thenation

I called HCF to pay down my car principal and lower the payments....they said that you can't lower the payments for the term of the contract but......you can pay down the principal......is this true?

majormojo

I don't know about HCF specifically, but that's often the case with auto loans, yes. Check your contract, it should spell out what your early repayment options are. That said, "everything's negotiable" and you might find that HCF prefers to lower your payments than have you take the loan to another lender...

NOSWAD

i work for honda finance here in the states and that is true....you created a payment amount when you created the contract and those terms cannot be changed. however, should you make additional payments or a greater than normal payment it will bring down the principle balance (retail loan) or remaining owing payments (lease)

dinger

NOSWAD: Whats the rate from Honda right now in the states?

NOSWAD

rate for what? lease? retail? balloon? check hondafinancialservices.com..... on retails and balloons alike the rate is determined when your credit is taken.... there are 3 classes of rates, standard, preferred and super preferred....with a lease there arent interest rates there are just money factors but those too will depend on credit and other variables

dinger

This is just a classic example of why I hate financial websites/institutions. I was referring to the retail/buying rate percentage. Yes, we all know it goes by credit score etc.. but why can't they actually post the darn rate for several levels of credit scores. Its a waste of time if you ask me to go to the websites that offer the loans because they never post the rate. At least give us the the range that it could be in.....say 4.0%-100% or something. Rant over, just can't stand the sites that don't post rates.

pandimus

i concur with this. post some dang rates!!!!

NOSWAD

thats true but there are specials and normal rates and some just cant get them and dont understand why and it turns the dealer rep or financial rep into a credit counselor.... if you publish your rates you are held to them so they arent published bc each customer is different..... Honda Finance is highly competitive such as right now retail rates on 05 accords are 1.9-3.9%.....