Welcome to the Honda Financial Services family. After carefully considering your application, we are unable to grant credit on the terms you originally requested. We are, however able to offer you credit on the terms communicated to you by the dealer.

Please contact our office referenced above within 60 days of the date of this letter if you would like to request written documentation with reasons for our decision. We will then send you a statement of reasons within 30 days after receiving your written request.

We aprpeciate your interest in financing with us and look forrward to assisting you with your financing needs.

Sincerely,
Honda Financial sevices.




What does this mean? I don't understand it.

Are they trying to tell me that after financing me for 30 thouasnd dollars, that they cant do it? This letter is so vague.

 

It sounds like you didn't qualify for the current Honda financing promotions and purchased the car under some other kind of loan agreement. You need to go back over all the loan documentation and find out what exactly you signed up for, and what the terms are.

 

Maybe the dealer tried to get you some kind of promo, and you didn't qualify. Last time I financed a Honda, the dealer encouraged me to finance via Honda even though it was a higher interest rate, I could get Honda Flex Cash and save 500 dollars. I did that, and then refinanced with my bank at the lower rate a few weeks later.

Your paperwork signed at the dealer should spell out your loan terms... Amount financed, interest rate, term, monthly payments, and total sum of payments...

 

Actually, come to think of it - a friend received a similar letter when she inquired about a mortgage. One of her banks didn't approve her and sent that letter even though another one did. Maybe this is just the official letter from Honda saying you didn't qualify for THEIR financing, but obviously you got a loan elsewhere

 

I'd file 13 it Raziaar. You have your loan now and nothing else matters. Don't worry about what is done.

 

If you obtained financing through Honda I do believe they can still deny you the loan you signed up for after they have reviewed all your information at headquarters. From the documentation I received at the dealer it does indicate that this could happen. I would suggest you contact the dealer to verify the situation. Hoping I am wrong about this ....

 

I just wasn't sure if it was one of those situations where they approve me for the loan, let me take the car out for over a month, then "Oh Sorry you're rejected now we need teh car back, even though we also took your trade in. Now you have nothing"

I mean, I had 720 credit score when they pulled the report.

 

It's a form letter that their computer kicks out if you don't qualify for something. Note that it doesn't say anything substantial, just the mumbo-jumbo about honoring whatever you set up with the dealer.

It might be a good idea to check your financing paperwork to make sure that the dealer didn't sneak in a higher interest rate or a longer term than that to which you thought you were agreeing.

 

No they don't want the car back now, but they might have put on loan terms that aren't in your financial favor. Definitely check the terms. If you don't like the interest rate or how long it is for, shop around your banks and credit unions to see if you can find a better deal.

 

Don't sweat it bro, it just says you didn't qualify for the super duper terms but did for whatever terms they gave you. They are legally obligated to tell you that you didn't meet the qualifications. Don't sweat the petty stuff and don't pet the sweaty stuff.

 

I've heard that Honda Financial will turn you down for almost anything. I went to buy a car and they wouldn't approve my loan even though I had perfect credit, no debt, and enough money in the bank to buy the car outright. My wife had declared bankrupcy 4 years before (before we were even married). They used this as an excuse to not make a loan (that we were only using to get a promotional offer).

 

If the letter text that you listed was a cut and paste to your original FF message, it may be a phishing email.... Take a close look at the two spelling errors in the last sentence before the "Sincerely,". Honda would likely not send out a message with those errors.


If you are convinced that the message is real, print it out and show it to the Honda dealer you have been working with. Their finance people should be able to give you a basic explanation.

 

It was a physical letter. Two of them actually. One for me and one for my brother. We're both on the loan. It's legit from Honda.

 

{Off Topic} I might have to use this saying. Thanks! {/Off Topic}

 

The letter is a federal requirement. Anytime you apply for credit and are rejected, such a letter is a requirement.

But here is what I am wondering, Did the dealer sign you up for a 5.9% or whatever rate, and then try to get it lowered, by applying to Honda for a lower rate on your behalf? If so, and had the lower rate been granted, would he have gotten you the lower payment or found a way to take advantage of this lower financing themselves and let you pay the higher rate without telling you?

What rate did you get?

 

If I recall from your other thread you had an interest rate like 5-something%, no?

This letter is telling you they couldn't give you 1.9% for 60 or whatever the promo rate was, and is telling you that they extended you credit at the 5-something% rate.

The reason it says "whatever the dealer offered" is because they know the dealer marked up the rate probably at least one point.

So anyway, it's meaningless. The law requires them to inform you if you did not get the best terms and this letter is to comply with that.

 

I got the same letter, checked it out with the dealer. I had no problem. Disregard it unless your dealer calls you.

 

I got < 2% at my credit union. Don't go with the dealership financing. It is usually pretty awful.

 

Yeah. Dealer enticed me with 1.9%, it quickly changed to 4.8%

 

Typical, but when driving the fit you forget all about interest rates!

I went to my dealer tonight and cancelled the overpriced warranty plan and will be buying a Honda plan from Hyannis. Saves me $1200! Fricking crooks. They know they are busted when they wont even ask why you want to cancel!