Signed a purchase order for my Fit at the beginning of October. I was approved for the 0.9% interest rate on my loan. The dealer expected my car to come in the middle of October.
My car finally came in today. Now the dealer says there's no more 0.9& interest rate. He said he talked to "Honda" and they won't give it to me because the promotion ended Nov 2nd. For real??

 

Unfortunately.... it is real.

You can look at what Honda is currently offering at: Honda Current Offer

 

Wait... did you put a deposit down and get an invoice? I thought if they promised conditions in writing, they have to stick with it...

 

I don't agree with what happened here. You were offered and approved of 0.9% interest rate on the loan beginning of October so there is documentation as to when the car was ordered.

If the delivery was going to be outside of the promotion period you should have been told up front.

I was offered the same loan rate but declined because I didn't like the terms so picked the 1.9% instead. I pay a little more but easier on the payments.

I dunno. If this happened to me I would have just said, "Cancel everything and call me when you get this figured out" This isn't entirely dealer's fault as they try hard to get these cars onto the lot for their customers but Honda don't make it easy for everybody. In light of that Honda should have helped you out.

Maybe Honda may see this post and to save grace may offer you that deal.

 

Unfortunately, for real. Although you signed an intent to purchase, you did not purchase a vehicle from dealer stock by the offer deadline. If your offer was contingent on getting the 0.9% financing, you are due your full deposit if you don't wish to use alternative financing. I would not be surprised to see this offer, or at least 1.9%, return after the first of the year.

 

Well, actually, the offer of 0.9% was good through 3 November; but it really is gone now.

The pretty good leasing offer they had is also gone. They offered a lease for a LX with CVT for $1999 cash payment and $149 monthly for 36 months. It also was only good through 3 November. The new lease offer still has $149 monthly payments; but the up front money is now $2699.

 

The legal beagles have such a contingency covered. If you read the fine print of the offer you will find words similar to the following. "Must take new retail delivery on vehicle from dealer stock by November 3, 2014."

The current financing offers on the Honda website are good through January 5, 2015.

 

Yeah but it doesn't help this poor guy who thought everything was cool until the promotion expired before he was able to take delivery.

I feel bad for him and hopefully the special deal will come back soon.

 

"If the delivery was going to be outside of the promotion period you should have been told up front."

You are told.
"Must take delivery by XX.XX.XXXX"

 

i got boned out of this as well and now am stuck with 5.5%
will being paying off the loan in a year now. bastards!

 

that sucks :O...

 

I'm sorry they got you too.
For others out there, check with Empower Federal Credit Union.
I was able to get 3 year financing today for 1.45% interest rate.

 

Do you think that the friendly salesman will read the fine print to you? That's not too likely if *not* reading it will help you to commit yourself to buying a car through him!

Remember that marketing is the art of making us think that we're getting something without actually having to deliver it.

Most credit unions seem to have new car loans under 3% as a matter of course these days:

https://www.logixbanking.com/loans/v...-vehicle-loans
https://www.californiacu.org/default...2-ea174ca1b2f3
https://en.psfcu.com/Auto_Loans_60.html
Auto Loans » ActorsFCU

With those rates I don't see much point to handing the dealer another card for their 3-card Monte game.

 

It's all about doing the math. I qualify for the Military Appreciation discount of $500; but to get that offer the car must be financed through Honda Finance. It becomes a question of which is better....$500 off the top of the car or the lower interest rate.

 

They screwed me too! I ordered my Fit early October, and when it got here (2 days ago), they said Honda wasn't doing that deal anymore!

 

What's Honda's interest rate when they don't have a promotion? Is it 5.5% for "well qualified" applicants?

 

I put a deposit in back in mid-September when the promotion was going on, but just picked it up yesterday and couldn't get the 0.9% or 1.9%. But I was able to get 2.9%, which considering I'll be paying it off in within the year, I was good with.

I was offered the 2.9% only after I said I was going to finance with my credit union instead, so if you can it might be worth looking around at what rates local credit unions are offering to get them to come down.

 

Or, just go to the credit union and get pre-approved. Then you can skip the finance office haggling altogether.

 

I have done that on previous purchases. Strangely though, I have never actually financed a car through the credit union. Somehow, the dealer always managed to offer a lower rate when I mentioned the credit union pre-approval.

As I mentioned in another post, that wasn't an option for me in this instance; since the $500 Military Appreciation discount hinged on financing through Honda Financial Corp.

I bought my car yesterday; and it all worked out in the end. They initially offered me a rate of 2.9% for 60 months; then lowered it to 1.94% when I purchased an extended warranty package. I feel like they would have approved 0.9% if I had chosen a term of 36 months.

 

Yeah even though they raised the interest rate on me when the car arrived, it was still a better deal to go through Honda financing since they offered me the $500 college grad discount.