My Toyota Tundra Buying Has Turned Into a Financing Fight Because of Dealer Pressure

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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
Toyota Can't Beat My Credit Union For Tundra Buy, But Dealer Is Pressuring Me
www.torquenews.com/1/toyota-c...
Consumer Reports Recommends This Important Negotiation Point to Focus On When Buying a New Car
www.torquenews.com/14093/cons...

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Опубликовано:

30 апр 2024

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Комментарии : 13

@speedon1000 Месяц назад

The Dealership (Finance Manager) is telling those customers to hold onto the dealerships financing (and wait at least 3 months before refinancing with your own Credit Union) because the dealership will lose their commission from their lender if the customer refinances immediately. DO NOT listen to the finance manager...go refinance your vehicle loan at a better rate with YOUR BANK right away!!!! The dealership is just trying to screw you.

@Torquenews Месяц назад

Refinancing with a better rate can save you significant money in the long run. There's no reason to wait if you've found a better offer at your bank or credit union. While the dealership might lose a commission, prioritizing your financial well-being is key. Remember, you can always refinance your loan later, but locking in a lower interest rate now can save you thousands.

@speedon1000 Месяц назад

@@Torquenews Right, if you listen to the video he clearly states there are customers reporting that certain Toyota dealerships will not sell them a Tundra unless they use the dealerships financing...which is why I wrote the response I did. The host of the video asks, What should people do? So, I explained what customers should do in this situation, which is refinance it immediately at a better rate and stick it to the dealership (with the loss of their finance commission) for forcing the customer to use their financing.

@hidusb Месяц назад

Car dealers are finance companies who happen to sell cars. They are in it for the percentage they can get on financing so call out the BS of only use our own financial company.

@Torquenews Месяц назад

That's true that car dealers would normally try to make some money from financing. But I think there are certain things car buyers can still do by refinancing through their own credit unions in a 2-3 months after their car purchase.

@josephpeluchette191 Месяц назад

Gusse my next car won't be a Toyota there's a reason I don't use in house financing the dealer markup is already insane but honestly I bought a highlander with my own bank loan no problems btw I bought it because I could no longer wait for Tesla

@Torquenews Месяц назад

While this experience might sour you on Toyota dealerships in general, it's important to remember that not all dealerships are created equal. There are definitely some good ones out there that won't play these games. That being said, if you're set on another brand next time around, totally go for it! There are a lot of great options out there.

@Luis92fer 21 день назад

Don't trade in your tundra, if the new one was that good the dealership wouldn't want yours. 3UR-FE reeks of reliability

@tranthiaoyen431 Месяц назад

watching your video after almost a year skipping anything from torque news. still don’t like the begging for subscribing and liking. still don’t like the trivial content. will watch again a year from now.

@Torquenews Месяц назад

KIA EV9 owner says he regrets he didn't go a trim level up and explains what trim he has. Watch ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-mU9Y73sPGv4.html You can also see more feedback from other KIA EV9 owners at Torque News www.torquenews.com/1/i-have-2000-miles-my-kia-ev9-and-it-regret-i-didnt-go-trim-level

@Torquenews Месяц назад

See more details and more comments at www.torquenews.com/1/toyota-cant-beat-my-credit-union-tundra-buy-dealer-pressuring-me