Approved!. 2nd Auto Loan in My Name Only!.

[Anonymous]

I got approved SOLO for a second car loan through Honda Finance!

In January I purchase an 18 Malibu LTZ & the payments are $475 through Capital One. This car is for my husband. 
I've been looking into the CR-V's extensively. I went to test drive only to find it was tood small for my liking. I test drove a Pilot & loved it!
I traded my 08 impala for $800 in exchange for a 2016 Honda Pilot! Everything went wonderfully when I was with the sales guy.

Once I stepped into the finance office it was a disaster. Mr Finance was giving me a "deal" with monthly payments around $538/$528 at 14.99% for a used 2016 Honda Pilot EX. I told him I was not looking to pay anywhere near that much then they pulled out a scribble sheet the sales man had me sign that said 72 months; est $538.00. I showed him where I circled the 72 months and wrote 72 months. So he messes with some numbers says he can get me a 7.89% if I go certified. (I had already done my research and knew I qualified for the 3.99% with my credit score of 727 that the sales man provided me before entering the finance office. I was still nervous regardless of my research.)
I asked what will that cost me, he said $3,250. (This is something I should have researched further before stepping into the finance office. I thought to myself why not? They can fix issues with my car when they occur. No need to go to Merlins 200,000.)

I went into detail as to what would be covered & specifics to what I've experienced with my beater. I added it & he said he he couldnt get me under $500 which is where I told him where I wanted to be. We went over the cost of everything before there were print outs. I asked him about their doc fees/EF fees. Finally I told him about the 3.99% Certified Pre-owned Offer on their website & he seemed clueless or atleast he acted so. I'm sure working at Honda you'd know about your own financing specials. He then said I believe you'll need GAP coverage to qualify for that. I flipped the page on my legal pad and advised him I spoke with my insurance agent who will cover me for $5 a month. He then said I'm certain you have to get it but I'll check. He made a call to lord knows who and finally agreed to set me up without it. I got a $479 monthly payment at 3.99% with $800 trade in & no down payment. I offered a $1,500 down payment and another drop in my monthly payment. 

3.99% APR

$456.00 monthly 
$29,119.66 financed (TT&L, Doc Fee, CPO)

Annual Income: $34,000

Transunion CS: 727 (I forgot to ask what kind of score was pulled)

I applied with Capital One who was requiring me to put a $7,000 down payment at a 7.89% APR for the Pilot.

I am very happy and excited to have been approved. It was worth the 4 hours spent their last night! 

Auto FICO 5, 4, 2: EQ 688 TU 700 EX 687

Auto FICO 8:         EQ 688 TU 725 EX 699

Auto FICO 9:         EQ 730 TU 736 EX 731

[jl4]

Congrats! That's a great rate for 72 months, IMO, given your scores.  

I'm dreading this in a couple months when I go in for a new-to-me Honda. Going to get credit union approval first and try to get them to beat it. Anyone that says you need to buy X, Y, or Z to get special financing is essentially lying to you, unless it's in the sales contract (small chance I could be wrong). 

I've even considered CarMax at this point, though their pricing isn't always the best. 

[Anonymous]

Unfortunately a few bad apples ruin it for everyone as they say.. F&I Mgr's like this give a bad rap for the whole industry.

I would have probably left and walked out on the deal after someone tried pulling stuff over like that with me...there are plenty of dealer's around to goto in order to avoid a dishonest dealer like that.

One more final note and this is good advice for ANYONE who is applying for financing through a dealer. Lender's CAN NOT and WILL NOT require you to purchase a back-end product in order to obtain financing or qualify for specific term's. This is an old line used by F&I mgr's to try and profit off of additional product's sold at the expense of uneducated consumer's. In fact, on the Retail Installment Contract, and GAP or service contract, it will usually state in small wording  something along the lines of "You do not have to purchase this product, and shouldn't have any affect on your financing terms regardless of wether you buy it or not..in addition it will state you have the right to cancel for a pro-rated refund depending on the product."

I will have to double check before saying this without a doubt, but I believe it is illegal for a lender to require the purchase of ancillary product's in order to qualify for financing.

[19eighty5]

Congratulations!