Dealership refusing outside financing - Is it common?

[TRD Pro or Die Trying]

I’d be mindful of simply refinancing the dealership loan as it is often simple interest as opposed to compound interest. The difference being that simple interest is calculated upfront and then folded into the loan whereas compound interest is calculated every month.

If I loan you $100 at 5% simple interest you owe me $105 regardless of when you pay me. Paying more each month or paying with a lump sum at any point just moves up the date of being paid off, it doesn’t save you any money. If I charge you compound interest then we figure out the interest month to month. Meaning, you could pay me back before the end of the terms of the loan and save interest. If you paid the $100 before the first month’s payment comes due, you wouldn’t be on the hook for any interest. This is how people pay off their home loans faster and save on interest. Compound vs simple interest. That’s the key difference.

Paying it off with your bank’s check can lead to you paying the bank’s compound interest on top of the interest Toyota has already billed you for.

If the dealership refuses to give you an options contract AND refuses to match your bank’s rate, consider taking out a loan at your bank and paying all cash at Toyota. Assuming the personal loan is better than what Toyota is offering, it would still be a win.

Just my two cents.

@UOduck23 Thank you for your post. I really appreciate you taking the time to write out the simplified example on simple vs compound interest, making it easy to understand. That was helpful and I'll definitely be careful to not pay the bank's compound interest on top of Toyota's interest. I will go into that dealership completely researched and prepared thanks to you and the other forum members giving their input. Appreciate it. I don't care what @Everybodyduck says about you, you're alright with me.

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[Everybodyduck]

Dear Pro die,

Haven't I been supportive throughout the course of your Trim dysfunction? Everybody who can read knows I wished upon you the bestest Pro ever. And, you respond by mocking my HUD and rain-sensing wipers, and trying to cause chaos amongst alumni? I note you didn't mock the automated running boards you cherish and envy. And, the alumni chaos is clearly a SEC thangy. But know and believe this, my luxury beast can roll over and crush Gators like a Pro, or die trying.

Bless your heart.

 

[TRD Pro or Die Trying]

Dear Pro die,

Haven't I been supportive throughout the course of your Trim dysfunction? Everybody who can read knows I wished upon you the bestest Pro ever. And, you respond by mocking my HUD and rain-sensing wipers, and trying to cause chaos amongst alumni? I note you didn't mock the automated running boards you cherish and envy. And, the alumni chaos is clearly a SEC thangy. But know and believe this, my luxury beast can roll over and crush Gators like a Pro, or die trying.

Bless your heart.

@Everybodyduck If you get down here to Florida with your fancy Platinum and start running over Gators, you're probably gonna get stuck with your fancy street tires, but don't worry.... I'll come pull you out with my rugged TRD Pro and the new red front tow hooks that I just ordered!

 

[PawsAndPRs]

I was quoted 5.49% at my CU where I do my banking. The dealership was able to beat their best rate at 4.99% thru the same CU.

I would at least give them a chance to meet or beat your rate. I intended on them still running my credit at the dealer anyways bc it wouldn’t count as multiple dings as long as within a short period of time.

 

[TRD Pro or Die Trying]

I was quoted 5.49% at my CU where I do my banking. The dealership was able to beat their best rate at 4.99% thru the same CU.

I would at least give them a chance to meet or beat your rate. I intended on them still running my credit at the dealer anyways bc it wouldn’t count as multiple dings as long as within a short period of time.

Did the dealer even hint at them not accepting your credit union financing? I'll take the dealer financing as long as they match the credit union.

 

[PawsAndPRs]

Did the dealer even hint at them not accepting your credit union financing? I'll take the dealer financing as long as they match the credit union.

not per se, but they heavily suggested I allowed them to run my credit. They even had me fill out the release when I put the deposit down on the allocation…the delivery came a little over 2 months later. I had totally already intended to allow them run credit anyways but I wonder if I had pushed back on that if they would have been more firm.

 

[UOduck23]

The key is to make sure you get an “Options Contract” which should give you 7 days to have your bank take over the loan.

You take the options contract to your bank and, if approved, they’ll pay off Toyota and the contract is ripped up. Wait until the week expires and your contract/loan with Toyota goes live.

 

[Everybodyduck]

@Everybodyduck If you get down here to Florida with your fancy Platinum and start running over Gators, you're probably gonna get stuck with your fancy street tires, but don't worry.... I'll come pull you out with my rugged TRD Pro and the new red front tow hooks that I just ordered!

Ain't you precious.

But your point about my tires does carry some sting with it. At some point, many miles from now, I wheel rectify this failure.

 

[TRD Pro or Die Trying]

Ain't you precious.

But your point about my tires does carry some sting with it. At some point, many miles from now, I wheel rectify this failure.

These tires would look sweet on your Platinum when the time comes.

Or....... you could get a set of TRD Pro Wheels and Tires and that would take it over the top. Just sayin....

 

[Everybodyduck]

These tires would look sweet on your Platinum when the time comes.

Or....... you could get a set of TRD Pro Wheels and Tires and that would take it over the top. Just sayin....

Just when I was getting it out of my mind, you put these tires straight up in my face? That looks beautiful! I've got the Geolander 265 55 R20 that came standard, and they don't look anything like this, and they are on the same wheel. Do you have any idea or educated guess as to what size and make this tire is? Does anybody? Would the owner of this beast of a Black Platinum please step up and advise on what those tires are? Please!

Dying Pro, good looking out. Nice catch. I'm thinking this might still be your dream car, Hmm...

 

[TRD Pro or Die Trying]

Just when I was getting it out of my mind, you put these tires straight up in my face? That looks beautiful! I've got the Geolander 265 55 R20 that came standard, and they don't look anything like this, and they are on the same wheel. Do you have any idea or educated guess as to what size and make this tire is? Does anybody? Would the owner of this beast of a Black Platinum please step up and advise on what those tires are? Please!

Dying Pro, good looking out. Nice catch. I'm thinking this might still be your dream car, Hmm...

I think someone will probably chime in with the 100% correct answer, but those tires look like Nitto Ridge Grapplers 275/60/20 or 275/55/20. Could be Nitto Recon Grapplers as well. They do look nice, but not as nice as just slapping some TRD Pro wheels and tires on and calling it a day!

 

[TRD Pro or Die Trying]

Just when I was getting it out of my mind, you put these tires straight up in my face? That looks beautiful! I've got the Geolander 265 55 R20 that came standard, and they don't look anything like this, and they are on the same wheel. Do you have any idea or educated guess as to what size and make this tire is? Does anybody? Would the owner of this beast of a Black Platinum please step up and advise on what those tires are? Please!

Dying Pro, good looking out. Nice catch. I'm thinking this might still be your dream car, Hmm...

I took those pictures from one of @Ahmad310 posts. He might know the exact specs of those tires.

 

[Everybodyduck]

I think someone will probably chime in with the 100% correct answer, but those tires look like Nitto Ridge Grapplers 275/60/20 or 275/55/20. Could be Nitto Recon Grapplers as well. They do look nice, but not as nice as just slapping some TRD Pro wheels and tires on and calling it a day!

For the record, I have determined the owner of that vehicle and requested that he share the actual tire size and make/model. I agree to your size estimate, but I know nothing about Grappler tires except that a lot of Toyotas have them. What is the difference between a Recon and a Ridge? Is one better than the other, maybe with less road noise?

And you will appreciate the difficulty of my telling you that I have been in contact with an individual up North who is selling his new TRD wheels, with caps, sensors, and the A/T whatever tire it came with. The price is fair, but he is several hundred miles away, and the shipping is stupidly expensive. However, he is venturing a little South in mid-September, and if I'm willing to make an overnight road trip North and he still has them to sell and I want them, we have agreed to meet and exchange. I know that was TMI, but I needed the self-flagellation that came with that confession.

 

[Ahmad310]

I took those pictures from one of @Ahmad310 posts. He might know the exact specs of those tires.

I don’t know the exact specs as this was just from one I found online that was for sale. I do know they are Nittos as part of the normal “SET” dealer add on packages those dealers do. Here is a closer image of the tire

Personally I’d go with Toyo AT3’s over these. I’m on my second set of them in 275/55/20 on my 2014 Limited and they have been excellent!

 

[Everybodyduck]

I don’t know the exact specs as this was just from one I found online that was for sale. I do know they are Nittos as part of the normal “SET” dealer add on packages those dealers do. Here is a closer image of the tire

Personally I’d go with Toyo AT3’s over these. I’m on my second set of them in 275/55/20 on my 2014 Limited and they have been excellent!

I feel you. I was at the dealer's one day getting my 2020 Limited Nightshade serviced, and a guy pulled up in his new Pro and was having the Grapplers taken off because he thought they were too noisy on the pavement. That is literally the only conversation I ever had about those tires. Do you think making the jump from 275/55/20 to a 275/60/20 would eat up too much of the wheel well on the Platinum?

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