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Honda Financial Services / outrageous finance charge

United States Review updated:

We are at the end of our lease on our 2006 Honda Odyssey, so I dug out our paperwork to find out some specifics on the terms.

Running the numbers and talking to the dealer, I found out we were charged a 40% interest rate, Honda calls it a Rental Charge. This amounted to being overcharged over $5000 compared to an auto loan from Citi-Financial I had received a year earlier at a 10% rate.

I wrote Honda a complaint letter and then talked to 2 representatives and they didn't want to do anything to make our deal "right." This was my 3rd new Honda either leased or purchased, and I told them it was my last. They didn't seem to care.

I realize that a contract is a contract, but I would think that the financial arm of Honda would treat their customers better and would have the integrity not to charge their customers a 40% interest rate.

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Comments

  • In
      Jul 19, 2010

    Caveat emptor

    0 Votes
  • Th
      Nov 22, 2010

    You compaint is ridiculous. You are upset FOUR years after the beginning of the contract? Really??? You did not realize what you were paying every month when you got your statement? BTW, rent charge and iterest are NOT the same thing. Rent charge is a fixed amount you pay every month and does not fluctuate, similar to "renting" a car-an interest rate stays the same but the amount you pay monthly changes depending on the balance owed. If you were paying a FORTY % interest rate, you would be paying alot more than $5, 000 over the course of a loan.

    0 Votes
  • Th
      Nov 22, 2010

    One more thing...you said you talked to the dealer? The dealer is the one who writes up the contract and submits it to Honda Finance. All they do is approve or deny it based on what was submitted to them. So, if you are upset, your issue is with the dealership not HFS.

    0 Votes
  • Ge
      Jan 04, 2014

    Honda made a deal with me on a new car, then the finance manager wants to charge me a special finance fee of $1, 800 on top of the interest. I even had a trade in worth $8, 000 and the car I wanted was only $22, 700. That's not even legal for them to make up some extra charge.

    0 Votes
  • Co
      Apr 16, 2015

    Hey I have purchased an honda accord in 2009 and final payment was supposed to be in 7 years but I took 3 deferment and pad four back but they say that I still own them more money. If I had went to the bank I would have been finish. How can I gat anyone to listen to me.

    0 Votes

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