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Honda Financial Services / do not apply principal payments

United States Review updated:

Honda financial makes it a pain to make principal payment. Their website does not allow for making principal payments, not does the website diplay anywhere the address where to mail principal payments. One has to be on the phone each and every time to have the payment reapplied to principle. Even when I sent the payment to the separate address they provide on teh phone for principal payment, my payment ( with the memo :PRINCIPAL ONLY) STILL got applied to both interest and principla. I am not sure WHY they think anyone would make additional payments if it does not reduce the interest. At any rate one has to spend 30 minutes on the phone each time when making a principal payment to get it applied (reapplied) correctly. It is a joke.

Ju
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Comments

  • Ad
      Apr 02, 2009

    Your complaining about the only lender that is actually up over 28% year over year even in this downturn. If this is the least of your problems involving your Auto Loan your in pretty good shape.

    0 Votes
  • Po
      Sep 27, 2009

    I discovered how the real way Honda Financial Services work when I decided to make a payment to go towards Prinicpal only by the internet. After two payments that were specifically for principal only, I get a statement that says I am behind in payments and have a late fee. Meanwhile, they accepted my payments and the statement even says thank you for the payments. WHAT A SCREWED UP LENDER!! I AM SO FURIOUS!!! THEY ARE UP OVER 28% YEAR AFTER YEAR BECAUSE NOT ENOUGH PEOPLE ARE COMPLAINING ABOUT HOW SCREWED UP THEY ARE LIKE ME!!!

    DONT RECOMMEND ANYONE GETS A LOAN BY HONDA FINANCIAL SERVICES!!!

    -2 Votes
  • Th
      Nov 16, 2009

    Maybe the payments were not applied correctly because you spelled "PRINCIPLE" incorrectly! Check out the big yellow triangle with the exclamation point inside it : )

    -2 Votes
  • Fe
      Feb 08, 2010

    540$ a month car payment? And they only apply interest on extra payments? They charge 18% interest on there loans! THATS CRIMINAL! THATS ABUSIVE!

    Honda Financial Services are SONS OF ###. I hope HONDA goes to bankruptcy in the future, even though right now they are sitting pretty, few dealers are immune to the coming economic collapse.

    Hopefully these crooked, dishonest greedy ### will get what they deserve. They are no different than all the other lying snake oil salesmen who trick people into signing deceptive contracts that make you there economic "slave" for 6 years. This is modern day slavery

    If I where you I would stop paying the payments, drive the car as long as you can (usually a repo takes up to 3 months) and just buy a used car on craigslist (u can find a good used car for around $3000)

    Than after this, just declare for bankruptcy and let the government clean up the mess. Honda wont be able to touch you once you delcare for bankruptcy. If more Americans stop paying these greedy ### there loans (just like the mortgage mess) more of them will feel the heat, and maybe the government will start helping Americans with car payments just like they are helping Americans with mortgages they cant pay.

    Than dont feel sorry for Honda, those greedy ### deserve to lose there jobs and I hope every single one of those Honda Financial people go to hell where they belong

    -3 Votes
  • Th
      Feb 12, 2010

    WOW, somebody sounds bitter because they have poor credit and signed a loan at 18 percent. Why did you sign a contract for that much of a monthly payment if you cld not afford it? Oh, I know, it is HFS's fault!!! You thought you were ENTITLED to a new car and that is the exact reason the country is in the state it is in now!!! You are a ### and all of your idiotic comments cement that fact. Please keep posting, you make it easier for peolple to understand why the state of the current economy is the way it is. And, btw, Honda is a VERY conservative company. They cut wages, raises and bonuses' last year-please get your facts straight before you post.

    0 Votes
  • Re
      Aug 09, 2010

    dear podabouthondafinace... if you went online and only specified a principal payment and did not make a regular monthly payment, this would cause your account to go past due. You still need to make a regular monthly payment!

    +1 Votes
  • Nf
      Apr 12, 2011

    Reading these comments in embarassing. I feel embarrased FOR them. First off, to the poster who has 18% interest, maybe you should have read the contact you signed that said 18% INTEREST. First [censor]. Second, to the person who is late on their payments, you cant just pay payments towards your principal payment, you have to complete the minimum amount of payment through the standard payment. THEN you can also add more money towards your principal. Its says it right on the site. Honda finance is not a bad lender, its just people are stupid and dont read, dont ask what they're signing, and dont use common sense. Hell I'm only 21 years old, and I asked my dealer exactly what EVERYTHING on my contact meant, to make sure I knew what I was getting into. Use common sense people, it will get you pretty far in life.

    +1 Votes
  • Ho
      Apr 13, 2011

    Google Honda of burleson Henry Coffeen III before buying a car or warranty.
    http://www.hondaofburleson.com/web/careers

    0 Votes

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