Laurelcrest

I just bought an Acura last week and this afternoon I get a call from the dealer. He tells me that I forgot to sign the thing that allows Honda to take money out of my account every month as payment and to give him a voided check.

I didn't forget anything. I want to pay Honda every month on my own, and I don't want to give anyone the right to go into my bank account.

Did you have to do this also? Is this just Honda Canada's policy? Or is my dealer giving me the screw?

this is me

i have to write check to them everymonth. i took a bank loan.

sssick

You are not required to have it taken automatically. It is a convenience, not a requirement.

Laurelcrest

The dealer is bugging out because he already gave me the car and now he realized that I didn't sign that part of the 10 page contract or give him my voided check.

I know I've got him over a barrel, but he's a guy I'm kind of friendly with and see all the time, so I'm having a hard time with the idea of telling him to **** off.

sssick

Well, you have the car so theres nothing they can do about it. If you want to let them make you sign something you dont want to sign, just to be a nice guy, than do it. But you dont have to. I didnt have to and I never heard of anyone else having to.

pianoman41

I concur. Direct account debiting is advertised to the consumer as a convenience for *you* so you don't have to worry about payments. In fact, it is a convenience for *them* because they don't have to chase you down for your payment--they just take it--and it's also cheaper for them too (electronic transactions much cheaper than handling a physical check). If you got the loan through the car dealer, some finance companies will give you a lower APR if you agree to direct debiting, and that may be why he needs you to sign and agree to it. You'll have to read the fine print carefully to determine if this is the case.

If you didn't agree to it at the outset of the car purchase, then don't sign it. Just make sure you haven't already signed something earlier saying that if you bought the car and financed through the dealer you would, by default, allow direct debiting.

axleback

I signed up for the automatic debit myself. Simplifies my life. With all the bills I already have to pay every month, this is definitely one less thing to worry about and you are guarenteed to never be late on payments.

axleback

AndySara

I didn't forget anything. I want to pay Honda every month on my own, and I don't want to give anyone the right to go into my bank account.

Take the auto pay. It is not as if you can defer your monthly payment.
Plus, you will always know exactly when they are drawing out the money (normally the last day before payement is due)
Checks can get lost in the mail (and you are never sure when they are cashed)

T Ho

Autopay makes life a whole lot easier.

I autopay just about everything- mortgage, car, electric, phone, cable, cell phone, water bill. In the nine years I've been using this, I've never had a problem- not one. It makes life a bit easier, not having to even consider these things. I send out exactly ONE bill a month- my AMEX.
You run a SUBSTANTIALLY higher risk of being taken, by giving your credit card to a waiter at a restaurant. And yet, virtually no one seems to have a problem with doing that.
Sure, it makes it easier for them, but so what? It's not like they're putting the screws to you. Do you want to have a potentially adversarial relationship with your loan company?

Of course, if you enjoy living beyond your means, then this method isn't for you.

Todd

AegeanTypeS

Automatic payment is the only reason they can even ask for that information from you.
Just pay the bill when it comes in the mail. That's what I do. I used to have autopay on my last vehicle, took the funds 5 days prior...ouch.