Honda Pilot - Honda Pilot Forums banner

1 - 13 of 13 Posts

·
Registered
Joined
·
91 Posts
Discussion Starter #1
My wife and I just bought our Pilot EX-L Nav last Saturday and financed it through Honda finance. We were told that Honda Finance will match or beat any lowest interest rate we find. Today, we were approved for 4.39% rate through E-LOAN and when we went back to Honda Finance, they told us that they don't match any lowest interest rate. Then few hours later, they said that they do have the policy, but they don't deal with E-LOAN.

My wife and I love the car, but it feels as if they got one over on us. Any advice as to how we can get out of Honda Finance and go with a better interest rate without refinancing?

:3:
 

·
Registered
Joined
·
408 Posts
I have an idea. contact E-loan and explain the situation, so tell E-Loan that you want to pay off with their loan to American Honda and tranfer the lien on them. The finance charge will be couple of dollars for a week. But you have to arrange every thing with E-loan try nothing to loose.
 

·
Registered
Joined
·
120 Posts
financing

Our dealer did beat our best quote by .25%. I think this is more a dealer decision as opposed to Honda. I also think they have a wide margin to play with. A couple of weeks later I was in to schedule the cross bars and the rate had dropped another .10%. I would check the loan agreement for any buyout penalty, then look for hidden fees with E-loan, and if after that, you feel E-loan is better in the long rung, offer them the chance to buy your loan. Then see if Honda gets serious. BTW, our loan is actually underwritten by Chase Manhattan.
 

·
Registered
Joined
·
148 Posts
Finance guys

The dealer I went to was reported to be rejecting outside financing, esp financing over the internet. Thanks to this forum, I made sure ahead of time that I had all my bucks in the checking account. I made no clue of outside financing....just wrote a check.

Pays to have knowledge of their tactics, so you can counter them. The F&I guys are the real bread and butter guys at most dealerships and they have a lot of experience at screwing people.
 

·
Registered
Joined
·
14 Posts
Honda Finance

When we were in picking up our vechile, the Honda guy stated that Honda was going to be running a 3 day special starting 10/3/02. He made it sound like it was Honda, not just this dealer. Anyway, the special was 3.9% for up to 60 months. He said it would apply to the pilot. We didn't want to wait and already had financing in place. Food for thought if you are buying this weekend, hopefully it is true.
 

·
Registered
Joined
·
121 Posts
Lots of dealers run these types of special. Only problem is that they always say you don't qualify for it! No matter how good your credit is.:3:
 

·
Registered
Joined
·
65 Posts
I'm sorry, but those of you who are still working loan & rate terms AFTER you have purchased your vehicle are just looking for misery. You need to have your ducks in a row BEFORE you sit down with the F&I person, just like you need to negotiate the purchase of your vehicle before you sign....not 3 days later.

Sorry, but I just think it's wrong to expect the F&I person to be shopping for THE BEST deal for you - that's your responsibility. The rates offered should be competitive and that's it. They need to make money, otherwise, why go to work in the morning?
 

·
Registered
Joined
·
311 Posts
In the summer when I bought my Pilot the dealership offered to beat eloan. I went from a 5.5% eloan to a 5.4% with Honda. At the time the 5.5 was the best around, so I was happy with the dealership.
 

·
Registered
Joined
·
116 Posts
I faced the same problem with my purchase. The finance guy at the deealership would not accept ELoan unless they paid within 24 hours !!! There are Honda dealerships that accept ELoan, they have to sign a delaer agreement. I had to go with my bank loan instead.
 

·
Registered
Joined
·
121 Posts
My dealer had no problem accepting E-Loan. However, he just said, "You're not getting you car until we get the money"...which to me was no big deal as long as I got a better loan rate. E-Loan says they can get the money to the dealer within 48 hours anyways.
 

·
Registered
Joined
·
41 Posts
This Weekend

" the Honda guy stated that Honda was going to be running a 3 day special starting 10/3/02. He made it sound like it was Honda, not just this dealer."

I too was told by my dealer this weekend only Honda was offering 3.99% My Pilot is supposed to be here Oct 7 and I am going in Saturday to do the loan..Hope it all works out!
 

·
Registered
Joined
·
35 Posts
I had approval for 5.49% from Peoples First. Even though the Honda dealerships were giving me the runaround about whether they could accept this financing, I used this to get two dealerships into a bidding war. One gave me 4.44% for 60 mo. and the other could only go down to 4.89%, but dropped $360 off of MSRP to get my business, which they did.:
 
1 - 13 of 13 Posts
Top