Dan Sullivan

Review of Economy Honda Superstore

I had a negative experience dealing with Economy H...

I had a negative experience dealing with Economy Honda. Things started off well, I had no problems establishing the out-the-door price of the car, and the specific car I wanted was even sourced from another dealer and trucked in.

Where things started to go south was financing the car. Upon arrival at the dealership to execute the purchase of the car, I informed by my sales representative that I wanted to apply for the Honda 2.9% financing for qualified buyers. I filled out a credit application, and after a brief time the sales representative returned with a printout of credit score (I think it was 823) along with a matrix of monthly payments for various down payment and loan term permutations. At this time I was informed that I would not be able to obtain 2.9% financing, but I would be able to get something slightly higher. I inquired about the APR for the figures on the matrix as it wasn't specified - I was told I'd need to ask finance about it.

After this I sat down with was Cameron (the finance person). I asked if my application for 2.9% financing was processed - it wasn't. - I was 'informed' that I would not qualify for it based on my credit history. Cameron proceeded to explain to me that Honda is very particular about who receives financing deals from them. He established his position that my credit was untrustworthy, then engaged his computer to suggest other lenders, and proposed Bank of America. I continued inquiring about the Honda 2.9% financing. Receiving so much resistance was unwelcome - we did 'the dance' - he went back to his manager three separate instances, each time trying to upsell me on financing after returning.

At one point in our discussion, Cameron suggested that I could not obtain the best financing because the price of the car had been discounted. This is when I was absolutely confident I was involved in a disingenuous business transaction. The price of a car and financing terms are strictly decoupled - when an auto dealer claims a higher interest rate on a loan is required to offset a discounted price of a car, a con is taking place - if the dealer wasn't making enough off of the price of the car, they wouldn't be selling it at that price in the first place.

Eventually I got frustrated enough to threaten leaving to apply for Honda financing myself, at which point my application was processed. In less than five minutes I was approved.

The auto sales industry is chocked full of fraudulent and deceptive business practices - Economy Honda is no exception to this fact. Be very cautious while dealing with this organization.