4Runner madness

I think the dealership runs a credit check on you even if you pay 100% cash.

 

I think so. I don’t think you can’t buy a car without getting a credit check, which is kind of dumb if you have the cash on hand.

Be that as it may, you should have enough money to afford the vehicle you are buying, or at least be able to make the monthly payments and pay for maintenance.

Cash offers are not particularly well received because dealerships have sweet deals with banks of financing companies.

I financed a Porsche through a credit union because they gave me 0.9%. The dealer almost lost his shit when I told him what I was doing.

 

Why though? Like, if I have a good check for the total amount, are they going to turn away the sale based on credit?

 

When I was putting down $30k on my 4Runner, I also bluffed that I wanted to write a check for the whole thing. They told me a credit check was still needed, for Identification purposes. So you are right. Dealerships don't give a crap how you pay and how much you pay. Paying in cash is not gonna impress anybody. Paying cash is good for peace of mind only.

 

They will still run a credit check on you for ID purposes, not for lending purposes. My score was 842 and I put down $30k. The salesperson was very surprised. He also suggested to me I borrow the whole thing, and then throw that $30,000 at payments. I think I will do that next time. I think dealerships want you to borrow, they don't like cash. I think banks give them a percentage of borrowed money.

 

I can confirm this is accurate. They do not care about cash. They don't get a penny from a cash deal, but make kickbacks on financing.

 

There is a lot of wisdom in that statement, IMHO.

 

Exactly. I could pay off my F450 out of investment/savings accounts, but I'm financing it at .9% Why would I do that when I'm making far more than .9% in those accounts? IMO, if you can afford the payment and the interest rate makes sense, go for it.

 

100% accurate...along with extended warranties. (I must admit....I am a sucker for those and I own them on every vehicle I own, with the exception of my 1998 Jeep) I bought one on my former 2003 F350 and it saved me $25,000.00 in warranty work. I like to have the safety net. Am I irrational, probably. Oh well. It's my weakness.

 

Financing makes perfect sense in your case sense you are financially stable, as you have investments and savings. But in case of a guy like me who has a job that pays less than 100k and no investments, financing or not putting 50% down on a car is pretty risky. What if I lose my job and can't get another one for 6 months. Monthly payment of $1000 on a car is suicidal in my case.

 

I think the car market is going to crash hard , now everyone is over paying for vehicles , EV is now the latest and greatest thing ever so they say , I am a EV guy but don’t see it de-valuing the current car market . Think they say average car payment 600 + thats just crazy , its what it is .
I just bought a 2022 from a dealer I buy a lot of new vehicles and they did not run my credit , bought a 2022 Pro … cash and i did get sucked into the extended for 6yrs 100k was 1100 bucks and I was not going to take any extended especially with the starting price of 3k and came down to 1100 and no tire and wheel but it is Toyotas Platinum coverage , figure with new tech you never know , I had a touch screen on a 2018 LC go out and it was covered , would have been 5k for that .
With all the electronics and touch screen crap a grand is not terrible .
It really is crazy what new vehicles are bringing and the used prices are even worst … someone else over priced junk