Toyota purchase question

Hi everyone, was trying to negotiate the purchase of a new Toyota (not a lease) and had a manager give me a price based on me financing with Toyota Financial, and had a few questions.

Manager said I had to stay with them for at least 3 months before buying outright/refinancing. Is this true? Can they go back on the deal or anything or is this some sort of real thing that could retroactively back charge me something on?

Also I was applying for a recent graduate discount. My college is closed this week so I can’t get official documents but they will take my unofficial transcripts for a $1,250 grad credit with Toyota financial. They said I would need to send official documents after. Same question, is this something they can actually change after the fact or once the local dealer looks over documents and says it’s fine do I need to get official documents? Thanks!

They make a spread on financing. Bought a car for a family member. 800 credit finance guy charged 7.2% and wanted to keep financing for 4 months. Lets just say at that rate my family member paid it in 2 weeks. There was a 750 rebate if financed with GM. Felt bad but I can see why makes no sense to keep it since the interest alone for 4 months would be above the rebate. I pushed the guy to lower it as that was just too high for new auto. No budging.

Long story short, they cannot do anything if you refi earlier. Unless, you sign something, which I think run foul of consumer regulations. They giving you a rebate probably to finance with Toyota and charging you 7% when toyota financial is looking for 4% for example. That 3% spread is paid to dealer in 3 months, if you do not refi that is.

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Check Penfed auto rates

He will not get rebate if tfs offering a special finance rebate.

I meant for refi

I just helped a friend get a CPO Camry and despite being able to pay for it cash up front, it was cheaper to finance bc the bank had an incentive that went to the dealer that the dealer passed along. He also said that my friend could pay it all off after 3 months with no penalty.

Which Toyota are you looking to buy?

Nice rebate. Where are you located?

In CA its only $750. The dealer gets a chargeback if you refi sooner. Toyota does require a bunch of info for college grad. If you don’t provide the docs they will not fund the deal and you would be forced to unwind or rewrite without the rebate.

Assuming it’s the 7.29% that I signed for yesterday on my Trax, the interest shouldn’t be above $300 or so. Not sure how you’re getting it to $750+

For 4 months? You pay interest first on an auto loan. Plus interest till first month. At 300 monthly payment its about 1300 total. Most of it is interest i believe.

Ok just did an ammortization table so its 100 a month on interest on 16,600 financed. So about 500. Taking into account the payoff days and initial interest. Almost a wash. Higher priced car would be a total wash.