Curious, because back in April Honda had a similar offer and I got the internet price but they hedged on the 0.9%. Gave me 2.9 instead. I didn't push it. One way or another they get their money it seems - don't they all.

 

I had one dealer give me a quote, then revised it upwards by $50 when he realized I was going for the 0.9% financing.

 

LOL, ask him to justify that $50... makes absolutely no sense.

 

Hi,
I went yesterday, and got approved for the 0.9% financing with a 680 credit score on a 2010 Fit base model. I've been between this and a matrix for probably 2 years... my 21 year old Honda CRX is falling apart and has no AC, time to switch.

My question is, I was going to put down the payment today and finance the rest, how long does it take for the deal to be 100% approved?

I understand some dealers try to scam you with "spot delivery"..... pushing you to take the car right away, and then call you back days or weeks later and say "your financing fell though", either give the car back, or pay more.

Any ideas, or has this happened to anyone? I'm kind of paranoid about that happening.

 

Given that the financing is through Honda Financial, I doubt they'd do that. As you noted, you've already been approved. The way that the normal financing scam works is based on the idea that sometimes the dealership doesn't sell your loan when you're in the F&I office, but just after that. The dealership believes that they can sell the loan at some price but gets no takers, or lies about that.

But since the 0.9 loan is with a specific bank, the dealership isn't shopping the loan around. Either Honda will make the loan or they won't. There's less room for funny business.

If you are really concerned about it, just be sure not to sign any forms that say that purchase of the car is contingent on financing being approved. I'm fairly sure with my purchase we didn't have anything like that. Instead, we had a specific contract with honda financial that we signed.

 

Thanks for your reply Malraux - I just called the dealer "anonymously" and discussed it. As you say, since they are not shopping the loan and it's through American Honda Finance Corp. this hopefully shouldn't be the case.

I asked the guy if there is something in the papers that would say "subject to loan approval", and he said yes. But he also said that even on a Saturday they can have me sign that the loan is 100% approved/promissory note before I sign any other papers.

 

A quick paperwork question: According to the dealer's F&I person, Honda Financial should be sending me a large packet of info related to the loan. Stuff like the coupon book, where to pay, etc.

That was ~ 3 weeks ago and still no info. I'm not too concerned, as the first payment was scheduled for Aug 17th, but it still seems like the info shouldn't take quite this long. How long did it take others to get the loan packet.

 

Kraven - When you sign the paperwork there should be something like a bailment and revision agreement. Read that carefully. I'm not sure there's any away around it...but like others have said hopefully since it's through Honda there's no worry. Someone like me with little credit history and going through a local lending institution it was a bit scary...but I finally got my coupon book this week!

I used to work for a state Attorney General's office and would hear horror stories of dealers rescinding and demanding the car back OR signing a deal with a significantly higher payment. Besides the embarrassment and stress the worst part is most likely your trade-in vehicle is long, long gone.

 

Malraux - I got my coupon about 2 weeks after driving the car off the lot...what a relief. I've never been so relieved to pay money monthly.

However, like in my previous post my loan was through a local bank, not Honda. I'm sure others can chime in with their experiences.

 

It took me less than a week. I registered online and called up Honda Finance to get my account number. I'd rather make payments electronically than deal with mail & payment coupons. It took another week or two after that to get the paperwork, but by then I didn't need it.

here's the link- You'll need your VIN and the loan account number- call Honda Financial to get it-- dealers are too slow.

www.hondafinancialservices.com/

 

Honestly, all I really want the paperwork for is to get the account number to do exactly that. If it gets closer to the first due date, I'll call for the number. But yeah, online is the only way to go.

 

@Dave Wonders -
Its a done deal!
I don't recall seeing any bailment agreement.. but some of the paperwork says "American Honda Finance Corp" on it I signed and badgered the finance guy like 10 times, making sure there was no funny business.

I'll call early this week to get my account number with them and setup electronic payment.

 

Seems to me that all I needed was the vin - but I could be wrong....

 

You just need the VIN to get onto Honda's Owner Link page, which gives you stuff like Owner's manual downloads and such. Once you have an owner link account, you then can link that into your honda financial account, but that does require an account number.

 

Okay - now I remember. Honda sent me the account info. No need to call, it all happened within two weeks.