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Notes -
I think some of (all?) the big automakers do in-house financing. Maybe there's a fear that raising prices could end up with them holding the bag if things go to shit. Their financial arms could also lack the capacity to take on 20% or more 'debt' per vehicle.
It's also possible that, with higher interest rates, their financing segment is doing quite well. Maybe raising prices of the vehicles would disqualify many buyers (since I'd imagine the in-house financing at these places are a bit more selective), and ultimately lead to lower profits. I'd imagine the rich and poor alike aren't financing their purchase through the automaker. Their market is a certain type of middle-class buyer, and it's possible that they are price sensitive enough that if the sticker price goes up, they might go to their bank or a credit union looking for a better rate.
The automakers probably prefer to have customers finance through them, because it most certainly leads to customers buying their next vehicle through them. If you're financed through Ford, then it'll be easier to get a new vehicle (and trade in your old one) through them.
So automakers might be leaving a couple grand on the table, but higher interest rates have likely made up for that. And more importantly, they are thinking about their revenues in 5+ years, and the cost of a few grand to ensure a return customer is pretty cheap.
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