Scion Financing??? - Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community

Techfl3x · 12-31-2012, 10:02 AM

Has anyone encountered this? I financed my FRS at the dealer through what I had thought was with Toyota Financial Services. However I just received my license plates in the mail and the paperwork says:

Lien holder: Bank of America

I also just got a letter from bank of America asking me to sign up for automatic payments. I don't bank with B of A and did not sign anything at the dealership that said B of A. Does anyone know whats going on? Thanks for any insight.

FR-Shadow · 12-31-2012, 10:12 AM

The dealership reaches out to other banks/financial institutions to receive your loan. Basically what you could have done on your own with your own bank of choice they did for you. Bank of America was the lucky winner who received your business. This is how i believe all dealerships operate. I think mine is through a credit union however i still make all my payments on Toyota Financial Services website.

gily25 · 12-31-2012, 10:43 AM

Different credit profiles, different creditor able to shoulder the burden of the debt. The F&I manager should have printed the name of the bank on the paperwork you signed. Unlike a mortgage (where the note can be sold many times), that'll be your lien holder until the end of the loan, unless the bank mergers with another bank and the name changes.

mezdup · 12-31-2012, 11:33 AM

mine's Chase. they just go to whoever gets you the best rate i believe.

xrs · 12-31-2012, 11:34 AM

Toyota and other automotive manufacturers are in the business of building and selling cars, not banking.

RazorHawk · 12-31-2012, 11:46 AM

Mine is direct toyota, they are the lienholder, however I have very good credit, so they may only deal in low risk loans, so they do not need a bill collection branch.

Chillyairplane · 12-31-2012, 01:16 PM

Mine is direct from Toyota and they are the only one that would approve me since I had such a high down payment.....

My rate is TERRIBLE due to my 0 creidt score

Waiting to Re-FI!

joelg · 12-31-2012, 01:27 PM

Quote:

Originally Posted by xrs

Toyota and other automotive manufacturers are in the business of building and selling cars, not banking.

Not really true. I financed through Toyota. I dont deal with anyone else.

Celica00 · 12-31-2012, 01:31 PM

likewise, i'm through toyota as well. however, are they ok w/ refinancing? i'd rather have 2.99 than 3.85 and spend my tax return on lowering the monthly. sorry for the thread jack

Khánh · 12-31-2012, 04:26 PM

Quote:

Originally Posted by xrs

Toyota and other automotive manufacturers are in the business of building and selling cars, not banking.

I financed through honda 2 years ago and I was paying to honda and no one else..

bobpuffer · 01-01-2013, 02:48 PM

From Performance Toyota in Lincoln financed with Toyota at 1.75%. Finance guy was the best I'd ever dealt with.

terrypm · 01-01-2013, 05:20 PM

Quote:

Originally Posted by GoForStoke

Has anyone encountered this? I financed my FRS at the dealer through what I had thought was with Toyota Financial Services. However I just received my license plates in the mail and the paperwork says:

Lien holder: Bank of America

Look at your copy of the documents that you signed while in the dealer's finance managers office. It should be listed who was providing the financing, the interest rate, the monthly payment and length of the loan. All this is covered in the Truth in Lending laws. I would guess your dealer went with B of A because they paid the dealer some back door fees to steer you there.

punchdrunkjuice · 01-01-2013, 05:47 PM

mine is through toyota financial services as well

Chen · 01-01-2013, 06:23 PM

Mines though Toyota. I was quoted 3.01 interste rate Then checked my rates thought the Toyota online payment and it was 2.79 interest rate. Which Was better than any back could do that I applied for.

12-31-2012, 10:02 AM	#1
Techfl3x Senior Member Join Date: Dec 2012 Drives: Firestorm Red FRS/86 MT Location: So Cal South Bay LA/ 626 Posts: 182 Thanks: 177 Thanked 57 Times in 31 Posts Mentioned: 1 Post(s) Tagged: 0 Thread(s)	Scion Financing??? Has anyone encountered this? I financed my FRS at the dealer through what I had thought was with Toyota Financial Services. However I just received my license plates in the mail and the paperwork says: Lien holder: Bank of America I also just got a letter from bank of America asking me to sign up for automatic payments. I don't bank with B of A and did not sign anything at the dealership that said B of A. Does anyone know whats going on? Thanks for any insight.

12-31-2012, 11:33 AM	#4
mezdup #1362 Join Date: Jun 2012 Drives: 2014 Ice Silver WRX Location: Long Island, NY Posts: 1,081 Thanks: 480 Thanked 404 Times in 228 Posts Mentioned: 16 Post(s) Tagged: 0 Thread(s)	mine's Chase. they just go to whoever gets you the best rate i believe. __________________ Car Journal (06/17/12-03/08/14) \| FR-S/BRZ Photoshop Template 3.2

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12-31-2012, 10:12 AM	#2
FR-Shadow Senior Member Join Date: Oct 2012 Drives: 2013 Scion FRS Location: Arizona Posts: 1,418 Thanks: 260 Thanked 502 Times in 297 Posts Mentioned: 31 Post(s) Tagged: 0 Thread(s)	The dealership reaches out to other banks/financial institutions to receive your loan. Basically what you could have done on your own with your own bank of choice they did for you. Bank of America was the lucky winner who received your business. This is how i believe all dealerships operate. I think mine is through a credit union however i still make all my payments on Toyota Financial Services website.

12-31-2012, 10:43 AM	#3
gily25 Senior Member Join Date: Aug 2012 Drives: Silica BRZ 6MT Location: 06103 Posts: 650 Thanks: 97 Thanked 115 Times in 92 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	Different credit profiles, different creditor able to shoulder the burden of the debt. The F&I manager should have printed the name of the bank on the paperwork you signed. Unlike a mortgage (where the note can be sold many times), that'll be your lien holder until the end of the loan, unless the bank mergers with another bank and the name changes.

12-31-2012, 11:34 AM	#5
xrs Senior Member Join Date: Jan 2011 Drives: 02 Mitsubishi Mirage Location: Minnesota Posts: 236 Thanks: 5 Thanked 54 Times in 31 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	Toyota and other automotive manufacturers are in the business of building and selling cars, not banking.

12-31-2012, 01:16 PM	#7
Chillyairplane Member Join Date: Nov 2012 Drives: Ultramarine FR-S. Location: Tacoma, WA Posts: 61 Thanks: 3 Thanked 8 Times in 7 Posts Mentioned: 2 Post(s) Tagged: 0 Thread(s)	Mine is direct from Toyota and they are the only one that would approve me since I had such a high down payment..... My rate is TERRIBLE due to my 0 creidt score Waiting to Re-FI!

12-31-2012, 01:31 PM	#9
Celica00 Senior Member Join Date: Sep 2012 Drives: 86 Location: utah Posts: 1,156 Thanks: 842 Thanked 798 Times in 434 Posts Mentioned: 8 Post(s) Tagged: 2 Thread(s)	likewise, i'm through toyota as well. however, are they ok w/ refinancing? i'd rather have 2.99 than 3.85 and spend my tax return on lowering the monthly. sorry for the thread jack

01-01-2013, 02:48 PM	#11
bobpuffer Member Join Date: Jul 2012 Drives: FR-S Hotlava 6-speed Location: IA/MN/WI Posts: 68 Thanks: 12 Thanked 34 Times in 21 Posts Mentioned: 2 Post(s) Tagged: 0 Thread(s)	From Performance Toyota in Lincoln financed with Toyota at 1.75%. Finance guy was the best I'd ever dealt with.

01-01-2013, 06:23 PM	#14
Chen Regional Moderator Join Date: Aug 2012 Drives: 00-AP1 20-A90 06-Z33 07-FA5 93-NA1 Location: Portland, OR Posts: 4,633 Thanks: 85 Thanked 1,278 Times in 856 Posts Mentioned: 309 Post(s) Tagged: 0 Thread(s)	Mines though Toyota. I was quoted 3.01 interste rate Then checked my rates thought the Toyota online payment and it was 2.79 interest rate. Which Was better than any back could do that I applied for.

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