What would you request?

T4Ranger

T4Ranger

New member
So... in dealing with my dealership, I was very explicit with the terms and conditions of financing my vehicle through Toyota. Really the only reason was because they were offering a $750 rebate for military personnel that financed through them at the time, as USAA already approved my loan etc.

Come to find out 2 weeks after I brought it home, after I told the dealership I only authorized them to pull my credit one time specifically for Toyota Finance (and I do have it in writing), they shot my information out to 6 other banks that all pulled my credit! I was pretty furious... They obviously can't remove the pulls from my credit report, however they have agreed to compensate me for it. The finance Mgr tried throwing out a 6yr/75k warranty for free (pretty sure he just tried to low ball me to be done with the problem, but I told him I'd have to think about it... I'm not even really sure what this type of error should be worth? Considered calling a lawyer, but I'd rather it just be settled and over with.

So my question is, what would you request? A better warranty? Accessories for the truck(i.e. trd wheels, remote start, sliding rear tray...trd supercharger!? ha)? Cash?
 
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Crappy, I had a similar problem with Ford, though they did not send it to 6 other banks. I believe it was only two. Many years ago.

If you plan to keep the truck for 7+ years or 100k+ miles, I'd take the warranty. Not the one he offered, but a 7 or 8 year and 100k or 125k warranty-Platinum of course.
 
Damage has already been done. Other Banks pulling your report refers to the "Damage". Why the huge interest in your end? Are you getting ready to finance something else soon? Is your score already on near the bad side and you think other pulls will lower it lower?

All of this was to save $750? What was the difference in the USAA and Toyota Financing rate? I think a 6/75 warrantee as he's offering on his end is fair. Maybe try a 6/100.. Just be careful, you might end up with nothing.

This is why Cash is King.
 
Jim82 said:
Not everyone has an extra 45K in cash lying around...
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Which is why not everyone should be buying 45k worth of truck.

Last time I paid any attention to credit score issues, I thought I read that multiple pulls within a short period of time didn't affect your score any more than a single pull? Am I remembering that wrong?
 
Lineman said:
This is why Cash is King.
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Considering you can get a rates as low as 1.75% right now, cash really isn't king at the moment. Invest the cash for a better return. :D

As far as the OP, I think you're overreacting to this and expecting anything more than the dealer offered is absurd. The pulls on the credit are not going to tank your score. It may drop it a couple of points but it's note some major issue as another posted alluded to. Several pulls on the same day are not really an issue. This is expected when buying a car, house, land, etc.

If you're really concerned about it, simply dispute the pulls with the 3 credit bureaus and there is a good change you may be them deleted. Have the dealership give you something in writing that they made a mistake and were not to run your credit multiple times and that would more than likely help you get all the pulls removed.
 
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a dealership pulling your report has ZERO affect on your score. You can go to 10 dealers in the same day:rockthrow:
 
KidVermicious said:
Which is why not everyone should be buying 45k worth of truck.

Last time I paid any attention to credit score issues, I thought I read that multiple pulls within a short period of time didn't affect your score any more than a single pull? Am I remembering that wrong?
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It's been a few years since I was in the finance game, but when I used to be a finance manager, the credit people all agreed that when shopping for a major purchase the buyers do tend to shop around and agreed that multiple hits on your credit score within a 30 day period does not affect your credit score.

If I was you I'd take the warranty.
 
Jeff M said:
Considering you can get a rates as low as 1.75% right now, cash really isn't king at the moment. Invest the cash for a better return. :D
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To bad you didn't factor in risk into your "equation". Or that vehicles (most) are not an investment, they are an expense. You wouldn't finance cable bills, cell phone bills, groceries just because you can get a higher ROR on investments.

By your logic people should finance everything they use and no one should ever pay off anything.
 
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KidVermicious said:
Which is why not everyone should be buying 45k worth of truck.
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Amen! Tough for some people to understand. If I wanted to pay payments for years on end I'd be driving a new Land Cruiser.

In all fairness I did finance my 4Runner for 18 months....story is in my build thread. Just wanted to sit on the cash while my twins were being born just incase we had some crazy expenses with hospital bills. And they only cost 330k - thank God for insurance which picked up 97% of that!
 
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They're offering a free extended warranty just because they gave your credit info to some banks? And you're waffling? Grab a pen, son.
 
dekeman said:
They're offering a free extended warranty just because they gave your credit info to some banks? And you're waffling? Grab a pen, son.
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This, exactly. You're more pissed than damaged (not that I blame you). Perhaps get a letter of some kind, on letterhead, signed by the finance mgr.

Get the wty, and quick, take it and run before they come to their senses.

ETA: Oh, and learn how to put a block on your credit scoring.
 
Guys, I previously worked in finance for over 5 years and understand credit very clearly. I have great credit. That's why I told Toyota to pull it once, just to get an additional $750 off the sticker! They gave me the same low rate as USAA, so I'd be stupid not to do so. My frustration is that I was explicit with them about my terms, and they did not follow them. I am pissed that they couldn't follow simple instruction. So, do you think the 6yr/75k warranty is fair compensation? or would you try to push for something more or of similar value instead of the warranty?
 
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T4Ranger said:
Guys, I previously worked in finance for over 5 years and understand credit very clearly. I have great credit. I know the additional pulls didn't hurt my credit at all, that's why I told Toyota to pull it once, just to get an additional $750 off the sticker! They gave me the same low rate as USAA, so I'd be stupid not to do so. My frustration is that I was explicit with them about my terms, and they did not follow them. I am pissed that they couldn't follow simple instruction. So, do you think the 6yr/75k warranty is fair compensation? or would you try to push for something more or of similar value instead of the warranty?
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That warranty costs the dealer something like $400.00 or so, I'd take it.

There are also two kinds of credit pulls, one full report (affects score if you have more than 5), and some sort of summary that apparently does not.
 
T4Ranger said:
Guys, I previously worked in finance for over 5 years and understand credit very clearly. I have great credit. I know the additional pulls didn't hurt my credit at all, that's why I told Toyota to pull it once, just to get an additional $750 off the sticker! They gave me the same low rate as USAA, so I'd be stupid not to do so. My frustration is that I was explicit with them about my terms, and they did not follow them. I am pissed that they couldn't follow simple instruction. So, do you think the 6yr/75k warranty is fair compensation? or would you try to push for something more or of similar value instead of the warranty?
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Dude, in my mind you are wanting something for nothing. So you told them something and they did not do it right. Shame on them. Why the punitive attitude? Not judging but I would have calmly told them they screwed up, let them apologize and made a friend for life.
 
T4Ranger said:
....... So, do you think the 6yr/75k warranty is fair compensation? or would you try to push for something more or of similar value instead of the warranty?
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Fer crying out loud, you got FIVE replies to take it - now ...... and you're still asking??

"Compensation" ?? For what, some dickweed who didn't follow directions?
You're not harmed man, take it and run.
 
thebwlife said:
To bad you didn't factor in risk into your "equation". Or that vehicles (most) are not an investment, they are an expense. You wouldn't finance cable bills, cell phone bills, groceries just because you can get a higher ROR on investments.

By your logic people should finance everything they use and no one should ever pay off anything.
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Your reasoning isn't sound ? You are comparing financing consumables where the value is completely gone vs a vehicle w/ long term residual value. A vehicle is an asset, a depreciating asset, but an asset nonetheless. If you can finance for less than the current rate of inflation it doesn't make sense to use your cash.

If what you were buying was a consumable - say a $45k bottle of wine that you were going to drink (not use as an investment) or purchase a $45k vacation trip then your logic is sound, you should not finance regardless of interest rate.

David
 
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