I applied for preapproval with Honda Financial on August 18, 2018. Got an instant approval for $30,800. However, I didn't get an APR and was told that I would have to get that from the dealer. Long story short, the dealer provided me with an APR of 2.99% on a 2018 Honda Accord. I still have yet to receive a HP from Honda Financial. Apparently, they use the credit score to determine what credit tier you fall in.
(Formerly known as: Credit is my hobby (1.6M)/TCL objective)
Congratulations on your approval! Was this preapproval completed online or at a dealership?
@12njoy wrote:I applied for preapproval with Honda Financial on August 18, 2018. Got an instant approval for $30,800. However, I didn't get an APR and was told that I would have to get that from the dealer. Long story short, the dealer provided me with an APR of 2.99% on a 2018 Honda Accord. I still have yet to receive a HP from Honda Financial. Apparently, they use the credit score to determine what credit tier you fall in.
Congrats. All captive lenders have tiers, usually 6-7. Your score determines the tier which determines the rate, which makes it weird that they told you to get your rate from the dealer.
@19eighty5 wrote:Congratulations on your approval! Was this preapproval completed online or at a dealership?
Thanks. The preapproval was online.
@Brian_Earl_Spilner wrote:
@12njoy wrote:I applied for preapproval with Honda Financial on August 18, 2018. Got an instant approval for $30,800. However, I didn't get an APR and was told that I would have to get that from the dealer. Long story short, the dealer provided me with an APR of 2.99% on a 2018 Honda Accord. I still have yet to receive a HP from Honda Financial. Apparently, they use the credit score to determine what credit tier you fall in.
Congrats. All captive lenders have tiers, usually 6-7. Your score determines the tier which determines the rate, which makes it weird that they told you to get your rate from the dealer.
Thanks. I thought the same thing. The dealer wanted to pull my credit and I said nope, I got an application/preapproal number with Honda.
@scarfa21 wrote:I have a 16 Civic, leasing and they Def did a HP on me, back 2 years ago my credit stinky, payment is 280 a month, should be 60 a month for the cost and what a big pile of turd it is lol. But to your point, they def HP me maybe they changed.
I'm sorry to hear that. Definitely no HP for me. EX and TU were and remain on ice. EQ still has no HP.
@jl4 wrote:
@Brian_Earl_Spilner wrote:
@12njoy wrote:I applied for preapproval with Honda Financial on August 18, 2018. Got an instant approval for $30,800. However, I didn't get an APR and was told that I would have to get that from the dealer. Long story short, the dealer provided me with an APR of 2.99% on a 2018 Honda Accord. I still have yet to receive a HP from Honda Financial. Apparently, they use the credit score to determine what credit tier you fall in.
Congrats. All captive lenders have tiers, usually 6-7. Your score determines the tier which determines the rate, which makes it weird that they told you to get your rate from the dealer.
That's not wierd at all. The Dealer might add points for extra margin. They do it often (or try to) for 3rd-party lenders.
It was weird because normally, there's no range per tier. The tier determines the lone apr for that tier. After looking it up, it appears Honda gives a range of apr for their tiers.
The dealer initially told me that my APR was 6.9% because I had clicked something in the application. I said there was nothing for me to click on the application regarding APR. The finance guy asked me my score and said he would get it corrected. He came back after 10 minutes and said my APR was 2.99%