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HELP!! Buena Park Honda holding my car after signing!!??

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phrza81
Valued Member

HELP!! Buena Park Honda holding my car after signing!!??

Hi guys,

 

So I went into the dealer today and purchased a used 2009 accord. The contracts were signed and they took my CapitalOne Blank Check which was signed with the agreed amount written. BUT they can't release the car to me till the CapitalOne Blank Check clears and is funded to Buena Park Honda (CA). Their explanation is that because I refused to give up my Social Security number for proof of identity, they can't release the car. But before we got to that point, they wanted to run my credit to see if they can beat my rate I got directly from CapitalOne. I new for a fact I got the best rate because I ran my credit with Honda Financial the night before and even at that, they couldn't match it and went to Capital One and still came back with a higher rate. So, I refused to give up my social and now their holding the car till Capital One funds Honda for the amount agreed and signed (they say its Buena Park Honda's regulation and rules but I cant find any information claiming such claims). 

 

IS THIS LEGITIMATE! 

 

If there are any lawyers, from one Myfico.com friend to another, please advise me or come with me to the dealer and ill buy you lunch! haha but seriously, Help me with any advise or leads to any laws, acts etc will help.

 

Thank you in advance  

Message 1 of 21
20 REPLIES 20
pizzadude
Credit Mentor

Re: HELP!! Buena Park Honda holding my car after signing!!??


@phrza81 wrote:

Hi guys,

 

So I went into the dealer today and purchased a used 2009 accord. The contracts were signed and they took my CapitalOne Blank Check which was signed with the agreed amount written. BUT they can't release the car to me till the CapitalOne Blank Check clears and is funded to Buena Park Honda (CA). Their explanation is that because I refused to give up my Social Security number for proof of identity, they can't release the car. But before we got to that point, they wanted to run my credit to see if they can beat my rate I got directly from CapitalOne. I new for a fact I got the best rate because I ran my credit with Honda Financial the night before and even at that, they couldn't match it and went to Capital One and still came back with a higher rate. So, I refused to give up my social and now their holding the car till Capital One funds Honda for the amount agreed and signed (they say its Buena Park Honda's regulation and rules but I cant find any information claiming such claims). 

 

IS THIS LEGITIMATE! 

 

If there are any lawyers, from one Myfico.com friend to another, please advise me or come with me to the dealer and ill buy you lunch! haha but seriously, Help me with any advise or leads to any laws, acts etc will help.

 

Thank you in advance  


The dealer doesn't have to run your credit to verify your identity.   It's just how they prefer to do it.   And yes, they want the chance to compete for your financing as well.

 

The part about holding your car till the check clears is also a crock.   Dealers let people drive off the lot in cars before their loan is funded ALL the time.  

 

IMO the dealer is just pulling your chain a little because you won't let them run your credit.   You can give them your SSN without consenting to a credit check. 

 

If you can wait a few days I'm sure that this will all work out and the dealer will eventually give up the car.   If you want to play hardball with them then you could always call the dealer and tell them that you've changed your mind and don't want the car after all OR you might also place a call to Cap1 ~ perhaps you could leverage them to help, as the dealer may not be following Cap1 T&Cs.


 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 21
UpNComing
Established Contributor

Re: HELP!! Buena Park Honda holding my car after signing!!??


@pizzadude wrote:
 

The dealer doesn't have to run your credit to verify your identity.   It's just how they prefer to do it.   And yes, they want the chance to compete for your financing as well.

 

The part about holding your car till the check clears is also a crock.   Dealers let people drive off the lot in cars before their loan is funded ALL the time.  

 

IMO the dealer is just pulling your chain a little because you won't let them run your credit.   You can give them your SSN without consenting to a credit check. 

 

If you can wait a few days I'm sure that this will all work out and the dealer will eventually give up the car.   If you want to play hardball with them then you could always call the dealer and tell them that you've changed your mind and don't want the car after all OR you might also place a call to Cap1 ~ perhaps you could leverage them to help, as the dealer may not be following Cap1 T&Cs.


 


I agree with pizzadude.  The dealer doesn't have to run your credit to verify your identity.  However you are going to need to give them your SSN in order to register the vehicle.  Simply give them your SSN and don't consent to a credit check.  At the end of the day if their policy is to not deliver the car until the deal is funded theres not much you can do.

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Message 3 of 21
Watchmann
Valued Contributor

Re: HELP!! Buena Park Honda holding my car after signing!!??

Give them the SSN, it's how business is done.  And so what if they run another report, it is in the window where it won't count as another inquiry and they may be able to beat your rate.   They don't have to go  through Honda Financial, they can go through local banks and CU's.  When I bought a Lexus in 2010 the dealer got me a better rate from a local CU compared to what Lexus Financial was offering.  Once they have a solid deal they have an incentive to try to fund the loan through their lenders and they may just be able to beat what you were quoted previously through Honda Finance.  I think you are being unreasonable and possibly paying more for the loan than is necessary.  They have their way of doing business, and sometimes you have to go with that.

Message 4 of 21
FrugalRican
Blogger

Re: HELP!! Buena Park Honda holding my car after signing!!??

So you let Honda Financial run your credit report (hence a hard pull) the night before but not the dealer, even if they MIGHT be able to match the rate, saving you money and it not counting as an extra pull because it's within the 30 days?

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Message 5 of 21
phrza81
Valued Member

Re: HELP!! Buena Park Honda holding my car after signing!!??

Didnt know if I ran another CR it would fall under 1 inq within a time a period. Well, if thats the case, I will go and give them my SS later tonight. Thanks Guys Smiley Happy

Message 6 of 21
FrugalRican
Blogger

Re: HELP!! Buena Park Honda holding my car after signing!!??

Just 1 hit.

 

Go get your car Smiley Happy

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Message 7 of 21
Anonymous
Not applicable

Re: HELP!! Buena Park Honda holding my car after signing!!??


@phrza81 wrote:

Didnt know if I ran another CR it would fall under 1 inq within a time a period. Well, if thats the case, I will go and give them my SS later tonight. Thanks Guys Smiley Happy


let us know what rates they are offering

Message 8 of 21
Brian_Trying_700
Frequent Contributor

Re: HELP!! Buena Park Honda holding my car after signing!!??

I had 1 hard pull getting my car. The dealer credit manager called and faxed to like 5 banks for the best rates. Go get your ride.

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Message 9 of 21
zan987
New Contributor

Re: HELP!! Buena Park Honda holding my car after signing!!??

Good luck and let us know how it turns out.

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