Highway robbery: Toyota dealer gouging Land Cruiser-crazy buyers by demanding payment of 8-year insurance lump sum

Toyota dealers are exploiting the short supply of the super-hot 2022 Land Cruiser to squeeze the most from their customers.
A Babbler said that when he made a reservation for a 300 series (the first model change since the 200 series was introduced 14 years ago) with a big Toyota dealership south of Manila in early 2021, he was told his unit would arrive in the first quarter this year.
When the Babbler followed up recently, he was shocked when his agent told him he could only get his prized unit if he paid P7.531 million cash.
That is 33 percent over the P5.672 million suggested retail price the Babbler signed up for.
The Babbler noted that the additional P1.859 million would have been enough to buy a new Fortuner.
The Babbler didn’t mind adding money for accessories, Land Transportation Office registration, and a three-year service voucher.
But what made the Babbler fall down his seat was the gall of the agent to ram down his throat an eight-year, P1.44 million insurance contract to be paid in lump sum.
Babbler said: “What is the point of making reservations and paying deposits if dealers would demand a hefty premium just to jump the cue? Nobody is stupid enough to advance insurance payment for eight years. I don’t know if that is even legal. That is highway robbery!”
The agent told our Babbler that this was his best chance at getting the new Land Cruiser because he would have to
wait for years before he could get his unit in his garage.
The agent also said this was non-negotiable as this was SOP (standard operating procedure) among all Toyota dealers in the country in view of the high demand for the next-gen Land Cruiser all over the world and the limited production.
Toyota Japan announced last January that buyers might wait up to four years for their much-coveted SUV.

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