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How Desperate Is Toyota Motors?

58 comments

Desperate enough to extend credit to someone like me, apparently.

After being turned down by everyone from Ford Motor Credit to Benny the loan shark, my credit union came through with financing terms. I was waffling between a 2006 Toyota Tacoma SR5 4×4 with 91k miles (but in excellent condition with tons of extras), and a brand new 2010 Tacoma 4×4, which I could have had for 2% lower interest than I’d get with the used one, and 72 month financing, to boot.

In the end, having a new vehicle with a 100k mile factory warranty for only $100 more in monthly notes was just too good to pass up.

So I went to the dealership this morning to sign the buyer’s agreement, and they asked if I’d like to try getting approved through Toyota Motor Credit. “What the hell,” I figured. “One more hit to my credit record won’t be too bad, and this is the last time I’m going to be financing anything for a long time. They’ll probably turn me down, but I still have the credit union to fall back on.”

Well, not only did they approve me, but at an interest rate so much better than my credit union that I could finance the truck for 60 months for only $70 a month more in payments. That will save me roughly $7,000 over the term of the loan.

So thanks, Toyota Motor Credit!

Hopefully, I’ll have pics of Frankenhoopty II by the end of the week!

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Posted by on February 23, 2010 • Filed under: Uncategorized
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  • Doug

    I'm guessing that what with all of the negative press they're getting lately they're pretty happy to get anyone looking at their stuff and will go all out to get buyers.

  • http://oregonemtstudent.blogspot.com/ Brad

    nice, I drive a 2004 Tacoma 4×4, they are great trucks

  • Doug

    I'm guessing that what with all of the negative press they're getting lately they're pretty happy to get anyone looking at their stuff and will go all out to get buyers.

  • http://oregonemtstudent.blogspot.com/ Brad

    nice, I drive a 2004 Tacoma 4×4, they are great trucks

  • Phil

    Bet you can't wait to hit a deer with that thing.

  • http://twitter.com/techherding Dick Carlson

    Just keep repeating: “Shift To Neutral, Step On The Brake.” “Shift To Neutral, Step On The Brake.” “Shift To Neutral, Step On The Brake.” “Shift To Neutral, Step On The Brake.”

  • Old_NFO

    You got the same kind of deal in the same circumstances I did with the Yukon! Good on ya AD!!! :-)

  • http://garrettcombs.com/ Garrett Combs

    I love my 2008 Tacoma! Congrats!

  • http://www.medicthree.fireemsblogs.com medicthree

    Proving a point I applied just to see how quickly they can decline me!

  • http://www.medicthree.fireemsblogs.com medicthree

    Proving a point I applied just to see how quickly they can decline me!

  • manda_b

    We just paid off our Toyota 4Runner – which we love and paid for via Toyota Motor Credit. They are great to work with – and truly helped us when my husband was unemployed for 5 months a few years ago.

  • GeorgeR

    That ain’t a Frankenhoopty, you’ll be rolling in one of the finest light trucks money can buy

  • GeorgeR

    That ain’t a Frankenhoopty, you’ll be rolling in one of the finest light trucks money can buy

  • manda_b

    We just paid off our Toyota 4Runner – which we love and paid for via Toyota Motor Credit. They are great to work with – and truly helped us when my husband was unemployed for 5 months a few years ago.

  • theflyingmonkey

    I know that Toyota is the bastard step child of the auto industry right know but I love my '09 Tacoma 4×4. That thing can climb trees. Check out the Tacoma forums for some nifty do-it-yourself upgrades that will make it an even more pleasant ride and more fuel efficient.

    The first thing you want to do is turn off the passenger side seat belt alarm. It chimes with 5# of weight, which is about yoru standard bag of groceries. Here's how it's done:

    1) Turn the ignition to 'ON', but do not start the engine. Cycle your trip reset knob until it reads ODO. Turn the ignition back off. Wait a couple of seconds. 2) Make sure seat belt is not fastened 3) Turn the ignition back on, do not start the truck. As soon as you see everything light up, press and hold the trip reset knob for 12 seconds. 4) Keep your finger on the trip reset knob. Fasten your seat belt you should see the ODO display go from XXXX miles to “b-on”. Take your finger off the trip reset knob and press it again. It should cycle to “b-off”. Turn the ignition off and unfasten your seat belt

  • totwtytr

    My son has a 2006 Tacoma, which replaced his 2000 Tacoma. Both were very good to him, as is our Toyota dealer. You've been in my '06 Tundra, so you know what that's like. You won't be unhappy at all.

  • totwtytr

    My son has a 2006 Tacoma, which replaced his 2000 Tacoma. Both were very good to him, as is our Toyota dealer. You've been in my '06 Tundra, so you know what that's like. You won't be unhappy at all.

  • http://www.stuckinmassachusetts.blogspot.com/ Jay G.

    Nice! You won't be disappointed with the Taco, AD. My *only* beef with Toyota has been – up until now – that their cars were so in demand that the dealerships didn't actually want to *sell* then. They just expected you to walk in, throw MSRP + markup at them, and walk out with whatever car they deigned to show you.

    It sounds like recent events have humbled them some, which is a good thing (once again, the dealerships, not the vehicles themselves).

    If the local dealership hadn't INSISTED on MSRP + a couple grand for the Tundra while offering $2,500 BELOW trade-in value on our Durango I'd be driving a Tundra today rather than the Ram.

    Best of luck with the Taco – I doubt you'll need luck, as Toyota, despite recent overblown events, has a reliability standard that really sets the benchmark for the industry. You'll be very happy with it indeed.

    Just be sure to put those little stick-on deer whistles all over the front bumper and you'll do fine… ;)

  • http://zercool.blogspot.com/ ZerCool

    Mmmm, Taco…

    Nice truck, man. Pics or GTFO.

  • http://speakertweaker.blogspot.com/ Speakertweaker

    Great news, AD! I'm with JayG. Yota has been getting a lot of grief over the whole accelerator pedal debacle, but I gives no fuck. I've had my Tundra since November '09, and after having long been a Chevy guy I can honestly say that the Tundra is the most awesomest truck I've ever had. I could go on and on. You will LOVE that Tacoma.

    tweaker

  • NYEMT

    My little brother had a Tacoma – nice little truck, with the emphasis on “little”. He subsequently sold it and got a Tundra, which was MUCH roomier. You should bare your teeth, growl a bit, and make them give you a similar deal on a Tundra. You'll be glad for the extra room. And the ability to tow slightly larger toys. Toys are important.

    Tacomas DO look smokin' with a bit of a lift kit and larger tires, though. As a fellow redneck, I feel obliged to point that out. ;)

  • topv7051

    No wonder the country has gone down the toilet. Keep buying your foreign cars while the autoworkers lose their jobs. Eventually there will be no tax dollars left for ours.

  • http://musingsofavastright-winger.blogspot.com/ Rick

    Congratulations.

  • http://www.barefootclown.net/ Dave

    tobv7051, the 2010 Tacoma is built in San Antonio, TX, which I'm reasonably sure counts as part of the United States.

    Just for grins, is there a topic you actually know something about? If so, I'd like to see if you still have an opinion.

  • http://ambulancesboomstickscoffee.blogspot.com Jim (firefighter4884)

    Congrats AD,

    Although the '06 with 91k miles on it is just barely broken in. It'll easily run you another 400k.

    (My father and brother drove a T100 to well past 450k miles on it…) It would have kept going, but financially my brother couldn't afford the piece he needed to fix the sucker.

    –Jim

  • http://musingsofavastright-winger.blogspot.com/ Rick

    Congratulations.

  • http://www.barefootclown.net/ Dave

    tobv7051, the 2010 Tacoma is built in San Antonio, TX, which I'm reasonably sure counts as part of the United States.

    Just for grins, is there a topic you actually know something about? If so, I'd like to see if you still have an opinion.

  • http://ambulancesboomstickscoffee.blogspot.com Jim (firefighter4884)

    Congrats AD,

    Although the '06 with 91k miles on it is just barely broken in. It'll easily run you another 400k.

    (My father and brother drove a T100 to well past 450k miles on it…) It would have kept going, but financially my brother couldn't afford the piece he needed to fix the sucker.

    –Jim

  • bobball

    Excellent AD! However…won't the 'issues' with Toyota potentially increase your insurance rate by about $7K? :)

  • bobball

    Excellent AD! However…won't the 'issues' with Toyota potentially increase your insurance rate by about $7K? :)

  • topv7051

    Good for one plant in TX. Ford's HQ is in Dearborn, MI, Chrysler's in Auburn Hills, MI, and GM in Detroit, MI. Toyota's is in Toyota City, Japan. The top 4 shareholders are all Japanese banks. Guess where the profit from those trucks goes?

    I live and work in Michigan. The destruction of the domestic auto industry has increased unemployment in the Detroit suburbs to over 20%. The reduced tax revenues have resulted in an ongoing decimation of Fire, EMS, and law enforcement agencies here.

    Enjoy your foreign cars, we'll get your tax money back in stimulus packages and bailouts anyway.

  • http://www.barefootclown.net/ Dave

    Guess where the profit from those trucks goes?

    Back to anybody who chooses to be a shareholder? To my pension fund? Just because Japanese banks chose to buy more doesn't mean you can't.

    You are awfully concerned with the failure of Detroit; howabout finding somebody competent to run our stuff? Get decent management in there (Ford seems to have managed); get the unions under control (wait for the next big collapse: public employee pensions). When we say that the South will rise again, we didn't necessarily mean by force; a willingness to work hard for a fair price, rather than bully an employer to extort unsustainable benefits, goes a long way.

    And since you're going to take my money by force, whether or not I buy from you, I'll choose to buy something that'll run reliably, cut my losses, and invite you to go have carnal relations with a syphilitic porcupine.

  • Anonymous

    The destruction of the U.S auto industry lies with two distinct culprits:

    1. Poor quality compared to foreign manufacturers (I make an exception for Ford).

    2. The UAW.

  • http://www.barefootclown.net/ Dave

    Guess where the profit from those trucks goes?

    Back to anybody who chooses to be a shareholder? To my pension fund? Just because Japanese banks chose to buy more doesn't mean you can't.

    You are awfully concerned with the failure of Detroit; howabout finding somebody competent to run our stuff? Get decent management in there (Ford seems to have managed); get the unions under control (wait for the next big collapse: public employee pensions). When we say that the South will rise again, we didn't necessarily mean by force; a willingness to work hard for a fair price, rather than bully an employer to extort unsustainable benefits, goes a long way.

    And since you're going to take my money by force, whether or not I buy from you, I'll choose to buy something that'll run reliably, cut my losses, and invite you to go have carnal relations with a syphilitic porcupine.

  • totwtytr

    Many GM trucks are built in Canada, many Ford trucks are built in Mexico. So, what's you point? If anyone is responsible for the destruction of the US auto industry it's your friends in the UAW who made it so prohibitively expensive to build trucks in the US that GM had to cancel the entire Kodiak/Top Kick series of medium duty trucks.

    As to Detroit, take a trip over to Statter911.com and read how the City of Detroit has squandered millions of dollars on contracts for fire station repairs that were never done.

    I think you'll also be shocked to find out that the US voters are sick of bailing out failing cities, just as they were with New York City in the 1970s. Solve your own problems.

  • Valerie

    Life is short; drive what fits with your lifestyle/happiness.

  • slinky9

    You'll have to rename it though. A new truck can hardly be categorized as a Hoopty.

    Congrats ! :)

  • topv7051

    Seriously, you're going to compare quality while Toyota is recalling almost every vehicle they've built in the last 3 years for a life threatening defect-including the Tacoma? Why do you think you're getting such a great deal?

  • slinky9

    You'll have to rename it though. A new truck can hardly be categorized as a Hoopty.

    Congrats ! :)

  • topv7051

    Seriously, you're going to compare quality while Toyota is recalling almost every vehicle they've built in the last 3 years for a life threatening defect-including the Tacoma? Why do you think you're getting such a great deal?

  • totwtytr

    A little over the top there topv7051. First it's not almost every vehicle built. Interestingly, it's many US BUILT vehicles using US MADE components. Which should embarrass every one of us. I'm old enough to remember what Japanese made stuff was considered cheap crap. Now, the Japanese eat our lunch where quality is concerned and they have to worry about the quality of the US made components installed in their US made vehicles. Shame on us.

    Oh, and most of the “life threatening” defects are going to turn out to be driver error. Just has every “unintended acceleration” complaint since the great Audi crisis in the mid 1980s.

  • Will

    Jay,
    research finally got around to proving that those little whistles are NOT effective. Lost my reference in a computer failure, unfortunately.

  • Cybrludite

    Hell, my old Crown Vic was made in Canada. I used to joke about how I was driving an import. Now I drive a used GMC Sierra, bought & financed via Toyota. Suck on that, topv7051. Toyota gets the profit on my GMC, and not the UAW.

  • Cybrludite

    Hell, my old Crown Vic was made in Canada. I used to joke about how I was driving an import. Now I drive a used GMC Sierra, bought & financed via Toyota. Suck on that, topv7051. Toyota gets the profit on my GMC, and not the UAW.

  • http://transportjockey.blogspot.com/ Transport Jockey

    Congrats! I've gone wheeling with plenty of Tacos, and they're very nice rigs. Enjoy the new toy and we need pictures :)

  • bigsnaketex

    Sweet! If you need a David Allen Coe 8-track to stick on the dash, let me know – alas, you can't find a player anymore so you can't really play them all loud and scratchy!

    They can only be used as redneck decorations. Of course, if you jack it up high enough, nobody can really see what's on your dash!!!

    Toyota's ROCK!

  • bigsnaketex

    Sweet! If you need a David Allen Coe 8-track to stick on the dash, let me know – alas, you can't find a player anymore so you can't really play them all loud and scratchy!

    They can only be used as redneck decorations. Of course, if you jack it up high enough, nobody can really see what's on your dash!!!

    Toyota's ROCK!

  • http://roguemedic.blogspot.com/ Rogue Medic

    Traffic Inj Prev. 2004 Jun;5(2):122-31.
    Methods to reduce traffic crashes involving deer: what works and what does not.

    Hedlund JH, Curtis PD, Curtis G, Williams AF.

    Highway Safety North, Ithaca, New York, USA. jhedlund@sprynet.com

    More than 1.5 million traffic crashes involving deer, producing at least $1.1 billion in vehicle damage and about 150 fatalities, are estimated to occur annually in the United States. Deer-related crashes are increasing as both deer populations and vehicular travel increase. Many methods have been used in attempts to reduce deer crashes, often with little scientific foundation and limited evaluation. This article summarizes the methods and reviews the evidence of their effectiveness and the situations in which each may be useful. The only widely accepted method with solid evidence of effectiveness is well-designed and maintained fencing, combined with underpasses or overpasses as appropriate. Herd reduction is controversial but can be effective. Deer whistles appear useless. Roadside reflectors appear to have little long-term effect, although additional well-designed evaluations are needed before firm conclusions can be drawn. Both temporary passive signs and active signs appear promising in specific situations, but considerable research is required to evaluate long-term driver response and to improve and test deer detection technology for active signs. Other methods using advanced technology require substantial additional research and evaluation.

    PMID: 15203947 [PubMed - indexed for MEDLINE]

    This study was done by the Insurance Institute for Highway Safety, which has specific agenda, but I don't think they involve deer. The link to the full text below is from a wildlife protection organization.

    Free PDF

  • http://roguemedic.blogspot.com/ Rogue Medic

    topv7051,

    You are more concerned about where the executive offices are, than where the plants are?

    If you are interested in American jobs, Toyota and other foreign-owned brands have been moving plants to the US, while American-owned brands have been moving plants out of the US.

    If you want to blame someone for the problems in Detroit, perhaps you should blame the failed business model that the US brands and the UAW have come up with.

    When i bought my last new car, I was interested in reliability. I have owned a lot of American brand name vehicles. I have spent a lot of time with these vehicles in repair shops. I bought a Hyundai. I have over 100,000 miles on it, and I am happy with the car. I cannot say the same about the Ford I owned before that, the Chrysler I owned before that, or any of the other American brand name vehicles, except for my old '66 Mustang. Of course, I could do all of the work on the Mustang.

    The only other reliable vehicle I have owned was a Mazda B2200 pickup. I looked for an American-made minipickup, but all of them, at the time, were made over seas. Mazda offered me a better deal for their pickup, than Ford did for their Mazda-made pickup.

  • http://roguemedic.blogspot.com/ Rogue Medic

    I don't make an exception for Ford. I've owned too many fords. I kept going back and buying more, because my '66 Mustang was such a good car. No other Ford has been reliable for me, and I have owned a couple of vans and three other cars.

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