I've heard some radio spots in the LA market for Toyota advertising financing for Tier 1 and Tier 2 credit. Does anyone what this is? Is it FICO driven or what. I ask because it seems that FICO is playing more and more of a part in the decision process of whether or not to grant crdit and at what rate(s).
Here is my semi-educated guess. Tier 1 Fico 720 and up Tier 2 Fico 680-719 Tier 3 679 and below I only say this because I have seen Lexus advertise 720 and up for special financing. Any other thoughts?
I heard a radio ad for Toyota that said you need a 680 FICO (their words) to qualify for the special promotional financing. Of interest, I heard another dealer (may have been Carmax), say you needed a score of 750 to qualify for their best rates. They used the word "score", not FICO like Toyota did. I would be interested in the answer to your question. Whatever happened to Supershawn? He always had the answers to these car questions.
Well seeing as how I am a Toyota Sales Manager, this is an easy question....Tier 1 is 700+, Tier 2 is 660-699...in our area (TX) they use Equifax....
There's another factor that came into play for us a couple of years ago. We got Tier 1 with Chrysler Financial with a FICO of about 590-600 by putting down a sizable down payment. We put about 5k down and financed 10k on a minivan for our business. I realize everyone doesn't have that kind of cash readily available, but if you do, it can be a way of getting the good rates. DemPooches
I wonder about the FICO, BEACON, etc. In order to determine the Tiers, all the financing companies use even numbers. All my scores are like 599, 649 etc. Just enough to knock one into a higher rate! Conspricacy? Maybe...Maybe not....
to jpark31 can you please let us know the finance rate associated with Tier 1 and with Tier 2? I am considering buying a hybrid from Toyota in the early fall...how much would I need to put down for each financing option? my scores are below, no open disputes on Equifax at this time ( my one open collection is due to being a "library felon.") feel free to email me direct if you have any insights that you might be able to share PS I have do have an XPlan through my employer
Re: to jpark31 Maggie - TOYOTA in San Fran is advertising BEST rates - maybe 3-4.9% with a FICO of 660 or greater. 660 is the number in SF.... aarrff dogman
