So yesterday I went into the dealer to look around, ended up buying a brand new 2016 cbr1000rr in matte black, the sales guy was saying something about Honda giving 4℅ Apr, anyways he ran my credit, came back saying that it was great (767 credit score) and got approved and I'll get the lowest Apr available,
So I'm signing the contract and the Apr is 6.9℅ and I asked the finance manager if that's the lowest and he responds yes it is, 6.9℅ is great for a bike, I Signed the contact and head home first to pick up my gear, on my phone I checked Hondas website and they have 4.9% or $1000 cash back rebates on 2016 cbr1krrs which I never got...
When I head back I asked the sales guy about the rebates and he claims I got the $1000 rebate back which was put into the loan supposedly but not any where did it mention I got it, he said I couldn't get the 4.9℅ rebate because I have never bought anything for Honda before but next time I'll get it.
So am I screwed at this point for the rebate? Would this be considered fraudulent? Thanks
You could get a lawyer, but you are probably screwed. They put a deal in writing and you signed it. The only way you could have a case is if they committed fraud somehow.
The time to bring this up was when the deal was being put down to paper.
Contact Honda directly with your complaint. They are responsible for all their dealers. They fixed a problem I had with a dealer and wound up canceling a deal on a bike for me.
Each State has different laws giving the consumer the right to rescind. Know the timeframe (sometimes it's as short as 3 days) and if you can't work it out with Honda then cancel the deal and don't put anymore miles on the bike.
Failing that, you could always refinance into the 4.9 deal if they put you with a finance company other than Honda or goto your local bank/ credit union to see if they have better rates (you can find this online).
Don't sleep on this. If it seems they're taking you for a ride, they probably are.
Did you sign any document that says any factory rebates or other incentives (sometimes they call them Bonus Bucks or something else) go to the dealer? If not, then Honda should be sending you the rebate check.
When I bought my 1000RR, the sale price listed on the dealer's website included a $2,500 factory rebate. I knew that already and I had to sign a waiver that any rebates were to go to them and not me when we were going over the paperwork in the finance manager's office.
Also, I believe you have 72 hours to cancel a contract with no penalty, if you cannot work something out.
Aside from all the other options above they may not have been lying on your best APR based on your credit score. Like mortgages it can change if its over 780 or under. So that may be "your" best APR they could give you. Lot of teaser rates in the fine print of anything being financed. My 2 cents....
Like another poster said, check with your local credit union. I just called to check on rates for my new 2017 CBR1KRR SP and was quoted 3.5% for 48-60 months.
So yesterday I went into the dealer to look around, ended up buying a brand new 2016 cbr1000rr in matte black, the sales guy was saying something about Honda giving 4℅ Apr, anyways he ran my credit, came back saying that it was great (767 credit score) and got approved and I'll get the lowest Apr available
Southern Honda Powersports in Chattanooga has a brand new 2016 matte black 1000RR for $11,132 currently listed on their website. I don't know about taxes or other fees, as far as OTD. Here in MO we pay sales tax when we register a vehicle at the DMV.
Anyway, you should have received either the 4% financing from Honda or the $1,000 rebate, IMHO. It seems that you didn't get either one.
It seems to me that these threads where someone posts their purchase details never goes well. This is from years of watching them in motorcycle, car and airplane forums....well the airplane forum deal postings are either fair $$ or horrible money pits, "diamonds in the rough" are unicorns.
I went to the dealership and they said I didn't get the rebate because I haven't got a loan with Honda before so I wasn't super prefered, that's bullshit because I called my credit union and got approved for 3.48% and said my credit was excellent 750+.
While at the dealership they showed me a paper that stated I had a fico score of 715 which my credit has never been that low for the past 10 years, I'm pretty sure they give Honda financial a lower score so I'd get a higher Apr.
While at the dealership they showed me a paper that stated I had a fico score of 715 which my credit has never been that low for the past 10 years, I'm pretty sure they give Honda financial a lower score so I'd get a higher Apr.
You can go to Credit Karma and check your credit score for free. It's a legitimate website and I use it occasionally to compare the FICO score my CC company says I have with it. If it is significantly higher than what the dealer says yours is, show them the printout and tell them to explain why.
On the interest rate, when I bought my '08 1000RR from Southern Honda Powersports I was credited with $2,500 in Bonus Bucks that was applied to the sale price AND they were also running a 0.99% APR special on financing through Honda, which I also received.
Either Honda has changed the way they do things since 2009 or this dealer is putting the screws to you.
We financed then new 2013 Odyssey with Honda and got their best rate- 1st time with Honda. Usually you can unwind a deal; dunno if there's time. Perhaps you can get them to agree to give you the rebate and you get financing from the credit union. You can always change finance companies but if after 30days your credit union will consider it a used vehicle which likely won't have same APR.
Most credit cards now offer that if you have online access. My discover and usaa visa at least shows it.
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