Honda Financing Question

kevina1kevina1 Member Posts: 11
edited July 2016 in Honda
Hi.
Purchased a car through Honda financing from a Honda dealer. They slipped in a $500 administrative fee. Any opinions on what is a reasonable charge for this considering they are a Honda Dealer?

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  • kyfdxkyfdx Moderator Posts: 210,149
    kevina1 said:

    Hi.
    Purchased a car through Honda financing from a Honda dealer. They slipped in a $500 administrative fee. Any opinions on what is a reasonable charge for this considering they are a Honda Dealer?

    I doubt the administrative fee has anything to do with the financing. It's probably the same jacked up dealer fee they put on every deal. Which state?

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  • kevina1kevina1 Member Posts: 11
    New Hampshire, we purchased two cars and they both already had a $295 dealer prep administrative fee we paid. When we came in to sign the finance paperwork it itemized a $500 administrative fee for financing. I'm asking this question because It showed this on the on the original but strangley the copies we got were different and showed $500 more for the car cost and the itemized fee line was n/a.
  • 1percent1percent Member Posts: 42

    I’m up for option on my 2019 Odyssey lease. What is a great rate I should try to get?

  • kyfdxkyfdx Moderator Posts: 210,149
    1percent said:

    I’m up for option on my 2019 Odyssey lease. What is a great rate I should try to get?

    Most captive lease banks don't offer great rates on buyouts. They aren't required to offer any financing, if they so choose. Shop around for your own financing, before contacting Honda Finance.

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  • 1percent1percent Member Posts: 42

    @kyfdx said:
    Most captive lease banks don't offer great rates on buyouts. They aren't required to offer any financing, if they so choose. Shop around for your own financing, before contacting Honda Finance.

    Do I pay sales tax in TX on original sale price or the option price? Trying to yank all their BS fees out of the deal.

  • kyfdxkyfdx Moderator Posts: 210,149
    1percent said:

    @kyfdx said:

    Most captive lease banks don't offer great rates on buyouts. They aren't required to offer any financing, if they so choose. Shop around for your own financing, before contacting Honda Finance.

    Do I pay sales tax in TX on original sale price or the option price? Trying to yank all their BS fees out of the deal.


    Sales tax in TX should be on the buyout amount.

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  • 1percent1percent Member Posts: 42

    @kyfdx said:
    Sales tax in TX should be on the buyout amount.

    6%?

  • kyfdxkyfdx Moderator Posts: 210,149
    1percent said:

    @kyfdx said:

    Sales tax in TX should be on the buyout amount.

    6%?


    6.25%, I think

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  • 1percent1percent Member Posts: 42

    They are saying I have to refinance through the dealer to get it out of Honda Lease trust. Is that accurate? So I’m screwed on the rate because they can do whatever they want?

  • kyfdxkyfdx Moderator Posts: 210,149
    1percent said:

    They are saying I have to refinance through the dealer to get it out of Honda Lease trust. Is that accurate? So I’m screwed on the rate because they can do whatever they want?

    Many captive banks require you to run the purchase through the dealer, but that doesn't mean you have to accept their financing. It's no different than buying any car, in that you can shop on your own for financing, and bring them a check.

    In general, though, dealers may have access to better rates than you can find on your own.

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  • 1percent1percent Member Posts: 42
    edited May 31

    What are title costs?

  • kyfdxkyfdx Moderator Posts: 210,149
    1percent said:

    What are title costs?

    Sorry, I don't have that info for each state

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  • MichaellMichaell ColoradoModerator Posts: 209,648
    kyfdx said:

    1percent said:

    What are title costs?

    Sorry, I don't have that info for each state
    I'm sure a quick Google search for "Texas title costs" will direct you to a helpful website.

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