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Discussion Starter · #1 ·
Hi Honda family,

I am in negotiations to purchase a 2021 Honda Pilot SE. Price is $36,855 if I finance which is the lowest I've received in the tri-state area. However, I would like to pay it all cash and the price went up $750. After tax and fees the bottom line number is $42545.

Funny thing is the salesperson is offering the car at a bottom line of $41,500 if I take part in the Payoff Program. I attached a picture of it here. Supposedly I make 6 payments with interest and after I finish paying, the dealership will send me a check for the interest I paid.

Has anyone heard of something like this? Seems different.
 

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Hi Honda family,

I am in negotiations to purchase a 2021 Honda Pilot SE. Price is $36,855 if I finance which is the lowest I've received in the tri-state area. However, I would like to pay it all cash and the price went up $750. After tax and fees the bottom line number is $42545.

Funny thing is the salesperson is offering the car at a bottom line of $41,500 if I take part in the Payoff Program. I attached a picture of it here. Supposedly I make 6 payments with interest and after I finish paying, the dealership will send me a check for the interest I paid.

Has anyone heard of something like this? Seems different.
Never heard of it.
I wouldn't play that game.
I'm not signing that.
 

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Wow, I was thinking the price of cars due to Covid19 would go down. I paid 36k out the door for my 2019 Pilot EXL AWD. I'm wrong.

I won't trust that thing even if it was signed by a legal party. In case they don't acknowledge it in the future, you will still pay for attorney fees or any legal fees to get it.
 

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No just go ahead and pay in full. That makes no sense. Plus if you can pay cash, $750 isn’t a huge deal in the grand scheme of things.
 

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Without knowing all the facts, many mfgrs require you to finance through them for a min about of time to be eligible for a rebate of apr.
 

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I would like to pay it all cash
You have a lil bit more power than you know....

with cash, tell them "drop the price $3,000.00 now, or i'll be buying someplace else"

You''ll be walking away with more cash in your hand, you need all the extra cash in hand, to fix all the Honda problems associated with newer models.
 

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Discussion Starter · #8 ·
No just go ahead and pay in full. That makes no sense. Plus if you can pay cash, $750 isn’t a huge deal in the grand scheme of things.
Yea, they just called me back and wouldn't take my bottom line number of $41,500. I said ok thanks bye.

I'm sure they'll call me back...
 

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Without knowing all the facts, many mfgrs require you to finance through them for a min about of time to be eligible for a rebate of apr.
I have found just the opposite. Most manufacturers don't have a set amount of time to be eligible for a rebate or apr when you finance. You can finance and pay off the loan within a month if you wanted to, and still have received the incentives. Now some dealers will ask you to make at least 3 or 6 payments. If you don't the dealer gets charged back from the manufacturer a certain amount of money.

I think at one time GM might have required a certain amount of payments be made in order to receive the incentive, but haven't seen that lately. It is almost always the dealer and the finance manager who wants you to make those payments because 1) they might have to give up some money if you don't and 2) if you financed through the dealer they receive a percentage back from the bank or manufacturer.

You have a lil bit more power than you know....

with cash, tell them "drop the price $3,000.00 now, or i'll be buying someplace else"

You''ll be walking away with more cash in your hand, you need all the extra cash in hand, to fix all the Honda problems associated with newer models.
In todays world, cash is NOT king at a car dealership. They would rather have you finance and the chance to have you sign for additional warranties, tire and wheel protection, paint shield, nitrogen in the tires, etc. More profit for them instead of taking cash.
 
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Try and get the pilot 2k-3k out the door under sticker price. Ex msrp is 41k negotiate the out the door price to 38k including taxes and title in the price. Let them know this is the price youre settting on and willing to buy the car on the spot if they agree.
 

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why don't you just finance it at -750$ price and then payoff next day? I don't believe there are any early payoff with honda financing. at least there were no fees when I paid off my pilot
 

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why don't you just finance it at -750$ price and then payoff next day? I don't believe there are any early payoff with honda financing. at least there were no fees when I paid off my pilot
I second that, and was just about to recommend the same. Just make sure there are no "prepayment penalties" (here in California that is illegal). You'll also get the benefit of having a loan "paid as agreed" going onto your credit report.

Read the fine print, and don't mention your plan to use cash/payoff the loan with one payment, the more profit they think they can make off you, the more likely they are also willing to throw in other perks.
 

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Discussion Starter · #14 ·
I second that, and was just about to recommend the same. Just make sure there are no "prepayment penalties" (here in California that is illegal). You'll also get the benefit of having a loan "paid as agreed" going onto your credit report.

Read the fine print, and don't mention your plan to use cash/payoff the loan with one payment, the more profit they think they can make off you, the more likely they are also willing to throw in other perks.
Hmm that sounds good but I thought there were penalties for paying early. Not sure about the law in NY/NJ.

Nonetheless, I’ll test out the waters at other dealerships that seem more trustworthy than this one. Any tri-State area dealer recommendations?
 

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Hmm that sounds good but I thought there were penalties for paying early. Not sure about the law in NY/NJ.

Nonetheless, I’ll test out the waters at other dealerships that seem more trustworthy than this one. Any tri-State area dealer recommendations?
I've never been penalized for paying early. Obviously dealers and leaders don't like early pay. I would think it would have to be in the fine print . It's almost to the point you need your attorney with you to buy a vehicle. It's really getting ridiculous.
 

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On my bills from Honda financing, it says that you can pay more than what your bill asks for to get your interest rate lowered. I'm not sure if it's the same for other brands.
 

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I've never been penalized for paying early. Obviously dealers and leaders don't like early pay. I would think it would have to be in the fine print . It's almost to the point you need your attorney with you to buy a vehicle. It's really getting ridiculous.
Dealers have nothing to do with the loan once you sign the papers - it belongs to honda Finance. Dealer won't even know you paid it off. I've had my pilot paid off couple of years now but still am getting letter from the dealer with trade in offers stating how much i can be saving in monthly payment and all that nonsense. So, get a loan, pay it off as soon as first statement come in, enjoy the savings and the Pilot
 

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Dealers have nothing to do with the loan once you sign the papers - it belongs to honda Finance. Dealer won't even know you paid it off. I've had my pilot paid off couple of years now but still am getting letter from the dealer with trade in offers stating how much i can be saving in monthly payment and all that nonsense. So, get a loan, pay it off as soon as first statement come in, enjoy the savings and the Pilot
Dealerships can offer you financing through banks. Not sure what the case is with the OP. Finance managers would be glad to finance you at a high % rate if your desperate and blindly look at what monthly payment you can afford instead of negotiating price, years financed and % rate. Dealers profit somehow.
 

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Dealerships can offer you financing through banks. Not sure what the case is with the OP. Finance managers would be glad to finance you at a high % rate if your desperate and blindly look at what monthly payment you can afford instead of negotiating price, years financed and % rate. Dealers profit somehow.
I'm sure they get some sort of commission for bringing clients to whatever bank you finance through. That commission comes from the interest paid I would assume. That's why dealers usually are very aggressive when you mention bringing outside financing. They will try and match or beat your interest rate because of course they don't get any incentive when you arrange your own financing. So lets say I do go with whatever bank the dealer uses, once I drive off the lot, the salesman has nothing to do with that loan ever again. If I pay it off the next day, he doesn't know. If I refuse to pay and the car gets repossessed, he doesn't know. It's the bank's car now.
 
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