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Toyota dealer is publishing for in-house financing for a Tundra truck purchase, raising red flags for the buyer. N. Enchilada went to his local Toyota dealership to purchase a Tundra truck. The dealer pressured him to ditch Credit Union for in-house financing and that push raised red flags for the buyer. Should you cave to dealership pressure?
Enchilada took his concern to the 2022+ Toyota Tundra Owners group on Facebook and asked the community.
Question for the group: Has anyone been forced to finance through Toyota initially for their Tundra? Dealer is saying they don't accept outside financing at all because it was taking forever for them to get the money from banks so they have a blanket policy of no outside financing.
I suspect it has more to do with incentives for the dealership than it does with waiting on the funds, but I could be wrong. Anyway, it just feels a bit weird and gives me an uneasy feeling because I have never been told that by a big dealership before, but these are also different times we are living in now.
Am I worrying too much? They can't come close to beating my credit union, so my initial thought is to just refinance as soon as I leave the dealership and not make a big deal out of it. Has anyone that has done this before ever had any issues?
I definitely don't want to make a big deal about it because the dealer and salesman have actually been really good to work with otherwise and I haven't had any major issues, no market adjustments, no dealer markups, etc. LMK your thoughts?
Why Car Dealerships Prefer In-House Financing?
There are several reasons why dealerships prefer in-house financing when selling you a car.
If there is a shortage of available cars, it's a dealership advantage market. If there is a shortage of Toyota Tundra trucks, Toyota dealerships will have an advantage in that market. This is similar to when they charge above MSRP. In the same way they can demand that you finance through Toyota because that’s a back-end profit for Toyota and the dealership. This is true for any car dealership. The housing market has some similarities to this as well. If it's sellers' market, the builder may ask you to finance through their "partner" bank.
This is Armen Hareyan from Torque News. Please follow us at / torquenewsauto on Twitter and www.torquenews.com/ for daily automotive news.
Reference
Armen Hareyan Torque News Toyota
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