I thought I was already getting a good deal when I signed the papers last month at 5.14%, but just received a letter from Toyota Financial saying there had been a mistake, they meant to charge me 4.14%, so they're lowering my rate to 4.14%! As I had signed all the paperwork indicating I was OK with 5.14%, it's certainly gracious of them to lower it anyway. I had no idea there had been a mistake until I got this letter from them.

What are typical interest rates that most people pay for new cars, if they have to finance? Anybody have anything crazy like 0% or 15%? Also, has anyone else received a letter from Toyota Financial saying they (Toyota) had made a mistake and the terms of the loan were being changed?

 

Im paying 2.9

 

isnt search great?

https://www.scionlife.com/forums/sho...d.php?t=203861

mine was like 3. something by the way

 

Thats intersting. I wonder if the dealer "bought the rate" from Toyota at 4.14% and told you 5.14% was the best they could do. This is how dealers make money in the finance department end. We all know Scion has pure pricing on the price of the car, but I am not aware that it counts for finance too. Maybe it does and that is why they changed it. That is a pretty good rate for Toyota on a car with no interest rate promotion. More than likley no one is paying 0% because that rate is usually a promotion just to get the car sold, and Toyota has no problem selling the tC2. I sold cars for over 3 years, not just talking out my rear here...lol.
Any lower rates than yours where more than likley financed through a different bank. Mine is through USAA, and is only slightly lower.

 

my 3.something rate was financed with Toyota Financial....

 

Put interest in the subject line and I would have been more likely to find it -- I usually search by thread title, not contents (which can be confusing).

 

interest and APR are one in the same

also using the search function (its at the top) and typing "interest" will find that thread...that is what i did

 

I know they're the same thing, but interest rate is the more general term and is what I would design my thread title to contain, but I'm a stickler for well-designed thread subjects.

Thanks for the heads up on the Search function, I had no idea where it was. I've been looking for it for months now.

 

Look at the part where it says" more than likley" I dident say definitely!

 

^^^This

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