Honda Finance Denied

[Anonymous]

Hi 2009,

I'd follow emoticon's advice.

Since you were denied online by Honda Financial, go into the dealership

and speak directly with the finance manager - no one else. Ideally, you'd

want to speak with the finance manager over the phone before setting foot

in the dealership. But they're probably swamped due to Labor Day.

If you're close to a printer, take a copy of that "deal" with you along with

your most recent FICO scores. This is a holiday weekend and Honda

needs to move the 2008's in order to make room for the 2009's. So they're

motivated to make a deal.

And don't let them pressure you. They're the ones who have cars to move - not you.

If you don't like what you hear, just walk away.

Please keep us posted on your progress. Good luck to you!

CanDo

"The right attitude is everything"

[2009]

I just talk to the salesman, I completed the application for the dealership itself online. He just emailed me and said he talked with the manager and they can get me approved through Honda. I don't know the interest rate or anything, but I will keep everyone posted.

I thought this was strange because when I did the Honda Finace online application at Honda.com it said it was denied. Do the dealers do something different??

Thanks,

2009 

[Anonymous]

Super Congrats 2009!!!

When it comes to putting together financing deals,

Honda dealerships have a huge advantage over you.

It's called buying power.

When you apply online for financing with Honda, it's just you.

When a high-volume dealership does it, they have a track

record of millions of dollars of successful loans to help vouch

on your behalf when you go thru them. 

This is why both you and emoticon had no luck when apping online,

but the financing sailed right thru when using the dealership.

And when you get to the Honda dealership, your FICO score will

determine your interest rate and term.

So once again, Congratulations on your new car loan. Please keep

us posted on the final details. Enjoy the day....and your new car!

CanDo

"The right attitude is everything"

[2009]

Okay, the salesman just emailed me and said that they have something worked out. Well, I asked what the APR was because the interst is very important to me. He said he did not know , the APR is between me and the finance mgr. Does this sound right??? If he is the salesman shouldn't he know something about the deal???? Help!!!

Thanks,

2009

[emoticon]

Yes, that's normal.  They work seperately.  And don't forget that the rate is negotiable.  You will also have different people try to sell you protective coating and such.  I advise you turn down all but the car.  You can get extended warranty and GAP insurance much cheaper elsewhere.

And I still recommend getting a rate quote from a bank so you have a reference point.

Good luck.

[Anonymous]

Hey 2009,

Salespeople sell cars.

Finance Managers finance cars.

They have absolutely nothing to do with each other.

So yes, this is completely normal.

But it's great news for you. Whatever APR the finance manager

quotes you is subject to negotiation. The better your FICO scores,

the more leverage you have. And like I said before, they're the ones

who have cars to move --- not you.

I'd also echo emoticon's sentiments re the extended warranty and

GAP insurance. The markup at the dealership for these products

is substantial. The lower the price of the car that you negotiate,

the more they're gonna push these products so they can make

some profit on the back end. So check with your insurance agent

and get some quotes on those add-on products. Chances are they'll

be able to beat the price at the dealership and you won't have to finance

them over 5-6 years.

Just hang in there, 2009. You're much closer to the end of the deal than

you are to the beginning. But stay smart and don't let them sell you something

you don't want or need.

Good luck!

CanDo

"The right attitude is everything"

[2009]

Hello everyone! Well, I went to the dealership and was approved with Honda for 5.9% apr for 60 mos. @ 483.00 per month for payments. The total price of the car is 25,029 with tax, tags, etc. The selling price was 23,445.  (2008 Honda Accord)

How does this deal sound???? Advice needed before I sign papers.

Thanks,

2009

[Anonymous]

Super Congrats 2009!!!

For someone with FICO's in the 600's

5.9% for 60 months with Honda is a

phenomenal rate!!!

The only comment I would make would be

about the monthly payment. If $483/month

is within your comfort range, that's fine. But

if you prefer a lower monthly payment, you could

stretch out the financing to 72 months. Other than

that, I'd say you're in great shape..and you're buying

the car you want instead of another car that might be

more affordable.

So as long as you're good with the deal, I say Full Speed Ahead, 2009!!!!

Once again, Congratulations on your new car!!!!

CanDo

"The right attitude is everything"

[2009]

I asked about the 72 months, but that wasn't an option for the special that they were running it was for 60mos. And if I would have waited a couple days later the APR would have been 8.9% because the Honda Clearance 2008 sale would have been over. Does it sound correct that I can't have the 72 months??

Advice,

Thanks,

2009

[Anonymous]

Hey 2009,

Yes, it does sound OK.

Dealerships reserve the right to offer special financing

for a limited number of vehicles and for a limited time.

This is pretty standard throughout the industry.

So like I said, I'd go for it as long as you're comfortable with the deal.

Super Congrats once again!

CanDo

"The right attitude is everything"