Is there any recourse if you feel the Honda finance mgr lied to you about possible financing deals?

Question

I bought a Honda Accord this Sat. There was an advertised rate of .9% which i assumed I would qualify for but the finance manager gave me some story which I stupidly bought in which our deal disqualified us and we got a worse rate (approx 5.8). I think he lied.

I have great credit so I'm not concerned about that. I want to go back to the dealership tomorrow and get it reversed. Am I better off dealing with Honda directly?

Answer 1

What exactly did the finance manager say as to why you did not get the 0.9% financing?  What is your credit score?  Did you ask what is needed for the special financing?

http://www.hondafinancialservices.com/pl...

Answer 2

The dealer nor Honda will reverse/change that.  Either your credit isn't as good as you think, or he gave you a rebate instead of low finance.  I doubt he screwed you, he can't get a buy rate of .9% and tack on 5 points, Honda won't allow that.  Something else is going on.

But regardless, if you think you have great credit and wanted .9%, why in the world would you sign a contract for 5.8%?  Actually you said "approx" did you even read the contract?  If you sign a contract regarding a $20,000 purchase, there is no "approx", you better be darn sure of what you are signing.

Answer 3

It's possible the .9% rate was for a shorter term, maybe 24-36 mos. and the higher rate was for a longer term to keep the payment more manageable. Non the less, I'm sure the dealership will have a good explanation and make any corrections to your satisfaction.

Answer 4

Yes, definitely call Honda. Ask for a case manager. Get them to assign a case number to the deal. Get the name and extension of the case manager who you dealt with. Refer to that case number when dealing with the dealership.

Now call the dealership and ask to speak with the General Sales Manager. Refer to your case number. Tell him your story. Tell him you want to recontract the deal at 0.9%.  Ask them to show you the contracts. If they are not, ask him to show you today's airbill for the overnight to HFC (they usually don't ship til' Monday PM after the deals are billed out by the office). YOU CAN DO THIS EASILY IF THE CONTRACTS ARE STILL IN HOUSE. Ask him to provide documentation to Honda as to why you might not have qualified for the incentive financing.

If they refuse, it gets ugly and you have a battle ahead. Get legal advice at that point. GET ALL OF THIS DONE BY MONDAY PM.