Toyota Finance ?

[Ovv]

Has anyone used Toyota to finance the purchase of their RAV ?

Have had a quote but wondered what they were like to deal with, say for example repaying early - is there any fees or penalty for doing so ?

Also has anyone ever had to use the Total Loss Protection ? It has been added into my finance example, supposedly 3 years worth of cover should your car be written off - covering the difference between the invoice price and what the insurance company would pay out.

Chris.

[Guest]

On a new Rav they are offering 0% or so I thought, could well be wrong - normally am or so the management tells me.

Gus

[Parts-King]

You need to get a copy of the specific terms and conditions, there are often penalties for repaying early, but how much etc will be available up front. They are good to deal with, but like any other financial supplier, they charge setup fees, final payment fees etc etc

Kingo

[Big Kev]

......or get a bank loan and buy mine, Chris....? Two prospective buyers (supposedly) but nothing concrete....

Big Kev

[Parts-King]

Touting for business from the other side of the world? :D:

[roger_37]

god loves a tryer

[Ovv]

On a new Rav they are offering 0% or so I thought, could well be wrong - normally am or so the management tells me.

Gus

They certainly are, but I dont have enough deposit to make the monthly payments go as low as I want. Plus, buying a brand new car aint really my style.

......or get a bank loan and buy mine, Chris....? Two prospective buyers (supposedly) but nothing concrete....

Big Kev

Yours has been mentioned a few times, think Im just going for the regular XTR now though. Cheaper to run so I'm led to believe, plus I need to get something in place now, and sadly your swanning about Canada... ;)

[Ovv]

sorry, just realised I edited the original post after you guys had replied.

Toyota have added in Total Loss Protection - £415, worth it or not ? Ive seen GAP insurance advertised online starting from £139 odds..

Toyota say that its valid for three years at the value of the invoice cost should you need to make a claim.

[Parts-King]

There are several models of Toyota with 0% finance but the exact terms are usually a large-ish depost OR a PCP with GFV at the end

GAP is a product you can buy cheaper elsewhere, HOWEVER, as with all things insurance based, you get what you pay for, ensure there are no limiting factors such as large excess or claim limits

Kingo

[firemac]

There are several models of Toyota with 0% finance but the exact terms are usually a large-ish depost OR a PCP with GFV at the end

GAP is a product you can buy cheaper elsewhere, HOWEVER, as with all things insurance based, you get what you pay for, ensure there are no limiting factors such as large excess or claim limits

Kingo

Call me cynical but why do I get the feeling that in a few years' time we're gonna see a similar ambulance-chasing scenario re mis-sold GAP Ins as we've got now with PPI and the banks?

GAP seems utterly perverse to me - insuring against the failure of your insurance company to deal with your legitimate loss!

[Ovv]

Well

There are several models of Toyota with 0% finance but the exact terms are usually a large-ish depost OR a PCP with GFV at the end

GAP is a product you can buy cheaper elsewhere, HOWEVER, as with all things insurance based, you get what you pay for, ensure there are no limiting factors such as large excess or claim limits

Kingo

Ive never really bothered with this sort of thing before, but for some reason this time I think its a good idea. I know GAP can be bought cheaper, so Im not convinced. I hate it when salesmen add this on at the end, always makes me feel they are going for extra commission.

Wont be going down the 0% route - dont have a whacking big deposit and I certainly dont want a pcp again.

Call me cynical but why do I get the feeling that in a few years' time we're gonna see a similar ambulance-chasing scenario re mis-sold GAP Ins as we've got now with PPI and the banks?

GAP seems utterly perverse to me - insuring against the failure of your insurance company to deal with your legitimate loss!

Take it you never had it then ?

[Big Kev]

On a new Rav they are offering 0% or so I thought, could well be wrong - normally am or so the management tells me.

Gus

They certainly are, but I dont have enough deposit to make the monthly payments go as low as I want. Plus, buying a brand new car aint really my style.

......or get a bank loan and buy mine, Chris....? Two prospective buyers (supposedly) but nothing concrete....

Big Kev

Yours has been mentioned a few times, think Im just going for the regular XTR now though. Cheaper to run so I'm led to believe, plus I need to get something in place now, and sadly your swanning about Canada... ;)

....and whilst we are doing all these financing abbreviations, by buying the XTR, you may miss oot terribly on the CGF the Lindop chipped SR180 gives ye......Cheesy Grin Factor (when Astra Boy sees ma grey hair disappear inty the horizon......)

Bad Kev

[firemac]

Well

There are several models of Toyota with 0% finance but the exact terms are usually a large-ish depost OR a PCP with GFV at the end

GAP is a product you can buy cheaper elsewhere, HOWEVER, as with all things insurance based, you get what you pay for, ensure there are no limiting factors such as large excess or claim limits

Kingo

Ive never really bothered with this sort of thing before, but for some reason this time I think its a good idea. I know GAP can be bought cheaper, so Im not convinced. I hate it when salesmen add this on at the end, always makes me feel they are going for extra commission.

Wont be going down the 0% route - dont have a whacking big deposit and I certainly dont want a pcp again.

Call me cynical but why do I get the feeling that in a few years' time we're gonna see a similar ambulance-chasing scenario re mis-sold GAP Ins as we've got now with PPI and the banks?

GAP seems utterly perverse to me - insuring against the failure of your insurance company to deal with your legitimate loss!

Take it you never had it then ?

Nope. I reckon it's just another relatively worthless show-room add-on to earn the salesman some commission in lieu of the miserable salary most of the poor beggars are on.

[anchorman]

I never have GAP insurance either. It would have to be one hell of a repair to warrant writing it off. Not impossible but very unusual. They make a lot of money on GAP insurance.

[dwilson]

Has anyone used Toyota to finance the purchase of their RAV ?

Have had a quote but wondered what they were like to deal with, say for example repaying early - is there any fees or penalty for doing so ?

Also has anyone ever had to use the Total Loss Protection ? It has been added into my finance example, supposedly 3 years worth of cover should your car be written off - covering the difference between the invoice price and what the insurance company would pay out.

Chris.

I used it when I bought a Prius - not a PCP just finance loan from TFS. I did pay it off early and the settlement figure was easy to obtain and was less than the total outstanding payments would have been. My only complaint was that when I enquired at one main dealer abut a RAV, an over-eager salesman too a note of my Prius' number plate and requested a settlement figure without my permission - which really annoyed me and I gave my business to another dealer.

GAP insurance has been pushed for the last 8 years, maybe more, but I never take it. I am sure a few people who have been unlucky to have their car written off will have been very pleased if they had taken out GAP insurance but to me it is gambling on making a profit from an unfortunate accident which to me is wrong!

David

[dwilson]

Has anyone used Toyota to finance the purchase of their RAV ?

Have had a quote but wondered what they were like to deal with, say for example repaying early - is there any fees or penalty for doing so ?

Also has anyone ever had to use the Total Loss Protection ? It has been added into my finance example, supposedly 3 years worth of cover should your car be written off - covering the difference between the invoice price and what the insurance company would pay out.

Chris.

I used it when I bought a Prius - not a PCP just finance loan from TFS. I did pay it off early and the settlement figure was easy to obtain and was less than the total outstanding payments would have been. My only complaint was that when I enquired at one main dealer abut a RAV, an over-eager salesman too a note of my Prius' number plate and requested a settlement figure without my permission - which really annoyed me and I gave my business to another dealer.

GAP insurance has been pushed for the last 8 years, maybe more, but I never take it. I am sure a few people who have been unlucky to have their car written off will have been very pleased if they had taken out GAP insurance but to me it is gambling on making a profit from an unfortunate accident which to me is wrong!

Supaguard is something else that is pushed and I refuse.

Very easy to haggle a good deal and then throw it away at the end. I am not as good as haggling now as when I was younger - partly because I accept the dealer needs to make a profit to stay in business!!

David

[Ovv]

At £400, it seems rather steep, a quick quote online from autotrader quotes £115. That's some difference. Last time I renewed the insurance, I was told I would get market value for the car, and that they would look online or if I could find proof of similar cars of the same year and mileage they would consider settling at the higher value.

I think it's only the second time I've been offered a Gap product, the previous time I wasn't interested, this time I think it could be a good idea, having a young family it would leave us short if anything were to happen, so I might consider it this time, but not at£400.

[Hoovie]

I've got GAP insurance on my RAV4 ..... But Definately not from Toyota. I am away from home at the moment so cannot check the details but I think I paid something like 120 pounds for 3 years of cover upto 17,500 pounds of GAP, which I reckon was good value.

What dealers tend to do is sell you GAP insurance for the purchase price of the vehicle, which is a nonsense, as all you need (if you want GAP cover) is a suitable amount to cover the difference between the insurance payout and the original invoice value - so maybe 50% after 4 or so years? The policy I bought was identical in features to a dealer policy but a hell of a lot cheaper.

Also, I am surprised that they actually added it at the time of invoice as when we got the Swift from the local LR dealer, the salesman said he he was obliged to talk about GAP as they like to upsell BUT he could NOT sell it at the same time as the car due to FSI rules which got updated due to the PPI miselling stuff (the LR GAP was around £400 or so, so similar to the Toyota one, not that it was bought!)

re settling early ... When I bought the Qashqai I used Nissan finance and the salesman suggested that I actually make sure I pay off early by at least a month and that way can avoid the final finance settlement fee, which was a handy tip to remember

I have usually paid off any finance early and don't ever recall getting a penalty for early redemption. Only time you really see that kind of thing is with fixed rate mortgages, isn't it?