Car purchase experience

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Hello guys I got some issues with a recently car purchase and here is the thing:

I went to the dealership last week, Monday night to buy a 2023 se. but paid $22000 cash. Then applied for $8900 loan. At that time the dealer told me i got a pre-approval from toyota finance. I just signed the contract and left. This morning the dealer called me and said Toyota did not give me the approval. Dealer told me: if I want to go on the graduate program, I must have a salary pay check, and the living expenses given by my family do not count. Dealer also told me there is only one bank approved my application, and the apr is 12.9. The original offer from Toyota was for 5 years at 3.9 apr. And also i asked the dealer for detail on the reply from the Toyota finance. The dealer told me it was internal information that could not be given to me. Then I called Toyota Financial and Toyota Financial said I should go to the dealership and I can’t check the status of my loan application myself. Also I just got my SSN September and only have 1 year of chase bank account.(international student) dealer is Fred Anderson Toyota in NC, thanks!

And that is the whole story, i just wonder:What should I do in this situation, are they trying to trick me?
thanks, guys!
your response will be great help in this xxxx situation.

Thanks again!

What car was it? What was the Out The Door (OTD) price?

For any new member reading this, always read any paperwork before you sign. If it does not make sense, ask questions before signing anything.

Did the dealer share with you what credit score they used for your loan application with Toyota Financial Services (TFS)?

Do you know what your 3 bureau credit score is? (i.e. Equifax, TransUnion and Experian).

Who knows, but since your auto loan history is pretty thin, it could be one of the reasons your loan was not approved. However, I am going to let others chime in.

Btw, did you receive a copy of the credit report showing the score that was used for the auto loan application? The dealer or TFS should have automatically sent you a copy (by law).


the OTD price is $31000.
Yes now I know I made a huge mistake.
And I only have TransUnion’s score, when they apply for the finance it should be 639. And also the dealer get me hard pull twice, that is another thing very confusing. I got score drop both time and within 30 days.

No no any document shows what credit report they used for the application, never got one.

THANKS VERY MUCH for ur reply man, really helpful, u know how frustrating I am now.

I believe this all flies in the face of the Fair Credit Reporting Act but I’m not an expert on it. I believe you should receive some documents in the mail regarding Toyota’s decision. They are also supposed to provide you with documents in the finance office that detail your credit score and the decision.

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SO can I sue them, lol?
really want to do that, they make me very very unhappy.
U konw in the deal, there are 4 charge cables sold for 212, and I can not deny it.

what’s the car? depending on if you overpaid WAYY too much, might be best to unwind the deal.

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just a 2023 base Camry se, OTD31127.51. and I have already put 22k down

It sounds like you took spot delivery of a car based off some kind of “pre approval” that fell through. If they found a different bank with a rate you don’t like, you will probably have to return to the dealership to sign new documents for that loan. If you don’t want that loan, don’t sign the new documents and give back the car, but make sure you get a check for your down payment back.


and i emphasize… do NOT leave without that $22k check. Confirm with the dealer before heading in that they will have someone from accounting available to give you the check so you leave with it, Ive been through too many headaches when dealers owe you money but are too slow to respond or get something done.

idk how others would feel about what im about to say, would it be a bad idea to not give keys till he gets the check?


I already drive like 450m on that car, I wonder how are they going to charge me for that?

the manager may call the police on me, lol.
they really looks like some guy who will scare me to make their goal.

As long as you are being calm and polite, the police will not get involved. I agree you should tell the dealer you are planning to drop off the car and pick up a check for your down payment at the same time.

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You’ve driven that many miles in a week?

In California, they cannot charge you for mileage if you return the car after failing to get financing. I do not know if this is also the case in NC.


yes, in my area, everything is pretty far. like nearest toyota dealer is 20 miles away, lol

ok thanks, I’ll look up in my area to see if they can charge me for the milage.
also is there any department for me to file a report on them. some thing like BBB or what, really angry about them.

They most likely cant charge you for anything. If anything, maybe they will be willing to suddenly “find” a better rate for you if you tell them that you plan on returning the car and you want your money back. They did a spot delivery and assumed the risk that you might not get approved. Thats not your problem. Tell them you are not returning the car unless you receive a full refund for every penny you put down.

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yes, I’m not sure u guys noticed that. I also got a credit score drop today, it is another hard pull, and last time I was told that I got approved from that dealer is within 30days.
so I really doubt, if they really did the finance application or not.

ok I’ll talk with them tomorrow, I asked about this, this afternoon, and dealer said I will be charged for milage like $0.2/m. not sure.
but thanks!
u been really supportive buddy! best for u!

You should call the North Carolina attorney generals office and ask for the office that handles auto consumer issues.

Not sure they can legally charge you for it, but you should definitely ask the state what the laws are.

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