We purchased our RDX-Tech about 3 weeks ago using Honda Financial taking the 3.9% over 3 years. We usually buy our cars outright, but with the 3.9% APR and with a lot of places offering 5% APY for money market accounts, we were better off banking the money.

One of my wife's friends had nothing but bad things to say about Honda Financial Services. He had complained about how they played games with him causing his monthly payments to start creeping up. In frustration, he decided to pay off the loan and to go with someone else.

For those who took the financing offer (and with such terms, who didn't?!?) what's your experience been so far? I'm asking because after I logged onto the financial services site, I see that my first payment is about $2 more than what I calculated using Excel. I'm sure much of the discrepancy stems from the fact that we purchased on Dec 15th and our first payment isn't due until Jan 22nd, but I'm wondering if this discrepancy is just a few extra days of interest or if this is the first of many hidden "fees" and of being nickel and dimed by them.

I'm probably paranoid, but I live by the motto that "If something is too good to be true, it usually is." Now I'm wondering if this loan is one of them.

 

I haven't had a problem in a year and a half of payments through Honda Finance. No company is perfect 100% of the time, though.

 

I used them in 96 and didn't have a problem. Have been paying monthlies for 2 years on our CRV and the bill is the same amount every month. No probs here.

 

I have had no problems with AHFC when I bought my C-RV back in 2000 through them. And with the RDX after four months everything is as it should be.

 

My wife and I have leased/purchased 10 vehicles (Acuras/Hondas) through AHFC over the past 10 years, and have no complaints.

 

No problems in my experience with 2-3 loans from them.

Were you not given the exact monthly payment at the time you did the paperwork? You should have known the figure at that point.

The payments can creep up if the first payment comes too far after the initial purchase (sometimes 45 days instead of 30 days) but they should have figured that into the paperwork so you would have known it. When possible, I request the first payment to be at 30 days. It makes a difference over the life of the loan.

 

Almost all finance companies will go through period where they offer different types of loans. Variable rate loans, front end loaded loans, all kinds of variations. Unfortunately it is up to the individual dealers to explain the difference to you. The good ones will warn you and protect you, but they make money on the loans as well, so you can't always rely on them to disclose everything. You have to make sure you ask the right questions. these days most all loans are simple interest, fixed rate loans so there isn't much to worry about.

 

Thanks for answering my paranoia. My dealer showed me the payment amount when I signed for the loan and I guess I didn't look hard at the exact dollar amount. (That and I didn't have an Excel sheet opened in front of me.) I think having 45 days prior to my first payment may add $2/month over the life of the loan which isn't a biggie. Thanks for lowering my hackles.