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Auto Loan Approvals

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Horseshoez
Senior Contributor

Re: Auto Loan Approvals


@Blender wrote:

@fury1995 wrote:

@Blender wrote:

Approved, but did not accept. 

 

2022 Toyota Corrolla - 7 miles 

Adjusted price: $21,813

Recon: $3,888

Dealer program: $2,995 (not optional)

 

So all said and done $28,995 for an LE corrolla?!

$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?

 

So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.


Send an email to the General Manager of the dealership asking (politely) for clarification of their pricing. Their email should be on the website. Specifically ask why there is a recondioning charge (for this new Corolla) and how it benefits you, the buyer and also what the "$2,995 dealer program" is and how that benefits you, the buyer. Let him/her know you've been asking around on "social media" about their dealerships' recondition and dealer program charges and the people who have seen your posts are highly recommending that you shop elsewhere and you thought before you do that, you would reach out to someone who would give him a direct and clear answer. You'll get a reply and likely a different offer.


So recon is just a car that the bank considers new. And the 2995 dealer program is a wide array of simple extras (that i dont value at 2995) that they charge for used cars. So Im being charged services for both a new and used car. I did send him an email this morning, Ill update when I talk to them.


How close is the next closest Toyota dealership?  I ask because not all Toyota dealerships are crooked.  Consider this, there are four Toyota dealerships within 25 miles of me, three of them were charging a "Market Adjustment" on all Tacoma trucks of between $4,000 and $7,500, the fourth was selling at MSRP with no B.S. add-ons; guess which one I recently purchased my new Tacoma from?

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 61 of 134
fury1995
Valued Contributor

Re: Auto Loan Approvals


@Blender wrote:

@fury1995 wrote:

@Blender wrote:

Approved, but did not accept. 

 

2022 Toyota Corrolla - 7 miles 

Adjusted price: $21,813

Recon: $3,888

Dealer program: $2,995 (not optional)

 

So all said and done $28,995 for an LE corrolla?!

$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?

 

So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.


Send an email to the General Manager of the dealership asking (politely) for clarification of their pricing. Their email should be on the website. Specifically ask why there is a recondioning charge (for this new Corolla) and how it benefits you, the buyer and also what the "$2,995 dealer program" is and how that benefits you, the buyer. Let him/her know you've been asking around on "social media" about their dealerships' recondition and dealer program charges and the people who have seen your posts are highly recommending that you shop elsewhere and you thought before you do that, you would reach out to someone who would give him a direct and clear answer. You'll get a reply and likely a different offer.


So recon is just a car that the bank considers new. And the 2995 dealer program is a wide array of simple extras (that i dont value at 2995) that they charge for used cars. So Im being charged services for both a new and used car. I did send him an email this morning, Ill update when I talk to them.


"Recon" is short for reconditioning. That is the process a pre-owned vehicle (whether from trade-in or purchase from third party) undergos with the dealership's service department for both mechanical and cosmetic issues prior to resale. It's part of the vehicle's cost and in turn selling price. It's not normally a seperate line item for the sales price. It's nice to know what a delear has spent for "recon" however it's improbable that the dealer has spent any money reconditioning a new vehicle... or unlikely spent more than a minor amount of money for a preowned vehicle with 7 miles.

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

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Message 62 of 134
Blender
Established Contributor

Re: Auto Loan Approvals

@Horseshoez 

 

Message me which one that was lol we're looking to buy a Tacoma during end of year sales.

 

There are a few with certified corrollas in the area, some that ship the car for no fee within a certain radius as well. I think the deal they offered me just overall discouraged me from continuing to shop. Again, i believe my altima will hold me down for a while longer, but theres a chance this summer that my work commute will go up to an hour each way. So thats my reasoning for wanting to get into a lower mileage, warrantied vehicle. I just want the trade-in theyre offering me to actually go towards the car and not some bull**bleep** programs.

4/2024


Message 63 of 134
Blender
Established Contributor

Re: Auto Loan Approvals


@fury1995 wrote:

@Blender wrote:

@fury1995 wrote:

@Blender wrote:

Approved, but did not accept. 

 

2022 Toyota Corrolla - 7 miles 

Adjusted price: $21,813

Recon: $3,888

Dealer program: $2,995 (not optional)

 

So all said and done $28,995 for an LE corrolla?!

$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?

 

So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.


Send an email to the General Manager of the dealership asking (politely) for clarification of their pricing. Their email should be on the website. Specifically ask why there is a recondioning charge (for this new Corolla) and how it benefits you, the buyer and also what the "$2,995 dealer program" is and how that benefits you, the buyer. Let him/her know you've been asking around on "social media" about their dealerships' recondition and dealer program charges and the people who have seen your posts are highly recommending that you shop elsewhere and you thought before you do that, you would reach out to someone who would give him a direct and clear answer. You'll get a reply and likely a different offer.


So recon is just a car that the bank considers new. And the 2995 dealer program is a wide array of simple extras (that i dont value at 2995) that they charge for used cars. So Im being charged services for both a new and used car. I did send him an email this morning, Ill update when I talk to them.


"Recon" is short for reconditioning. That is the process a pre-owned vehicle (whether from trade-in or purchase from third party) undergos with the dealership's service department for both mechanical and cosmetic issues prior to resale. It's part of the vehicle's cost and in turn selling price. It's not normally a seperate line item for the sales price. It's nice to know what a delear has spent for "recon" however it's improbable that the dealer has spent any money reconditioning a new vehicle... or unlikely spent more than a minor amount of money for a preowned vehicle with 7 miles.


Exactly my thinking. It's only ever been titled in the dealers name. So it has never left the lot and and their 2995 advantage program is essentially the same thing. 7k for some cleaning and protection? I have insurance. GM is calling me later tonight once he reviews the visit and the numbers I mentioned above. 

4/2024


Message 64 of 134
Horseshoez
Senior Contributor

Re: Auto Loan Approvals


@Blender wrote:

@Horseshoez 

 

Message me which one that was lol we're looking to buy a Tacoma during end of year sales.

 

There are a few with certified corrollas in the area, some that ship the car for no fee within a certain radius as well. I think the deal they offered me just overall discouraged me from continuing to shop. Again, i believe my altima will hold me down for a while longer, but theres a chance this summer that my work commute will go up to an hour each way. So thats my reasoning for wanting to get into a lower mileage, warrantied vehicle. I just want the trade-in theyre offering me to actually go towards the car and not some bull**bleep** programs.


What part of the country are you located in?  I live in New England; a location which is about as far away from many of the U.S. population centers as is physically possible in the lower-48.

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 65 of 134
Blender
Established Contributor

Re: Auto Loan Approvals

Ah, im in Florida.

4/2024


Message 66 of 134
Brian_Earl_Spilner
Credit Mentor

Re: Auto Loan Approvals


@Blender wrote:

@fury1995 wrote:

@Blender wrote:

@fury1995 wrote:

@Blender wrote:

Approved, but did not accept. 

 

2022 Toyota Corrolla - 7 miles 

Adjusted price: $21,813

Recon: $3,888

Dealer program: $2,995 (not optional)

 

So all said and done $28,995 for an LE corrolla?!

$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?

 

So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.


Send an email to the General Manager of the dealership asking (politely) for clarification of their pricing. Their email should be on the website. Specifically ask why there is a recondioning charge (for this new Corolla) and how it benefits you, the buyer and also what the "$2,995 dealer program" is and how that benefits you, the buyer. Let him/her know you've been asking around on "social media" about their dealerships' recondition and dealer program charges and the people who have seen your posts are highly recommending that you shop elsewhere and you thought before you do that, you would reach out to someone who would give him a direct and clear answer. You'll get a reply and likely a different offer.


So recon is just a car that the bank considers new. And the 2995 dealer program is a wide array of simple extras (that i dont value at 2995) that they charge for used cars. So Im being charged services for both a new and used car. I did send him an email this morning, Ill update when I talk to them.


"Recon" is short for reconditioning. That is the process a pre-owned vehicle (whether from trade-in or purchase from third party) undergos with the dealership's service department for both mechanical and cosmetic issues prior to resale. It's part of the vehicle's cost and in turn selling price. It's not normally a seperate line item for the sales price. It's nice to know what a delear has spent for "recon" however it's improbable that the dealer has spent any money reconditioning a new vehicle... or unlikely spent more than a minor amount of money for a preowned vehicle with 7 miles.


Exactly my thinking. It's only ever been titled in the dealers name. So it has never left the lot and and their 2995 advantage program is essentially the same thing. 7k for some cleaning and protection? I have insurance. GM is calling me later tonight once he reviews the visit and the numbers I mentioned above. 


 

They're probably charging you for reconditioning your trade in. 

    
Message 67 of 134
fury1995
Valued Contributor

Re: Auto Loan Approvals


@Brian_Earl_Spilner wrote:

@Blender wrote:

@fury1995 wrote:

@Blender wrote:

@fury1995 wrote:

@Blender wrote:

Approved, but did not accept. 

 

2022 Toyota Corrolla - 7 miles 

Adjusted price: $21,813

Recon: $3,888

Dealer program: $2,995 (not optional)

 

So all said and done $28,995 for an LE corrolla?!

$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?

 

So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.


Send an email to the General Manager of the dealership asking (politely) for clarification of their pricing. Their email should be on the website. Specifically ask why there is a recondioning charge (for this new Corolla) and how it benefits you, the buyer and also what the "$2,995 dealer program" is and how that benefits you, the buyer. Let him/her know you've been asking around on "social media" about their dealerships' recondition and dealer program charges and the people who have seen your posts are highly recommending that you shop elsewhere and you thought before you do that, you would reach out to someone who would give him a direct and clear answer. You'll get a reply and likely a different offer.


So recon is just a car that the bank considers new. And the 2995 dealer program is a wide array of simple extras (that i dont value at 2995) that they charge for used cars. So Im being charged services for both a new and used car. I did send him an email this morning, Ill update when I talk to them.


"Recon" is short for reconditioning. That is the process a pre-owned vehicle (whether from trade-in or purchase from third party) undergos with the dealership's service department for both mechanical and cosmetic issues prior to resale. It's part of the vehicle's cost and in turn selling price. It's not normally a seperate line item for the sales price. It's nice to know what a delear has spent for "recon" however it's improbable that the dealer has spent any money reconditioning a new vehicle... or unlikely spent more than a minor amount of money for a preowned vehicle with 7 miles.


Exactly my thinking. It's only ever been titled in the dealers name. So it has never left the lot and and their 2995 advantage program is essentially the same thing. 7k for some cleaning and protection? I have insurance. GM is calling me later tonight once he reviews the visit and the numbers I mentioned above. 


 

They're probably charging you for reconditioning your trade in. 


It's not for the trade in.. They're asking for the recon fee on every sale. I guarantee it.

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

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Message 68 of 134
hrguy
Valued Member

Re: Auto Loan Approvals

Can this get back to a data point only thread that's not being muddied with non-value added convo that can happen in DMs?
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Message 69 of 134
Blender
Established Contributor

Re: Auto Loan Approvals

Good angle, but it's past that point lol straight to auction

4/2024


Message 70 of 134
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