Finance Buyers beware Toyota changing finance rates.

[Flatcoat]

My car is now in dealership for collection next week. The finance proposal comes through with monthly payment increased by £24 from the original quote used when I struck the deal to buy. A small part of that is down to the inclusion of unwanted paint protection which equates to about £6/7 month. The rest is apparently because ‘Toyota must have reduced the future value figure, not really sure’! I have told the dealership to tell Toyota they either stick with their original written offer or I will plaster it all over social media and will make sure I never consider a Toyota again. I am not being taken for a mug. 

[Flatcoat]

It appears Toyota have dropped the 0% offer and increased PCP rates to 2.9% APR. They are trying to apply this new rate to the car I ordered in September and due to take delivery next week. The deal was struck on the basis of the then PCP rate of 1.9% APR. I have told the dealers I expect the original quote to be honoured otherwise I cancel. 

[Catlover]

What is in the written offer that makes it so they can increase the £’s due to circumstances. Anything?

[FROSTYBALLS]

Topics merged.

[Flatcoat]

21 minutes ago, Catlover said:

What is in the written offer that makes it so they can increase the £’s due to circumstances. Anything?

Nothing I can find. On careful checking the MGFV may have slightly increased too. Seriously pee’d off with this. I was told in September the finance had been approved too so even less of an excuse to pull a fast one now. Assuming it does get sorted it Certainly doesn’t encourage me to want to take any dealer offers. 

[Flatcoat]

Toyota have confirmed they will honour the terms of the finance at the time of the order! However anyone else with any Toyota on order using Toyota finance would be advised to get written confirmation the finance offer at the time of order will be honoured on delivery. Frostyballs: given this is not a RAV specific issue could you put a general post up about the new finance rates and potential implications? 

[philip42h]

But finance offers change all the time ... Admittedly Toyota's "0% finance over 24 months" on the RAV4 had been around for a while but none of us should have expected it to last forever. And 0% finance is still available on other Toyota models ...

Current offer Ts&Cs include the clause:

Quote

Advertised finance offer is available on Personal Contract Purchase on the vehicle specified in this quote when financed between 15th December 2021 and 31st March 2022 through Toyota Financial Services and registered by 30th June 2022 at participating Centres.

... which may well be 'problematic' for new vehicles ordered today and delivered in August / September 2022.

[Parts-King]

This is nothing new, offers change all the time, however adding paint protection AFTER the deal would peeve me off as well. This is one of those situations where plastering it all over social media will make no difference whatsoever, apart from making you feel better. The course of action is to go in the dealership and have a face to face meeting. Nothing like getting a point over than face to face, I am sure they will come to the party with you sitting opposite them

[duncerduncs]

In fairness, all Manufacturers have raised up their base rates recently, the VW Tiguan is currently being offered at 5.20% APR compared to Toyota's 2.9% APR. 

[Flatcoat]

6 hours ago, Parts-King said:

This is nothing new, offers change all the time, however adding paint protection AFTER the deal would peeve me off as well. This is one of those situations where plastering it all over social media will make no difference whatsoever, apart from making you feel better. The course of action is to go in the dealership and have a face to face meeting. Nothing like getting a point over than face to face, I am sure they will come to the party with you sitting opposite them

Changing the offers and incentives  isn’t the point, I know that happens. However applying a new more expensive ‘offer’ to an existing order is not acceptable to me. Toyota have agreed to honour the original terms so all is well but it shouldn’t have even been an issue. Apparently the dealers are being advised to tell customers with undelivered orders the finance terms on offer at the time of order will be applied at delivery. 

[Catlover]

Points as important as this should be in a written contract.

[Roy124]

Adrian's point really is to read the contract and keep a copy. 

I had this with a mortgage company.  I had 3 separate contracts; only one specified a terminal fee.  Each year they kept increasing the termination fee.  As each contract finished I pointed out neither the first nor the second had made any provision for a final fee in contrast to the third.  They backed off. 

Come the final contract they wanted £150.  I pointed out that I had never agreed to a variation of the £10 fee.  They backed down. 

[Bc sussex]

So I went to the dealers today to complete my finance in anticipation of picking the new car up next week. When I ordered the car we went through a finance pre authorisation. I saw the changed rates on the website and feared a heated discussion at the dealers but had no problems. The settlement figure of my current car was changed to reflect the current outstanding balance and everything went through as expected, with the 1.9% apr applied. There was no question of the terms and conditions changing on the finance.

[Adaml99]

I checked this too with my dealer today and he said the finance deal at time of order is price protected so no need to be concerned. He said the value of the car has increased so bought at a good time. 

[Parts-King]

14 hours ago, Flatcoat said:

Changing the offers and incentives  isn’t the point, I know that happens. However applying a new more expensive ‘offer’ to an existing order is not acceptable to me. Toyota have agreed to honour the original terms so all is well but it shouldn’t have even been an issue. Apparently the dealers are being advised to tell customers with undelivered orders the finance terms on offer at the time of order will be applied at delivery. 

I agree with you. The point is your contract is with the dealer, he is the one changing figures, Toyota don't change the figures, they change the offers, it is your dealer that has done the changes. If you have any issues over the figures speak to the dealer