We Change Lives!
What is guaranteed credit? Is everyone really approved?
Let me answer the first with the second. Yes, everyone is approved. We guarantee that if you apply for a used vehicle loan with Capital Toyota, we can and will approve you for a loan. The Credit Acceptance program takes your credit history and current credit and job situation as a starting point. Rather than saying "no," we will help you make the most of the credit you have right now. Of course, everyone is different. Some of you have failed to pay loans as agreed and had cars taken back, credit cards canceled, perhaps even had a court action against you from a collection agency. Some of you may have lost a home. No matter. Just as each person is different, each Credit Acceptance deal is different based on your unique past and current needs. Capital Toyota and Credit Acceptance believe people are basically good; we believe everyone wants to do what they promise; finally, we believe everyone should be treated with dignity and honesty, even if what we say isn't necessarily what you want to hear. Ask Dan a question about this.
Are you a "Buy Here, Pay Here" place?
No. Why should you care? Many dealers who finance you themselves (that is why they advertise 
as buy here, pay here) do not report your on-time payments to the three major credit bureaus (Equifax, Experian, TransUnion). We are different. By securing your loan with a bank, your payments will be reported to all three credit bureaus so that you can raise your overall credit score. Think of it this way: making on-time car loan payments one by one is like laying bricks to create a foundation. On-time payments are the foundation of your future house, your nicer car, your better credit terms. Ask Dan a question about this
Is there a catch? There's always a catch. My credit's not great and I've heard everything.
No catch, just common sense. You must have a job and that job must pay you with a computer generated pay stub. Your monthly income, before taxes are taken out, must be $1,200 or more. If you have a tax ID number, we'll need a few additional documents. We will also ask you for other things you would expect like proof of where you live, proof of full coverage insurance and a bank account. You will also provide the bank with five references in case you quit paying on the loan and cannot be contacted. Click here to see a general list of documents. Ask Dan a question about this
Will I need a large down payment?
You need and want some type of down payment. How much? Use $1,500 - $2,000 as a rule of thumb. If you read the first question above, you remember I said that each deal is different because it is based on your unique history and current situation. Some people will need more money down than others, that is a fact. Ask Dan a question about this.
How many times will I need to talk about my past credit problems? Will I need to deal with a car salesperson, then explain myself again to a manager and then again to finance people?
No. The credit acceptance program uses trained people who understand the complexities of special finance. You will work with one person from beginning to end. Ask Dan a question about this.
Maybe I should just pay cash for something. Doesn't my credit get better with time if I do nothing?
The fact that you have a credit score - as low as you may think it is - means that at some time you took out a loan and paid over a period of time. Over time, as required by law, those loans (good or bad) drop off your history. Since a score is based on history and the number of items on your credit, your score can actually keep going down or simply never improve. The only way to establish or improve your credit is to take out a loan and make on-time payments. Ask Dan a question about this.
Can I come in and pick out anything? Will I be approved on a $30,000 vehicle?
Since each person is different - different credit history, different income, different financial obligations - each deal is different. You may find that several vehicles will work; you may find that one or two will work. Remember, the point of the program is to take your current credit situation and make something good happen. We will help you buy a reasonable, mechanically sound vehicle that'll last you a good long time. Your job is to make your payments on time, building the bricks of that foundation, giving you more choices in the future. Ask Dan a question about this.
Tell me again: How does your program help me?
Good question. Let's go over the main points:
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Every payment on a used vehicle sold under the credit acceptance program usually includes both Guaranteed Asset Protection (GAP) and limited mechanical breakdown coverage. GAP pays off the balance of your loan in the event your vehicle is stolen or involved in a total loss accident. Mechanical breakdown protection is vital because we never want you to choose between keeping your on-time payment history and a water pump.
- We tailor your past credit and your current situation to a specific vehicle, require a down payment and limit the term of your loan. All that means you drive a reasonable vehicle, under a warranty, for a reasonable loan term. No super-cheap cars on overly long terms that you will never pay off. In fact, with our average loan, if you make your on-time payment every month for 18 - 24 months, you will be in an excellent position to trade the vehicle in for a newer vehicle.
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If you have a history of "forgetting" to mail your payments or simply have too much to do, we can easily arrange for an automatic monthly deduction from your checking account. No worries and each payment is on-time.
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Each and every payment is reported to the three major credit bureaus. The more on-time payments you have, the higher your overall credit rating.
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While we cannot guarantee that making on-time payments with us will lower all your future interest rates, in general we can say that if you establish a solid history with us while maintaining the rest of your credit, not only will your credit score rise dramatically but you will put yourself into position to receive lower interest rates.
If you are ready to take control of your life, to start the change: email Dan or call Dan at 301-772-6900. Let's go! A better tomorrow begins with a first step!
