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Honda Financial Services / honda financial services show no mercy

United States Review updated:

Right now the economy is doing very bad. It's tough to find a good job, and than many of us are losing hours in our jobs. My income has decreased by almost 30% since last year. But, unfortunately, I still have to pay Honda $540 a month and my auto insurance $300 a month. Thats more than $800 a month for a 2017 Honda Coupe!

Even worse, the resale value of this car has dropped immensely due to the bad economy, who will give me $25, 000 (what I owe) for this car right now??

The best I will get is probably around $14, 000, that means I will probably owe more than $10, 000 to Honda. Apart from this, due to my recent income decrease at my job (which is slowing due to the recession) few banks want to refinance, as my income has decreased, they see it as a risk.

They charged me 18% interest rate! yet, inspite of earning only about $1400 a month right now, I'm still paying Honda my obligations. I'm also paying $400 a month in rent, which means I'm barely getting by. I only eat 2 meals a day, I just can't afford to eat 3 times anymore

Honda Financial Services who very little mercy. I told them about my situation, yet they really don't care about the current economic recession. Home owners with high interest high payments loans are getting breaks, but what about those of us who are car owners with high interest high payment loans?

why the double standards? If the US government doesnt care to help people like me, and Honda doesnt care, who will help me?

Muhattma Ghandi once said. "if fine clothes provokes poverty, burn it"

LIsten to Ghandi! He's giving us another option! Thats another option you guys have. "if a fine car provokes poverty, return it!"

declare bankruptcy---and get the loan canceled out (us taxpayers will wind up fitting the bill---but dont feel bad, us taxpayer money has already helped lehman, bank of america, wamu, and hundred of other "fat cats")

and start a new life!

I think I may have no choice. In the near future, if I lose my job, I will have a simple choice, continue to make the "fat cat" rich, or put food on the table!

I'm going to have to make a tough choice!

I guess one this is for sure, I don't need to diet because I will lose weight very soon! LOL!

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Comments

  • Fr
      3rd of May, 2010
    Honda Financial Services - thieves!
    Honda Financial Services
    United States

    I leased a Honda Accord from 2017 to 2017. I returned the vehicle in 2017 and Honda Financial Services continues to send me bills for excise taxes! So I have been paying excise taxes on 2 vehicles from 2017 to present! I have called Honda and they are not helpful in any way, shape, or form. They are rude and keep trying to justify why I am still paying taxes on a vehicle I have not had in my possession since May of 2017 - 2 years ago. I WILL NEVER LEASE OR BUY ANY HONDA PRODUCT EVER AGAIN!!!

    0 Votes
  • Co
      13th of Jul, 2010

    Had a 36 Month lease on 2017 Honda Ridgeline from April 2017 through April 2017. I wanted to purchase the vehicle from them so I called and asked how much I owed. They refered me to the dealer who wanted to charge me an additional $499 "documentation fee" that they said was required by law. I had already paid a $499 "documentation fee" when I had initially leased the vehicle. The law states (in North Carolina) that they have the right to charge a documentation fee", but they also have the right to waive it. I spoke with a sales rep, a sales manager, and the accounting manager before they refered me back to Honda American Finance. They must have the ability to have Honda America Finance change a prompt on their phone line, because the next time I called there was a pay-off option on the menu. I purchased the vehicle using a loan from USAA in April 2017 and in August 2017 they billed me $119 for a fourth year of property taxes. I disputed the charge with them, but the $119 charge shows up on my credit report.

    Moral #1: The documentation fee when you lease or purchase a vehicle is negotiable in most states.

    Moral #2: Never finance through Honda Financial Services.

    Moral #3: Never lease a vehicle.

    0 Votes
  • Re
      9th of Aug, 2010

    I like how you say that they don't care about the current economic situation... It sounds like you were trying to refi your auto loan. They cannot do this directly due to the type of banking license they have. They are an INdirect lender, which means they cannot make a contract directly with an individual. It has to go thru a dealer. Did you try a direct lender such as a regular bank or credit union?? As far as your interest rate, it is high due to the fact that you either have poor credit or not enough credit to be established. As far as your statement about home owners getting breaks, that is only because the government is assisting with that. Not the banks... do some research before you stick your foot in your mouth!

    0 Votes

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