you can get both.

False. You may be lucky to get the rebate without financing through TFS, but, the first statement of the promotion says "When you finance or lease through a Scion dealer and Toyota Financial Services (TFS), you'll receive the $1000 rebate."

I tried getting the rebate without financing and was told I could not unless I financed through them and they would not budge on that.

[Push]

College grad rebate only applies if you finance the car thru Toyota Financial. You need to have income, and you need to have it in YOUR NAME...

[FR-S,M.D.]

Not up here in the great white North. Sorry that you guys are getting the short end of the stick.

[r4m3n]

You can co-sign. Somewhere in the fine print you have to furnish proof that you are working or have a job/source of income within the next 6 months.

[ruskymx]

To get the CG rebate in the US, the vehicle MUST be financed through TFS. The vehicle could be in both names, but the grad has to be on the title at least.

Xenith has the right idea. Finance it through TFS at first to get the rebate and then if you have access to a lower rate, then refinance it for the lower rate. Just make sure your financing source doesn't charge you a higher rate then because the car would technically be considered a "used" car. Some banks will have a higher rate for a used car than a new car, but many will be the same since it's a 2013. Something to look into before pulling the trigger.

Ruskymx