Just as a warning of how screwed you guys can get if you don't listen to the advice of people regarding the finance department.

I also just realized that we paid more for the car than the MSRP of the EX-L with Navi, and we only have the EX. This was a bait and switch price for us, as the dealer indiciated the MSRP of the EX and the finance department changed it to the EX-L with Navi.

Son of a bitch. I'm glad I like this car, otherwise I'd drive it off a cliff if there were any in this flat ass area of Texas.

 

I'm not really sure what you mean by "getting screwed" aside from the bait and switch on the MSRP. It looks from the breakdown like you just opted for every insurance add-on which of course costs quite a bit. When you saw 30,000 OTD you could have reassessed and taken some items off if you changed your mind on them. Also on trade in you will always get more money selling it yourself to a private party, with the Internet it's easier than it used to be!

 

Of course I could have. I didn't say the dealer was solely responsible. I certainly take the blame. Though honestly the dealer pulled out all the stops. I was a naive first car buyer, and they certainly worked a number on me. I actually opted for none of that. I simply neglected to opt out. I never said yes to anything, and they printed everything as if I had said yes to everything. My fault was failing to actually stop and read everything. In hindsight I should have, pushed them past their closing time.

In the end, of course it's my blame. I was stupid. I won't be making any of those mistakes ever again.

 

Just ignore their closing time in the future. They actually will stay open no matter how late to close out the deal! I recall being at the dealer even after 1am closing out the deal with the finance dept.

 

I should have. I didn't know. They were putting a lot of pressure on, and distracting us by sending numerous people into the office to do various things behind the finance guy. I can't remember but I think the finance guy made some comments about the printing time, since he literally spent nearly 25 minutes just printing paperwork. Paperwork I realized later already had everything summed up as if we said yes to buy everything.

To be honest I didn't even know what happened in the finance office. I've never been, never heard. I was told that we need to do the final paperwork before I can get the car, not that I was going to be encouraged to buy an additional 10,000 dollars worth of items without ever even being asked.


Well, at least I know for the future. And in the future I'm going to be even smarter by getting my financing with the bank. Honestly, that's what I was going to do at first, and I told the car salesman that. I told him that I would likely be eligible for 4% or less APR on the bank loan, and he basically made a big commotion of telling me to "shh shhh" with a bunch of arm gestures. Perhaps his bosses didn't like hearing that. He said he could get me a 1.8%APR loan, if my credit was good. My credit was 720, and he came back basically saying it was more like 4.8%


I dunno, I just don't want people to go in there as naive as I was. I came in well prepared with a lot of knowledge about the car(which the salesman shut down at almost every turn, quite condescendingly), but not actually knowledgable about all the financial stuff.

Live and learn.

 

Your best revenge is to go on every website you can find and tell the world that XYZ Honda did this.

 

Not revenge so much as honesty. I clear up told the salesman today that I was unhappy with my overall experience and would rather steer people away from that dealership than to it.

The salesman kind of made a big deal about where I worked, called his wife and everything about it to tell her(since she was a volunteer there), and overall gave the indication that he would have my back throughout the whole process. It was a bunch of nonsense if you ask me.

 

Thank you so much for sharing your experience, it is reviews like yours that help first time car buyers like I was very recently! Sounds like a very bad dealer if they auto opted you in to everything and put so much pressure on

 

Below are my numbers. The biggest bit of B.S. was the Wax, polish and materials fee. The car had water spots on it and it was indoors. I contested that, and was told by the finance guy that they don't even waive that for their mothers. So I asked that they wax it... They said they didn't want to do that because it's accusing the prep guys of not doing their jobs... I just looked at him and he knew how dumb that sounded.

He countered with an offer for a free tank of gas. Now had I not been already getting a good discount off of MSRP I may have kept this going, but I settled for a free tank of gas at a future date, and got a manager to sign his name to that. (In case you were wondering the tank was full when I left as well). Bottom line I let them have this line item.

There are a couple other fees but I don't see anything too egregious, and feel I got a good deal. Feel free to enlighten me as to how I got shafted...
2015 Fit
EX-L
Alabaster Silver
MSRP: 19800 + 790 = 20,590

Dealer Price: 23780 (includes destination fee $790)
Neg. Price: 19945 (includes destination fee $790)

Trade: -700 (2000 Civic LX 241,000 miles w/dmg)

Net Taxable: 19245

Wax, Polish & Mtrls: 119.95 <-B.S.
Taxable Subtotal: 19364
Sales Tax (8.0%) 1549.20
Dealers App Fee 75
Title/Reg 62.50
Recycling Fee 12.50
NYS Inspection Fee 10.00
V.S.I (Bank Fee) 60.00
Total Amt Due 21134.15 (Down Payment + Amt Financed)

 

I am truly amazed that the finance guy got this deal bought by a bank. Getting a bank to finance $30k on a 2015 Fit has to be a feat of magic.

There's good news, though. Typically warranties are refundable within the first 60 days. If this is Hondacare, pursue cancelling it. Same with Gap-- call your insurance company and see if they offer it. If they do, cancel the gap. You could potentially get almost $3000 refunded towards your loan balance.

 

You can try cancelling Gap insurance ($750), extended warranty ($2000) and credit insurance ($2220). This adds up to $5000. Another $1000 added to this loan from your previous loan. You paid $24,000 ($20,800 + $1700 worth of extras + tax,doc) to fit purchase. Not sure if there is a option to give up the car to bank and see how they justify $30k finance for fit EX.

 

Btw, there is a promotion of 0.9% - 1.9% for 2015 Fit. Or you can get the bank to see if they can re-finance. Anyway, glad you at least like the car.

 

I didn't even see the credit insurance product. I imagine that is also coming from Honda who financed this whole thing. I am guessing the "additional services" is something like simoniz, etc that you won't be able to do much about.

Honestly, I would call honda corporate and report your experience. While yes, you signed the papers, the way this was presented to you if true is slimy and your poor experience should be reported to Honda.

To the person above me, I am quite sure there's 2 things going on with his rate:

1. The rate is higher because of the astonishing loan amount to retail price ratio;
2. the dealership marked up everything so I'm sure they took at least a point for themselves.

 

I'm sorry that you had such a horrible experience. Please name the dealer if you haven't already. This is some bull right here.

I respect your taking responsibility for agreeing to the terms, and I think it's great that you're sharing your experience to educate others. I still think that the dealership is still culpable, though. Just my opinion.

I'm glad to hear that you're happy with the car, but I would take most of the advice people have given you and cancel all the supplementary stuff like GAP, extended warranties, etc. ASAP. I'd also shop around for a better finance rate. With a good credit score like you have, you should have no problems.

And lastly, continue to enjoy your car! Don't beat yourself up over this. Sounds like you've got a good head on your shoulders, and you'll come out of this alright.

 

I am amazed by all the tricks and gimmicks..people just need to be better educated and say NO...as I posted in my earlier comment..I bought a red ex....out the door price of 18000.00. That was a done deal before I ever stepped foot on the lot..all done via email..and one last phone call.

Yes automatic as well...

 

I just ran this number by a friend of mine who is the GSM for a Honda dealership (didn't get my car from him, he doesn't care) and according to him this deal is impossible. He said to sell a car in this state for $18k out the door means he'd have to sell it for $1500 back of invoice, which is way less than they paid for it.

According to him, and I trust him pretty implicitly, have known him for 15+ years and he has never given me bad advice in buying a car before-- there is roughly $620 of markup in these cars.

 

Does it mean, offering invoice + $600 enough to get this car. How much is the invoice price for LX and EX with CVT trims.
Thanks

 

LX Invoice: 16844
EX CVT: 18713

A deal done at invoice leaves roughly $300 in profit to the dealer. Invoice +600 would probably basically be MSRP so at that point you might as well just pay MSRP.

 

I know too good to be true..but I have the car and paperwork