Don't ever trust those 100+ Point Inspections on used cars. Those inspections consist of someone standing 5ft from the car and putting a bunch of check marks in boxes. My wife's 2006 GX470 we just bought had passed one of those inspections at the dealer. Come to find, the Front Diff leaks, the shocks are blown, and the KDSS may be bad as well.

How bad is the rust on the hitch? If you can see some on the hitch, I am sure it is much worse underneath. Has this vehicle been driven in areas that use salt? I have seen 3 month old 4runners with horrible frame rust. Toyota doesn't coat their frames very well, and 4runners come pre-rusted from the factory.