Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
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So, the F&I guy lied to me? I am appalled! Seriously, the guy told me that I only qualified for 3.9%, but if I bought the extended warranty, "Honda will agree to a lower rate, 2.9%", which I did, and then cancelled the warranty, when I found out the "real" price. I kept the 2.9% though.
So I took the offer (knowing I would refinance) since they offered me a good deal on the purchase price, but jacking up the interest rate. I will refinancing this Friday with my CU for whatever rate they offer me. I don't know if the dealer will get his kickback from AHFC since I financed less than 3 months, but I don't think he deserves it if he did pad my interest rate at least 400 basis points.
My dealer was Hillside Honda in Jamaica (Queens, NY). I had approached Paragon Honda first for looking a a certified used 2004 CRV, which mysteriously 'disappeared' off the lot when I arrived 20 minutes later for a test drive. So I took my business to Hillside Honda for the 2005 CRV.
There is no such thing that "if you buy extended warranty, Honda will finance you or lower your rate" Pure dealer LIE!!!! Honda either finances you or not, there is no if's or but's. Good thing you cancelled the warranty.
You should complain to your state attorney general and American Honda about this dealer's business parctices. I had a similar experience at Paragon Honda in Queens NY. They said they would only give me the advertized rate if I bought extnded warranty, because Honda wants to make sure the car is covered if I default on the loan. I walked out, called Better Business buerau, American Honda, and sent a letter to NY Attorney General. This guy had it set up niceley, he would call "his buddy at AHFC" and to get the loan processed. Bovine Scraps I say.
If you are "upside down" on your loan, GAP covers the difference between the car's value and the amount you owe on it, so they tell you that if you total the car, you're stuck with the difference, because your car is worth much less. Right? Wrong. They figure in the trade-in value. If cars is totaled, the adjuster takes the MARKET value (as if you'd go and get it off the lot), PLUS the tax, PLUS the remaining tabs, plus the extended warranty. I speak from experience. So I took a GAP Ins on my 2005 CRV SE, but through my agent, at $16 per 6 Mo. That's $160.00 even if you keep it for the whole 5 year.
So, if the finance guy tryed to pull that on u, run! You never know what else they'd try and sneak in. Window etchings, rust proofings, satellite tracking, rust shield, coat shield, brain shield, reserved space on the Moon....
I would NEVER spend more than 30 minutes in the finance office, and the bulk of that time is ME checking the figures down to the penny.
Get pre-approved from your bank or credit union before you go, and you can get pre-approved from AHFS online for a lease or finance as well. Then if the dealer pulls any tricks you know you have the approved 3rd party financing to whip out. You can also get a no obligation "blank check" from Capital One". Challenge the dealer to beat your pre-approved rate for a simple interest loan. If they can't then use it. If they can, you just save money.
Just remember you don't have to buy the car from them, they make you mad or try to pull junk just tell them NO and leave.
Dennis
My buying experience was smooth overall. The salesman had assured me that the price he gave me (the $22,918) included everything on the car - there were no dealer-installed accessories or anything. In the finance office, though, $200 extra showed up for some kind of security device. I challenged this and was told that all their cars have it and the salesmen sometimes forget to mention it.
I suggested we speak to my sales guy, and followed the finance guy out to talk to him. He was on the phone, so the finance guy went to talk to the Sales Manager - probably long enough (out of my earshot) to say "Nod and say OK," because he came back and said that since the sales guy hadn't mentioned it, they could remove it.
Aside from that, there were no shenanigans aside from the usual hard sell on the extended warranty, tire plan, and that kind of stuff, all of which I declined. I liked the experience overall because this was the only dealership that I emailed for a quote that actually replied by email with a quote. And I paid (a tiny bit) less than the Edmunds TMV, so that seems OK.
BBJ
:shades:
That charge (which I think was for that VIN etching service) was only $200, so it wouldn't have killed me to pay it, but I'm really glad I didn't. It's hard for me to be assertive, but I think I did well.
I don't have any accessory plans, though I guess I'll scoot my iPod over there tonight when I actually pick it up. I'm not much of an accessory person ;-)
There are no special offers on CR-V at this time, but if you check Special offers on Hondas preiodically, they post good offers. Sometimes, if the sales are low for the month, they would run a 1 or 2 week promo. If your credit is good, then it is worth waiting for it. Otherwise, if you wait until September, you will get a better sale price, as the 2006's will be out.
Here is their quote:
Here at Hennessy, for out-of-state registration, you pay the selling price + $384 Processing fee + $3 GA Lemon Law. That's all. Naturally, you will be responsible for tax and registration for your state.
Here's everything you will pay us:
$18,593
384 Processing/Prep fees
3 GA Lemon Law
$18,980 TOTAL
You will then have to pay Alabama tax & Registration.
As far as I know, they have no BS or no games, just show up and pay the agreed price.
BTW, invoice is $19,212 on this truck and there are no known dealer incentives. I ASSUME the dealer is making their "profit" out of the $621 hold back - or maybe they are hoping you will buy some accessories :-) ? Does not matter to YOU how they keep the lights on and the doors open, as long as you get the LX 2wd for a nice price.
Dennis
That might not be the standard to hope for in buying your SE. Honda's pricing strategy is quite a bit different than GM's.
Couple things:
You could try the same routine with an EX.
But first, I suggest you esablish your own target sale price (cost of vehicle + delivery + any other mandatory fees). Ignore TT&L, since that's not negotiable. With that number in your head, e-mail the low-quote dealer and say you were hoping to hit that number. Since you know what you want, I'd hope to establish a firm quote for that car w/out visiting a dealer. I think many buyers are at a disadvantage negotiating with sales pros.
There's nothing wrong with saying that you won't shop a dealer's quotes. Try to "brand" yourself as someone who wants to buy promptly, but wisely. To help your cause you might say that, alas!, if the Honda cost doesn't fit your budget you''ll take advantage of the clear-the-lots sales at GM, Ford and Daimler Benz.
Remember, you have the advantage IF you're willing to walk away from a deal that ain't so hot.
Thanks to BlueiGod and others for their opinions - it helped remove my 'newly educated remorse' after the F&I guy at the dealer shoved me around. Am a happy camper now....
Glad it worked out for you. You can file a complaint with Attorney General about the disohonest finance guy at this dealership. I would imagine it is illegal to pad finance rates without disclosure.
I don't know how AHFC works, but if there is no pre-payment penalty disclosure in your finance contract, the dealer probably gets paid no matter what.
Got the truck with a cargo tray, splash guards, wheel locks, and pin stripes all installed for $22,568 OTD. I probably left a few hundred on the table but we are quite satisfied with our experience at Huey's.
Why and what disclosure? That there are better rates than they offer you? Some dealers ALWAYS markup the money, it is how they make extra profit.
They offer you a rate, if you foolishly sign for that rate, then I don't see much else you can do (other than to refinance). Now if the tell you 4.9% and sign you up for a 7.9% loan then I can see where you would have a beef. Of course, the documents signed might say 7.9% so you still might not have any recourse.
Always get pre-approved credit before you go to a dealership - your bank, your credit union, or Capital One online. Then challenge the dealer to beat it. I don't know why someone would stroll into the finance office and be at the mercy of whatever that hoser feels like giving them. The buyer is in control and should act like it.
I think some folks are too worried about "hits on my credit" and some such. If you have good credit extra hits are not going to matter one bit - for sure since you are not opening 3 new car loan accounts, just the one that is the best deal. In addition, the others may not even show up on there until after you are done with the dealership. In my experience it even takes days/weeks for a new account to appear.
Dennis
Carland in Roswell.
My drive out was $19,700 and they offered me way more than I thought they would on my trade in...I was prepared to sell it to Carmax but they matched
CarMax's offer, which saved me on taxes! No surprises...no attempting to
bump or add-on. What he said on the phone was exactly what happened
when I got there. I worked with 7 Atlanta area Honda dealerships and sent
them on a bidding war.
The car was $18,216 with $399 processing.
Also, does anybody know what kind of rates honda is currently offerring? How are they with leases? Or purcase with very little or no money down? thanks for any help you guys can throw my way.
One more thing, is the sport package something that can be added to the EX, and if so, how much, I didn't see it in the booklet. thanks
I have an appointment in two days to pick up a new cr-v ex auto for $22,414, plus $148 for administrative fees, price includes destination. Does that sound good? It's not too late to cancel it. From reading the last few pages of posts here it looks like that is a pretty good price.
The dealership is autofair in Manchester, NH.
Edmunds currently shows invoice including destination (but with no accessories) at $22,268 and the TMV is $22,884 for my zip code.
For a FICO score of 720+ Honda is currently offering a 5.9% rate.
That is the price. Some may say it's not possible being below invoice. But it's legit.
As far as financing, I was offered 6.99% for 5 years, and 7.99 for 6 years. I am going to look into my own financing options though before I get back to them.
Also, as far as the XM ready radio goes, they are just talking about the radio head unit, correct? They would charge me to install the required tuner, antenna, etc, right? I installed XM in my other car, and was wondering if, all I would need is an XM tuner installed to make it work, right? Does anybody know if the car comes with the wiring running to the back, so it is easy to hook up the XM tuner, or would an independant installer have to open up the dash to get behind the head unit to hook it up?
Lastly, I'm not too sure about how taxes work. Do I pay taxes based on where the car is registered, or where I bought it? If I live in NY, and buy in CT, do I pay NY tax or CT tax on the car? thanks
As far as financing, I was offered 6.99% for 5 years, and 7.99 for 6 years. I am going to look into my own financing options though before I get back to them.
Also, as far as the XM ready radio goes, they are just talking about the radio head unit, correct? They would charge me to install the required tuner, antenna, etc, right? I installed XM in my other car, and was wondering if, all I would need is an XM tuner installed to make it work, right? Does anybody know if the car comes with the wiring running to the back, so it is easy to hook up the XM tuner, or would an independant installer have to open up the dash to get behind the head unit to hook it up?
Lastly, I'm not too sure about how taxes work. Do I pay taxes based on where the car is registered, or where I bought it? If I live in NY, and buy in CT, do I pay NY tax or CT tax on the car? thanks
You pay taxes where you register it.
The XM tuner for CR-V is not a generic one, but specifically designed for the radio. Go to the sponsored link above, chose the 2005 Cr-V XM radio install to see what you need to get the radio working. You can probably just transfer your susbscription from your existing XM radio, but you still need Honda's tuner to make it work with the existing stereo.
Edit: Here is the install link http://www.handa-accessories.com/crv/05CRVXMINTER.pdf Looks like the vehicle harness is already there.
Also, looks like more people here buy EX. We need AT & 4WR for sure. An EX AT 4WR would be ~$2k more. Does EX AT 4WR worth the $2k extra?
Thanks in advance for all your suggestions
So, did I get ripped off?
Could you tell me the name of Honda dealer?
I am currently shopping for CR-V SE myself (I am in Northern NJ) and need a recommendation.
Thank you.
You can try and negotiate it into the deal. And if it does not work just buy the receiver from the sponsor and install your self.
Did u get any accessories?
CR-V EX Auto 22,239 (including destination)
The lowest they will go for the XM install is 700.
So the real cost is 22,939 with the XM installed.
I could get the XM stuff for under 500 online and install it myself, but I figure for the extra 200, I will have the dealer do it, and save the hassle. 200 bucks spread out over 60 months is no big deal.
so.....did I get a good deal??? Oh, and thanks for all the info on these forums