I bought a Venza from a Toyota dealership in Santa Maria. They initially offered me a 5.89% interest rate, and the sales rep mentioned I could do an open contract. I agreed to it.
When I met with the finance guy, he tried to sell me an extended warranty for $3,000, which I declined. I specifically asked for an open contract, and he handed me one, which I signed and sent to my credit union. Later, my credit union emailed me saying it wasn’t actually an open contract.
I tried calling the finance guy, but he wouldn’t answer or return my calls. I reached out to the sales rep, who helped me finally get in touch with him. After a long back-and-forth, he sent me two new contracts at 4.49% interest—one with the extended warranty and one without. I signed the one without the warranty and sent it back.
A week later, I called to ask which bank financed my loan so I could start making payments. He then told me my credit union didn’t approve the loan due to location issues and that I now need to find another credit union and pay him directly.
Now I’m confused—will my original 5.89% loan go through, or will the new 4.49% contract take effect? This is my first time financing through a dealership, and I feel like I’m getting the runaround. What should I do?
Cody said:
You need to get out of this dealership fast. So many red flags, and you’re still giving them the benefit of the doubt?
I learned this the hard way. My first car purchase was at a shady Toyota dealership, and I still regret it. Next time, I went somewhere else and had a way better experience. Never going back to that first place again.
FYI for anyone in Central Florida—Toyota Clermont is shady too. We went in looking for a 2025 RAV4 Hybrid Limited in January. Their website said they had it, and they confirmed over the phone. When we got there, it was actually a 2024.
We considered it and went through the whole process, only for the finance guy to offer us a 7.99% interest rate. I called him out on it because Toyota’s promotion was 5.49%. His response? ‘Yeah, but we have to start somewhere.’ It just got worse from there. Watch out for Toyota Clermont’s sales tactics.
@Vitt
Same thing happened to me there in 2019. The salesman even tried to guilt-trip me by saying, ‘What about my kids?’ when I refused their ridiculous price and APR.
Audrey said: @Vitt
Same thing happened to me there in 2019. The salesman even tried to guilt-trip me by saying, ‘What about my kids?’ when I refused their ridiculous price and APR.
Rafe said: @Vitt
So where’s a good Toyota dealership in Central Florida?
Lakeland Toyota is a complete scam—both in sales and service.
I’ve been using Seminole Toyota for a while. Their sales team is hit-or-miss, but I’ve worked with a manager there for years. When I bought my daughter’s car, I emailed him asking for a base Corolla with tint, and he gave me a straight answer with color options and a price. They even knocked $500 off MSRP while other dealerships were still doing markups.
Always get pre-approved through a credit union before walking into a dealership. Even if they work with your credit union, you can still insist on doing it separately to avoid dealership financing.
Also, warranties, GAP insurance, and other coverage options are way cheaper through a credit union than at the dealership. Dealerships want to squeeze as much money as they can, while credit unions are more focused on actually helping you.
@StephCOPELAND
I actually was pre-approved through my credit union, and I told them that upfront. I asked for an open contract so I could use my financing, but I didn’t know what an open contract was supposed to look like. That was my mistake. The finance guy told me he gave me one, but he straight-up lied.
It’s not really a thing. I used to work in finance at a dealership, and that term doesn’t mean anything specific.
You can tell a dealer you’re bringing your own financing, and if they agree, they’ll let you take a retail contract to your credit union. But be aware that some dealers won’t let you drive off the lot until the credit union funds the deal—or worse, they might sell the car to someone else in the meantime.
I don’t know what an open contract is either, but this whole situation sounds messy. If you wanted to use an outside bank, you should’ve just taken the dealer’s final price to your credit union yourself, gotten a check, and brought it back.
Wait, now they’re asking you to go find a different credit union and pay them directly?
Absolutely not.
Go straight to the dealership, ask for the sales manager, and tell them your loan didn’t fund. Per your purchase agreement, you’re returning the car. Drop the keys and walk out.