Did the dealer tell you that you had to finance the vehicle at the dealership
Dealers know that the dealerships receive a significant percentage of their income through markups on vehicle financing. This is the main reason why car dealers try to convince their customers to arrange financing for the vehicle through the dealership. In most cases, the financing is not provided by the dealership. What dealerships do is to assign the contract to a finance company and receive a certain percentage of the contract as markup. This practice of the dealership is quite legal.
However, most customers donāt know that it is not mandatory to finance the vehicle through the dealership. Customers can pay cash, or, alternatively, find financing through a local bank or credit union. Beware of dishonest dealerships that tell you that you must obtain financing. If you are told that you must finance the vehicle to obtain a certain price (or to buy the car at all), contact the Department of Consumer Affairs and the Better Business Bureau.
Did the dealer tell you that you had to finance the vehicle at the dealership
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