Thanks a lot. Thats really kind of you.

 

Just wanted to wish you good luck!

 

I've had some very good experiences with the LA BBB. They have solved many problems for me.

Hope everything works out for you.

 

This happens more enough than you would think. Dealerships rush to put a deal together so fast, and sometimes they are a little "optimistic" with their financing. Meaning some people initially get approved when they shouldn't have. I imagine in the new economy, where lenders have screwed themselves, and are intense scrutiny they are going to be much more stringent about who they loan money to.

By the way, while it offers no solace for you, it's well within the dealership's legal right to take back the car if the financing falls through. If that happens your best bet is to try and get financing from an outside source, like a credit union.

Not to preach, but man I would not have even dreamed of buying a new car when I was in college. I owned used cars until only about 10 years ago when I bought my first used car. However I had very good, established credit and a stable career at the time (still do). Maybe a used car would also be a better bet for you until you establish some real credit and a work history.

 

Well i spoke to the finance manager and they talked about their right to relinquish the vehicle within 10 days if they wanted to. Sure, that sounds legit, but i've owned the car for whats going on 3 weeks now. They don't even have my trade-in anymore from what i'm told too. As far as establishing credit and a stable career, I've got decent credit and i've been in the military since 2001.

I would think that if they WERE going to take the car back, they wouldve done it by now. When I spoke with the guy, he made it sound like "Well i'll talk to my finance specialist and if someting comes up, i'll call you, otherwise no need to stress. We'll get this taken care of." To me, that sounds kind of reassuring like it's "Not a big deal", but it still kind of keeps me nervous enough just beyond comfort.

We'll see what happens, but I'll definitely keep everyone updated on the situation. Thanks to everyone for your advice!

 

Trust me, the dealership does not want you to have to give the car back either. They want the sale. But there should be some legal wording in your paperwork saying that at any time financing can be rescinded if they find out you were lying in your application, or if after further review they deem you are not credit worthy according to their standards. It really sucks, but trust me when I tell you there are others who have had the exact same thing happen to them.

As a matter of fact I used to know someone personally who this happened to. It was back in early 2002 and he purchased a brand new Honda Prelude SH. It was a 2001, which was the last model year of that car, and it was the high-end SH version. It was an amazing car and of course he completely fell in love with the thing. Well a month and 1,000 miles later and the dealership said the financing company found out he lied on his application and he was ordered to return the car. He was devastated. He had no more trade-in, and he now had to give up his new car, and it was a special car at that. I think he ended up getting a Kia so he would have transportation. I'm not saying you're lying on your app or anything like that, I'm just using it as an example to let you know that it happens more often than people think.

The only thing I can say is the dealership will be as upset as you if you have to return the car, so they will fight for you. But if AHFC denies you credit, you're going to have to return the car, so I would start mentally preparing for that possible outcome. Good luck.

 

Hey guys just wanted to give you guys thanks again for all the support and help through all this mess.

As far as the deal goes with Honda Finance, it fell through....no bueno.

However, I applied with a loan through Navy Federal Credit Union today to try and save my car and upon the pre approval, I will be financing the car at 8.25% instead of 16.95% which Honda Finance offered. My loan has been submitted to final approval so if it gets approved, i will be saving roughly about $6000 on the entire deal. Hopefully it works otherwise it's back to the drawing board for me!

So all I ask from everyone is say a quick prayer for me and hopefully I can be stress free and put this all behind me soon! I'll let everyone know what happens in the next couple days.

 

once again good luck to you buddy! I'm sure the navy will take care of ya =]. I dont see how you didnt qualify though if youve been in the military so long. Just tell them that if earth ever gets invaded by aliens, you will not help the dealership. LOL. but yeah, i'm 21 and i bought my Fit with my own money too(i had co-signer of course). but hope everything works out for ya!. Which dealership did you go to? I got mine from diamond honda in industry

 

We offer our prayers and wish you good luck, evanr821. Think positive and everything will work out!

 

I sense a book deal coming on..

 

Good luck on the new financing, but 16.95% from Honda? I would have walked and shopped for a used 740 instead of paying that.

 

Good For you Evan! Sounds like you did the right thing! I hope things work out for you.

 

good luck evan hope it works out.

 

Well... it looks like I've lost the battle for the Fit. I did however work out a deal on a pre-approved loan (although not enough to keep the fit) so I'm workin on a private deal for a white 04 Civic Si (EP3). So after all is said and done, I will be returning my GE8 to the dealer sometime next week bringing my 30-day test drive to an end...lmao!!!

Strangely enough i've never realized how much the GE8 looks like the EP3 lol. While I won't be gettin more than 32 mpg, the 160hp VTEC will be fun and my monthly payments will about half of what I was payin for the Fit.

So far everyone i've met on this forum is really cool so i'd like to keep in touch being that I was a Fit owner and am now proud founder of the "30-day club". Hopefully i can post pics of the new ride up soon!

 

glad you worked something out with the dealership. Too bad they didnt let you keep the Fit, those assholes. LOL. But I'm an EP3 fan too. So have fun with that. And make sure you give a thumbs up to any modded Fits you see driving on the streets

 

How many miles did you put on it? Wouldn't they have to sell that Fit as used now? Seems like they would be losing out, too.

Good luck with the EP3.

 

I'm so sorry to hear the deal didn't go through. On the other hand, having half the monthly payments is a win! It's a "new to you" car. There's tons of discussion on other cars, on modifying, on tips that totally work for you new car.

I think it's a good thing to find a group of people that are friendly and helpful. Especially since many of the people here have had other kinds of cars in their life. And they might have all kinds of ideas and links and experience to pass on to you with your new car!

So stick around.

 

atleast you're new EP3 makes more power with upgrades than Fits do. LOL =]

 

I'm sorry, but this doesnt add up:

and

 

Sorry to hear that it did not go the way we all had wished it would but everything happens for a reason and perhaps this new car is what you need in your life right now. Yes, Please keep in touch and stay a member of this Freak site because we all want to know how things are going for you.

Peace Out!
Cat :x