How to get Honda Finance loan

[Anonymous]

Yes, you are right about not owning the car, its not fully your until you pay it off.   To answer your question about not be able to pay, a car is very easy to hide if you cant afford it, and Honda feels that there is too much risk associated with your type of loan.  I go through this a lot as I am a Honda Finance/Sales manager at a dealership in Atlanta, GA and we have a lot of customers who are on a i-94.  Most of them are from India and work in the computer/IT industry, and they usually have great credit, but Honda Finance will still not do the loan ecause of the i-94.  Even though the customer has great credit, great income and jobs, and people from India are very good about paying bills on time....they still dont care.  You need to get a Co-signer that has a valid 24 month visa in order to get approved at Honda Finance and get the flex cash.  Modcut

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Shogun, myFICO moderator

[GTT]

Is the approval from a person at Honda Finance or an automatic process? I thought it was like your credit car approval process that most of the applications would be processed by a machine.

But yesterday, what I learned from the dealer was it would be more like a manual process and he keeps contacting with some people at Honda Finance? 

Because after I submitted the application online, he called me once asking for my previous addresses, and after about 1-2 hours, he called me again asking for my passport/visa/personal references/drivers license information ( I believe he got some kind of feedback from Honda Finance). then 3 hours later he called me the third time asking for a copy of my SSN card(I gave the number at the first place, but he asked for the card's photocopy).

Now he called me this morning saying he's still waiting for the approval. So how really does the approval process look like? It sounds to me a back-forth negotiation beteen dealers and HF?

[Anonymous]

A machine (computer) approves the loan only if it is a definate yes or no.  As I mentioned earlier the I94 issue could slide through if you have tons of established credit.  This would be called an "auto-approval".  If your loan doesnt auto approve or auto decline, then a person has to approve or decline the loan.  Your loan didnt auto apporve for what ever reason, and somstimes Honda will auto-decline a deal based of the year the social security numer was issued, then the would ask for the i-94.  Its kind of hard for me to know your exact situation without seeing your credit report.    As far as the approval process, Dealers send over the app online at Honda fiannce's Interactive network website, the computer either approves the loan, declines it, or passes it through to an analyst.  There are three levels of analyst. Level 1,2, and 3.  Level one buyer will decline your loan and ask for a copy of the social security card, I-94 and all other documents. The dealer will fax them, the level 1 passes it up to level 2.  If level 2 turns it down, then you have to speak with a level3 buyer, or senior Buyer.  This is what takes so long and the dealer just has to wait until the senior buyer calls the dealer back, which is usally once a day at the most.  Keep in mind its Saturday,and Honda is short staffed and busy, so it could take all day, but you probably want know anything until Monday.  The only one who can approve you loans is a senior buyer, and even then, its gonna be tough.-  Modcut

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Shogun, myFICO moderator

[GTT]

Got it. Thanks.

My SSN was issue 2012/1 so it's 2 years old. Credit history is also 2 years and FICO scores are good enough I believe 740+.

But as you said, if the i94 > loan term is a hard rule, I will be definitly be denied, sooner or later..

That's sad.

[GTT]

I finally got approved for 60 months wit apr 4.9%.

Will go and pay off in 6 months anyway so I don't loose too much interest.

[Anonymous]

I am also on the same boat....60 months @4.9.....one quick question....were you asked for a copy of backside of SSN?

[GTT]

Just the front side.

[Anonymous]

How did you get rid of visa issue?

Did Honda Finance approve you or some other bank?