inv4zn
03-07-2016, 10:05 PM
Question for anybody with experience:
3.5 years ago I financed a CPO through Honda Financial on a 5 year term, paid it off in full last month. I called HF to confirm the car is mine, and to see if I could get pre-approved for a new car, trading the current one in. They said because I paid off the car more than 6 months in advance, it would have to be done at dealership.
Today, I walked into a Honda dealership. Test drove, sat down, negotiated, shook hands. Salesman takes me into Finance Manager's office, and she is already aware I get -1% interest due to Honda Loyalty thing. She takes my info, income, loan amount, prints out a page, and then immediately says you're approved. It's around 7pm at this point.
She sets up an appointment 2 days later for delivery of car (car was in compound, all the detailers had gone home, etc. and tomorrow is fully booked), and to sign financing papers.
I did nothing except put a $1000 deposit down, and sign credit application.
Am I good to go? The internets is filled with horror stories about people getting called back into dealerships weeks after they were supposedly "pre-approved", resign, etc. Apparently this is illegal in Canada?
So, am I legitimately approved? Or is this a scam-tactic?
FWIW, total cost of car with taxes/fees is 31000. I'll be financing 23000 before interest.
tl;dr - went to buy new car, was approved for financing in minutes, told to come back 2 days later. Safe?
3.5 years ago I financed a CPO through Honda Financial on a 5 year term, paid it off in full last month. I called HF to confirm the car is mine, and to see if I could get pre-approved for a new car, trading the current one in. They said because I paid off the car more than 6 months in advance, it would have to be done at dealership.
Today, I walked into a Honda dealership. Test drove, sat down, negotiated, shook hands. Salesman takes me into Finance Manager's office, and she is already aware I get -1% interest due to Honda Loyalty thing. She takes my info, income, loan amount, prints out a page, and then immediately says you're approved. It's around 7pm at this point.
She sets up an appointment 2 days later for delivery of car (car was in compound, all the detailers had gone home, etc. and tomorrow is fully booked), and to sign financing papers.
I did nothing except put a $1000 deposit down, and sign credit application.
Am I good to go? The internets is filled with horror stories about people getting called back into dealerships weeks after they were supposedly "pre-approved", resign, etc. Apparently this is illegal in Canada?
So, am I legitimately approved? Or is this a scam-tactic?
FWIW, total cost of car with taxes/fees is 31000. I'll be financing 23000 before interest.
tl;dr - went to buy new car, was approved for financing in minutes, told to come back 2 days later. Safe?