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Discussion Starter · #1 ·
Does anyone know what Honda's financing deals are? My wife and I put $1000 down on a blue 2WD EX today and got some pretty vague answers from the dealer about Honda's latest finance rate. I got a 4.49% from peopleschoice.com, which seems pretty good to me. Do you think Honda will match or beat that?
 

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Interest rates offered depend greatly on your credit rating... so no one here can really give you a good answer.
 

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Discussion Starter · #3 ·
my credit rating is excellent. does honda have any promotions now or plan to have any in the near future? the dealer was sort of vague and noncommittal (although, i guess that is typical of car dealers).
 

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4.49% is Honda's lowest rate for its most credit-worthy buyers. The salesman apparently gets 20% of everything over the rate that you pay. It's called "juice" or the "back end." If your credit score is 700 or over, you should qualify for the low rate; anything overthat feeds the salesman and the dealer at your expense. The 4.49% sounds pretty good. Have you tried AAA?
 

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Discussion Starter · #5 ·
No, I haven't tried AAA, but I will this afternoon. Thanks for the inside info on the workings of the dealers. Much appreciated...
 

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Use comp against American Honda Finance. They had quoted me 4.9, but when I showed the credit guy that E-Loan would do 4.09, they matched it. I put $2500 down on a 4wd EX.
 

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I almost went with Peoplefisrt.com's rat at 4.49% because Honda offered 4.9%. Then after arguing with the finance broker at Honda, he offered 3.85%. I couldn't believe it. I wasn't even trying to get him to come lower. I was just cranky, hungry and wanted leave and drive the Element to sho my friends.

I guess it pays to be cranky.

-nick
 

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4.49% should be matched if your credit is good... I just got that yesterday with my new E. I was told that is their lowest rate, but it sounds like Nick248 scored big time.

Peace...

Tom
 

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Discussion Starter · #9 ·
well, now i'm really miffed. the dealer has told me the following:

1. they don't accept 3rd party bank checks from internet sources, period.
2. they won't match the 4.49% rate and the best they can do is 5.87%, although if i'm "lucky" i "might" be able to get down to 5.30%

i think both of these are ridiculous, esp. since i have a 763 and my wife has a 720 credit score.

the salesman said i could talk to the financing person, so i'm going to go in tomorrow and give him the following options:

1. accept the peoplefirst check
2. match the 4.49% rate
3. refund my deposit and let me go find another dealer who is willing to be reasonable

i'll be honest... this is the first time i've purchased a brand new car. am i being ridiculous or unreasonable?

and if not, does anyone know of any decent dealers in maryland?

thanks for your help,
shawn
 

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Discussion Starter · #11 ·
you can use www.freecreditreport.com or do a search on google.com for other credit report web sites. also, if you have a friend that you trust who works in finance or accounting, they might be able to pull one up for you at work. a few years ago my mom got one for me.

in my case, the salesguy told me. he was claimed he was astounded that my wife and i could have such good scores since we're both only 25. but that's what paying off your student loans and credit cards and buying a house can do for you.

shawn
 

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because you are young.

When one of my kids went to buy a used car (a Saturn) from a dealer, they wanted to sell it to him at 18% (no kidding!) I happened to be with him, and insisted on seeing the rate before my son signed the deal. You could here me yelp all over the lot.

We went to the bank and got it for him at 6%. (He has very little credit)

When I bought my E, the dealer beat my credit union quote by a full point.
 

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Discussion Starter · #13 ·
thanks for the encouragement, but he wouldn't come down, nor would he accept the peoplesfirst check, so i told him i wanted my deposit back and that was that.

is there anyone in maryland who wants my business? let me know.
shawn
 

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Picked up my EX on the Ides of March and with a 764 credit rating they asked me how many Elements did I want. Honda Finance gave me 4.40% with roughly half down for 60mos. Beat the web sites and all the banks in town. Gawd was I happy! :mrgreen:
 

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Question.....is it just that one dealership or all Honda Dealerships that don't take online financing checks?

This is my first time buying a new car and I got loan offers from Honda, ELoan, my Bank, and PeopleFirst (a Capitol One Company) and my lowest apr is with People First.....so I really wanted to use that, I mean I know I can try to negotiate, but wanted to knoe if the dealer doesn't budge if all Honda dealers don't take Online Finace Checks or if it just a dealer specific issue?

Anyone else have any experiences with Online Financing??

Thanks!
Diane aka St. Louis Penguin
 

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I e-mailed my dealers Internet Sales rep before apply for a PeopleFirst loan, and he said that they accept both E-Loans and PeopleFirst checks. So I guess you may want to find a different dealer.
 

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There's no need to look for a different dealer if you don't mind waiting a couple of days. I just went through the same situation using PeopleFirst. I live in Jersey and almost nobody accepts the blank check that PeopleFirst provides. You need to call PeopleFirst and tell them that your dealer will only accept certified funds. They're used to this. They will have you FedEx the "blank check" back to them (on their dime) and then they will FedEx you back a certified check. Their turn around time is excellent. You can overnight the check back to them and they will overnight the certified funds to you...the whole thing only takes two days. The dealer will have no problem accepting the certified check.

The only catch is that you need to know exactly how much you want the certified check made out for and who the dealer is going to be.

Hope this helps
-Kizzz
 

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Thank You Kizz!!
The information you provioded was very useful....I am jus waiting for my "blank check" and loan package to arrive so that I can go over to the dealer and say "Take that Element off the showroom floor...It is mine!"

I'm glad to hear the turn around time is so quick....my dealer already told me he can hold the car for 3 days....I am so EXCITED!!!

I am really surprised that there is a wait in other areas of the US....the lots here in St. Louis are packed with them (10-15 at every dealership!)

Thanks Again!
Diane
 
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