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Discussion Starter · #1 · (Edited)
OTD 2011 EXL w/Navi Question on Enforced Financing

A family member is being offered the following local deal:

28500 OTD price (includes fees,tag,tax,title, ie "everything is included").

The caveat is that the car must be financed by American Honda(AH) and dealer does not care he has cash to pay for car.

The question is, how much will it cost to initiate/terminate the AH loan in the fastest possible way? For example, the moment they leave dealer with car, can the loan be paid off in the next 24 hours or on the same day?

Dealer claims it will not cost more than 250 (doc stamps, loan origination fees, early termination fees).
 

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Sounds like a great price.Actually too good.Jump on it!
Dealers cost after Holdback and present manufacturer to dealer $500 incentive is $27994.
We bought ours last January for a couple of hundred under invoice and OTD was more than your number.
I was told by the Honda salesman that good deals are given on CR-V's with NAV because most CR-V buyers are not looking buy a $30+K CR-V.Tough to sell.
I played the I don't need NAV card too which works.
 

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Discussion Starter · #3 ·
Thank you for the reply.

I am still scratching head over the termination cost of the American Honda enforced loan ? Is there any way to find out how/what/where this loan can be settled as they do not want to have a lien on the car and they have the cash to pay for it immediately. They have no intention on making payments, they plan on making one payment for the payoff balance as soon as allowed, 24 hours later or same day if possible. If not allowed to pay off same day, then whatever is the minimum period of days (loan recorded?) but definitely inside the first 30 days.

Two questions:

1. Can the loan be paid off inside 24 hours of initiation of same?
2. Is the estimated cost of prepayment/doc stamps/fees to AH reasonable at $250 ?
 

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Discussion Starter · #5 ·
>> got a 2011 crv w/nav.for 28650 otd price. Also got them to install a remote start which was included in the purchase.

Again, Thank you for the reply.

I was hoping this would not become a "price paid OTD" thread as I was keen upon discovering why/what/how the American Honda loan is being "pushed" as part of the offer and also how-to most efficiently exit the loan with AH.

The offer locally (S.Florida) to family member includes 6% sales tax -- how much sales tax was included in the 28650 price ?

And while I'm on a roll -- is the EXL equipped with leather, moonroof, cd-changer ? (not sure if all CRV EXL w/Navi come with leather,moonroof,cd-changer)
 

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Back in 2005 we bought a new Scion XB and to get their $500 student rebate we had to finance it--even though we had the cash!! But I don't recall any other fees so we financed it, then turned around and paid it off.

If ur happy with that price, email a few other Honda dealerships and say this is the best price thus far, beat it. Don't mention the financing!!
 

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Discussion Starter · #7 ·
>> email a few other Honda dealerships and say this is the best price thus far, beat it. Don't mention the financing!

Eh... thank you again but did you notice I did not post this thread to discuss the price at all ? :)

The purpose was to ask about the details of the AH enforcement.
 

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Discussion Starter · #9 ·
Thanks liz.... I *was hoping* someone here had gone through an AH mediated routine and perhaps knew of some details on how to settle the enforced loan. I already know (so don't need to ask about it..) that the dealer offers the price because of AH rebate/profit share to dealer, based on signing up people for financing, albeit at a very low annual percentage of 0.9 % (thus, perhaps there are high upfront costs, don't have details over weekend yet..)
 

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>> email a few other Honda dealerships and say this is the best price thus far, beat it. Don't mention the financing!

Eh... thank you again but did you notice I did not post this thread to discuss the price at all ? :)

The purpose was to ask about the details of the AH enforcement.
Well then like what the others stated, phone them! No 1 here can tell u what THEY are going to do! Each dealership can try and add in various fees

So many people buy cars and just goto 1 Honda dealer and think they are al the same which is soooo not true!!! I had HUGE differences when i bought my 2011 last November. Even had a salesman say I was lying on the prices 1 dealership had given me

People take time and add in their 2 cents, if you don't like the responses u get, then don't post! And I believe it is a law that their is no penalty in paying off one's loan early!! Liek i said didnt cost me anything extra with Toyota back in 2005
 

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Bought a 2011 CRV EX last month, took advantage of 0.9% 3 yr loan via AH. There was no discount offered by the dealership if bought outright in cash. We ended up taking a $10k loan, which worked out to be around $200 in the life of the loan. They didn't seem to care how much we wrote the check. The sales manager advised they make about $100 to write the loan. There is no prepayment penalty for our loan.
 

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Discussion Starter · #13 ·
>> Pick up the phone and get it from the horses mouth.

That's on tap for Monday -- thought perhaps there was a breadth and width of experience since all horses are away from Frinday evening to Monday morning and buffaloes were roming here.

Actually amazed that the dealer who made the offer does not know either, almost like some sort of secret that "...only the finance person knows.." but I will definitely ask American Honda Finance on Monday

There may be a clause that stipulates the loan must be in effect for some period of time and they may not accept pre-payment immediately, will ask.
 

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Discussion Starter · #14 ·
>> We ended up taking a $10k loan, which worked out to be around $200 in the life of the loan. . no prepayment penalty for our loan.

Thanks! That was precisely what I was looking for, excellent to know.

I will likely also give them 20000 Cash and take loan for 8500 and then just pay them 8700 at 30 days from life start of loan.
 

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>> got a 2011 crv w/nav.for 28650 otd price. Also got them to install a remote start which was included in the purchase.

Again, Thank you for the reply.

I was hoping this would not become a "price paid OTD" thread as I was keen upon discovering why/what/how the American Honda loan is being "pushed" as part of the offer and also how-to most efficiently exit the loan with AH.

The offer locally (S.Florida) to family
member includes 6% sales tax -- how much sales tax was included in the 28650 price ?

And while I'm on a roll -- is the EXL equipped with leather, moonroof, cd-changer ? (not sure if all CRV EXL w/Navi come with leather,moonroof,cd-changer)
Sorry did not mean for it to sound that way. They did not require any certain payment or requirements to get this price.
 

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Discussion Starter · #16 ·
Here are the details for anyone's benefit in the future, from mouth of chicken and swine (since someone referenced farm animals..previously..)

1. American Honda pays small incentive to dealer (75-100) to secure loan.
2. Minimum loan required is 8000
3. No pre-payment penalty
4. Loan can be paid off earliest at 2.5 - 3 weeks when account setup.

Relative picked up 2011 CRV EXL with Navigation, Black/Black leather/interior, all goodies included, total OTD 28500.

A separate, estimated in writing, payment of 200 will be made out to Honda Finance division when loan terminated at 3 weeks.
 

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Here are the details for anyone's benefit in the future, from mouth of chicken and swine (since someone referenced farm animals..previously..)

1. American Honda pays small incentive to dealer (75-100) to secure loan.
2. Minimum loan required is 8000
3. No pre-payment penalty
4. Loan can be paid off earliest at 2.5 - 3 weeks when account setup.

Relative picked up 2011 CRV EXL with Navigation, Black/Black leather/interior, all goodies included, total OTD 28500.

A separate, estimated in writing, payment of 200 will be made out to Honda Finance division when loan terminated at 3 weeks.

That is a really good deal. I bought mine in April through Costco and thought I did ok but now looking back I should have done more research and shopped it harder. I hate buying cars and I really hate the BS which is why I used Costco. Good job. Brian
 

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Here are the details for anyone's benefit in the future, from mouth of chicken and swine (since someone referenced farm animals..previously..)

1. American Honda pays small incentive to dealer (75-100) to secure loan.
2. Minimum loan required is 8000
3. No pre-payment penalty
4. Loan can be paid off earliest at 2.5 - 3 weeks when account setup.

Relative picked up 2011 CRV EXL with Navigation, Black/Black leather/interior, all goodies included, total OTD 28500.

A separate, estimated in writing, payment of 200 will be made out to Honda Finance division when loan terminated at 3 weeks.


good to know, but what is the deal with the 200?
 
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