Honda Financial Services - Outrageous Finance Charges

Posted on Thursday, July 15th, 2010 at 2:48pm CDT by 76c0b8ec

Company: Honda Financial Services

Location: US

Category: Other

We are at the end of the lease of 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, also on a new Honda.

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.

1 Comment

2fa6e152, 2012-04-25, 10:37AM CDT

I agree, i was charged huge fees and they even charged me the "rental" fees the month after I had traded the car in. They had taken my payment (you are billed in advance). The contract price was paid off, this is minus the "rental" fee and they refused to refund the fee to me. I asked how they could collect "rent" on something NOT being rented. To top it all off, Honda Financial Services will also bill you for personal property taxes that are not included in the outrageous lease fees. I traded the car in October 2010 and they continue to send me bills for property taxes. They also fail to send me statements and have turned me over to collections and hurt my credit score. I have contacted them with concerns and they are rude and uninterested. I will NEVER purchase or lease another new Honda, nor will I purchase one from a Honda dealership. I also had a bad taste in my mouth when dealing with the dealership. My local dealership is Urse Honda. They were so nice the day i got the car. I went home and read the actual lease contract and saw what huge fees were involved. I immediately changed my mind. I called Honda Financial Services and they informed me that the dealership could re-write the contract within so many weeks after the purchase ( two weeks, I think), but the dealership would have to do this for me. I returned to the dealership 5 days into the contract to do this and they said the finance officer would be with me in a few minutes and to have a seat. This went on for hours and they let me sit there and keep asking, and saying he would be with me shortly. They refused to even speak to me. I sat there for over 3 hours! The guy was not with any client, as they claimed. So I left and after I called and asked to speak to the person, didn't tell them what I wanted. He got on the phone and said the "final decision" was up to the owner and the owner refused to let me finance the vehicle. So, buyer beware of Urse Honda in West Virginia. Urse also sells Dodge, Jeep, and Chrystler. What a crooked world we live in.

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