How difficult is Honda Financing to get?

[atlchick819]

We are planning to purchase a Honda Pilot. We will probably get our own financing in line, but just curious if they would do a better job. The guy said they go through about 50 different Banks. Anything I should know about them?

 

Our "faco" scores are low 600's right now. We have a bill to pay down and might get added on as au's on something to increase score so planning my plan of attack right now.

[rockinred]

My '01 Civic loan (originally $16k-ish) is through them. I got the financing in '01...I have no idea what my score was at the time, but they were the only lender that the dealer contracted with that would take me. My credit has improved quite a bit since then so I can only assume my scores were much worse than they are now.

 

They've actually been a great company to deal with!! Good luck!

[MarvBear]

get yourself approved with another. The dealership might could better your own APR, if so that would be to your advantage.

[atlchick819]

That is what I was thinking too MARVBEAR. At least I would know that I wasn't being taken advantage of and I would have something to compare to if we did use their financing.

[MarvBear]

makes the dealer work harder too. Could be to your benefit.

 

like momma used to say "penny saved is penny earned"

[atlchick819]

LOL, thanks!

and since you said revolving? looks like it is weighted more than we are going to get added on as AU's on our parents cards to get it up higher. Thanks. Do you ever get any exceptions on people who have an unpaid collection? I will have one and we will probably just put it in DH's name b/c of that, but was just curious. I know in the mortgage side we can get exceptions.

[MarvBear]

LOL, thanks!

and since you said revolving? looks like it is weighted more than we are going to get added on as AU's on our parents cards to get it up higher.  Thanks.  Do you ever get any exceptions on people who have an unpaid collection? of course!  I will have one and we will probably just put it in DH's name b/c of that, but was just curious.  I know in the mortgage side we can get exceptions.

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[MarvBear]

in my biz, exceptions are routinely the name of the game.

[hegemony]

I got 1.9% from American Honda Financial. With a BK and a large down.

[dstk4021]

I got 1.9% from American Honda Financial. With a BK and a large down.

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Do you know which CR they pull? Does it depend on what part of the country you're in?

[atlchick819]

MarvBear,

 

What factors primarily give you an exception?? Money down? Income? Credit Score?

 

My unpaid collection is $7599 so I am thinking that is too large for an exception.

 

 

Hegemony,

 

What do you consider a large down payment?

[MarvBear]

MarvBear,

 

What factors primarily give you an exception??  Money down? Income?  Credit Score?

 

My unpaid collection is $7599 so I am thinking that is too large for an exception.

 

 

Hegemony,

 

What do you consider a large down payment?

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to be rather candid, it would depend on how much money I was making and how well I liked the customer as to whether I would go for the exception or no.

[atlchick819]

Really?? I definitely want you to be candid, that is why I am researching so much before we walk blindly into a car dealership and get walked on.

 

I didn't think it was that simple though. Just depends on those two things?! Whether you like someone or how much you are making off of them? Or those the final determining factors?

 

That is amazing, I didn't realize you guys had that much say so in it. I thought you had more rules and things to go by. That is how it is at my mortgage company.

[MarvBear]

Really??  I definitely want you to be candid, that is why I am researching so much before we walk blindly into a car dealership and get walked on.

 

I didn't think it was that simple though. Just depends on those two things?!  Whether you like someone or how much you are making off of them?  Or those the final determining factors?  Well, you can't get everything waived, and sometimes I am just too tired to argue too much with the lender.  There is a great deal of personal relationships with my lenders, that I can effectively use should I choose to do so.  I suspect other f&I people are much like me in this aspect.

That is amazing, I didn't realize you guys had that much say so in it.  I thought you had more rules and things to go by.  That is how it is at my mortgage company.

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[hegemony]

Do you know which CR they pull? Does it depend on what part of the country you're in?

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EX twice, once by the dealer; once by AHFC

 

in NV

 

ETA: my EX auto-enhanced score was 704 at the time

Edited March 1, 2005 by hegemony

[hegemony]

Hegemony,

 

What do you consider a large down payment?

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anything over 20% IMHO

 

I put down 26%