Atrain

I was shocked when the dealer tells me the finance charge for AHFC is now 7.99% even with my credit (it's gold). He said that 2.9% and 4.9% are not longer available.

Is this correct? What is the truth here?

I tried to research it and even called AHFC but I can never get a person and when I do they told me to contact my dealer.

Can I refinance the AHFC 7.9% for a lower rate?

A-Train

jmathew34

acura's website is showing 2.9% and 4.9% financing on the MDX and RDX as the current specials....

Atrain

Yeah I saw that, but we have a 2008 TSX.

I wonder why it's so high?

A-Train

msmching

u shld be happy already...

car's 31K... we had 20K down payment.
the rest of it finanaced..
and
i m paying with 14% . . .

msmching

but yeaa, we dun have a high credit by that time yet. (one year ago)

black label

If your credit is that good, they are giving you the 2 point bump. 5.99% is available, not advertised. If you have a transunion auto score over 710, you shouldn't be any higher than 6.49%.

The dealer should be allowed to make money, but they shouldn't be greedy.

At 7.9, tell them you're going to put it on your credit card instead because it has a lower rate and see what they say.

nj2pa2nc

it might not be available at this time but it just might come back. it is known to do that. i do not think ahfc does refinancing- are you in a real hurry.

clee109

First, intrest rate is negotiable to a certain extent. If AHFC is not offering a "special" financing on the TSX then the typical is between 6.5 and 8. You can negotiate that however closer to 5 or just under with sterling credit. Also, you do not have to use AHFC. Request the dealer do some leg work for you and find a lending institution that is will to give you what you want. Dealers have ties with several banks and credit unions that often times offer better intrest than AHFC.

davidspalding

"Special interest rates" ... so the fine print says ... are for people with exceptional credit. IOW, you score 900 or so. I financed at 8.6% or so, and my credit rating is in the gutter due to marital debt issues.

Want great credit? Shop around. Ask your bank (if you have a mortgage loan, that can help). If you're a Costco member ... check their (Capital One),... if not, JOIN. You're not limited in who can finance your car. Pick your lender, quit whining and go buy the car.

nj2pa2nc

i do not think you have to have a fico score that high. I was able to get the low rates and my score was 735 at the time of the loan.

thunder04

iTrader: (1)

You can refinance your AHFC loan and AHFC won't ding you.

When I bought my 04, they gave me 9%! I was like WTF? The sales guy told me I can refinance with no fees, and he was right!

The next day I went to my credit union and got 6%, which isn't too bad for a used loan.

<ramble>

At that time, my credit score was in the high 600's (I think they told me it was 675). I had a credit card maxed out at the time due to moving expenses. It's paid off, yay!

</ramble>

Atrain

I appreciate the responses.

14%...

My wife bought the RSX with no credit at all and got 5.6%. The '05 TL was at 4.9%. My credit is perfect so I was taken back by 8%. He wanted to give me Chase at 7.25% but I refused it. The deal was 60M with no early pay-off allowed. No thanks. I usually pay the cars off early and AHFC lets me with zero problems.

A-Train

LuvMyTSX

Wow, that financing sucks! Would you be able to wait for one of Acura's financing deals? Maybe they'll have one around Christmas and then you can get a better deal.

1Louder

I have a score in the very high 700's, and the best I could get last April was 6.49%. I've walked out of a deal before when I thought they were jerking me around on the financing - amazing how a lower rate was suddenly available. What I'd do is walk out on the deal and say you'll go to your bank/credit union first, then maybe you'll be back. If they let you get away they know there a certain % you won't return. Use it as leverage - if they hold firm at that rate then walk and find a better one.

Nogard13

You also have to realize that interest rates have gone up in the past few years. The days of low interest rates are behind us, at least for now.

cali4tsx

If you ar finaning 2 cars, they wont give you the special low intrest.
remember the Prime Interest Rate is about 7.75% so for you to get 7.99% not bad at all.

davidspalding

I picked the number out of a hat. 735 is pretty darn good. I hope to be up there in a few years, too.

Nogard13

Actually, just checked on the Pentagon Federal webpage and they are offering 5.29%

Hope you're a member

Link: https://www.penfed.org/productsAndRa...wAutoLoans.asp

hunterk1

The fed just cut the prime by a half point because of the subprime mortgage market has got major problems. It's likely that this cut won't affect most consumer loans, so rumor has it that they may cut another half point in mid-October. I'm hoping this will affect fixed-rate housing loans, but potential more cuts will surely affect auto loans as well. Hopefully we don't see another recession.

Black_6spd

This is a good reason why CPO (certified pre-owned) might look attractive -- the 2.9-24 and 3.9-36 has always drawn my curiousity.

However, I've found that even when they advertise, the dealers never know about these deals (or they're playing dumb). I've used the financing deals THREE times now and had to point them to the Acura or Honda website every time.

LuvMyTSX

That happened to me when I went to sign the papers for my '04 CPO back in 2005. I had printed out the special from Acura's website for 3.9% financing, even told the internet manager over email that I was planning on doing this financing, and when I got there to sign, they had a higher monthly payment than I had calculated myself at home. I asked what interest rate they gave me, and they said 6.9%. I pulled out my trusty folder of info and handed the finance guy the special coupon from Acura's own site, and he went and talked to his manager about it. He came back and said they'll give it to me, but that I wouldn't have gotten the deal I did on the car had they known about the interest rate. Sure.