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Honda Financing made me mad!

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Anonymous
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Honda Financing made me mad!

Hello, I'm having a bad experience at the moment with Honda Financing online. I guess I did something totally stupid, by applying for a pre-approval online for an auto loan. To make this short, I get disapproved for a "pre-approval". My FICO Score for TU in which Honda pulled, was a 729. I also make well over 6 figures a year. I applied with 10k down, for a 25-27k loan for 60months at 2.9%. What the heck gives?? My TU score just dropped 3 points just for the inquiry to get non approved. To be honest, I'm pissed. Thanks for any insight with Honda financing, I'm almost tempted to give my money elsewhere...

Message 1 of 38
37 REPLIES 37
Anonymous
Not applicable

Re: Honda Financing F'd Me!

What decline reason did they give you?  I can't offer sugestions without knowing what their problem is with you as a borrower.
Message 2 of 38
Anonymous
Not applicable

Re: Honda Financing F'd Me!

Here is the message I get when I go the website to check on the status: We regret that we were unable to approve your request for credit. A written explanation will be sent to you at the address provided. A Honda automobile dealer is available to help you with your next steps. Your options include: # shop online to build your vehicle so that a selected Honda automobile dealer can assist you with obtaining credit, or # select a dealer and submit your credit information so they can assist you with obtaining credit. Thank you for choosing Honda Financial Services. I call my local dealer and spoke to a loan officer, they have no freaking idea what I'm talking about. They also state they have no way that they can check on the loan either, without applying for a new one. Go figure...

Message Edited by Cvetan on 04-23-2008 11:54 AM
Message 3 of 38
chartley3
Frequent Contributor

Re: Honda Financing F'd Me!

Actually a second inquiry will not hurt you you if done within 2 weeks. Unless you had a recent bankrupcy in the past couple years I cant see why you didnt get approved. Dont forget most dealers use an Auto enchanced score based on your previous repayment and handling of previous auto loans which could be lower then your regular FICO score.
Message 4 of 38
Anonymous
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Re: Honda Financing F'd Me!

The dealership told me you have to have a credit score of 740 to get approved with HFC don't know how true that is. With you putting 10K down I can't believe you were not approved.... I hear Honda is a Hard one to get financed through. Go to a dealer and see if they can get yo financed through a bank they work with. I'm looking at the Accords and they don't have any APR specials like a few of their other vehicles. I called HFC to see what rate were available with my score (that way they didn't pull a CR on me) and because no special APR on this model the rates were 5 something and the dealer I've been working with got me a rate of 4.24 so try the dealer Good Luck


Message Edited by Bran9192 on 04-23-2008 01:14 PM
Message 5 of 38
Anonymous
Not applicable

Re: Honda Financing F'd Me!

I use HFC about 7 years ago. At the time I got a Honda for 15K with a 3k of down payment . I was just building my credit at the time as a college student . I had them for a year before I refinanced with Capital one . Never had any bay experience with them though. But with your credit score and down payment amount , you should be fine with any other finance company and a good interest rate . I just got a 08 Pathfinder with on money down and was credit score was 721 at the time . Interest rate was 5.2%.
Message 6 of 38
sunrise
Frequent Contributor

Re: Honda Financing F'd Me!

cvetan......they may not be able to get your credit report over the internet.  We had a similar problem with Toyota.  I applied online and got a response like yours.  When I went to the dealership, they approved me. 
 
We had a fraud alert placed on our TU report (not by us, we have no idea how it got on there) so Toyota was unable to pull it via the internet application.  And, as I mentioned we got a similar "decline" letter.  It wasn't really a decline, just the fact that they couldn't get the report! (it sure was worded like a decline letter)  The dealership had no problem.  They also were unaware of what I was talking about when I told them we were declined over the internet.
 
We only put $5,000 down and my TU fico is 715.
 
Hope this helps!Smiley Wink
takin' it one day at a time
Message 7 of 38
Anonymous
Not applicable

Re: Honda Financing F'd Me!

I wish or hope what you're saying is true, however; there is a "pull" on my TU report with Honda credit.
Message 8 of 38
Anonymous
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Re: Honda Financing F'd Me!

FICO allows you to rate shop, which is why you will see people saying that you may apply for credit at several different places for auto financing within a 2 week period.  All of the inquries will actually show on your credit report, but will only count as one.
Message 9 of 38
Anonymous
Not applicable

Re: Honda Financing F'd Me!

I would go through the Honda dealer  for HFC.  At the time (2 years ago), I was approved with lower scores than yours.  I had just come off a castrophic illness and they had no issues approving me.  My rate was higher than you are looking for, but my score was the reason.
Message 10 of 38
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