Taking my car from me WTF!!

whaaaaa

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I've never leased but my understanding is that when leasing no banks are involved, only Honda. Maybe somebody else can chime in.

This thread should also be useful: https://www.reddit.com/r/LifeProTip..._if_after_financing_a_car_and_driving_it_off/

I would call your bank, other banks, and Honda Financial Services, in that order.
FWIW, the American Honda Financial services seems to be very poorly rated compared to the Canadian one; I've had nothing but good experiences with Canadian HFS.
Not always the case, and depends on credit scores. Honda financing is great, but is only offered to those with decent credit. When I leased my first car fresh out of college, with basically no credit history and requiring my dad to co-sign, they ended up giving me financing through a credit union. TFCU if I remember correctly. It all worked out at the time, but it's much nicer to deal with Honda than a 3rd party. Honda financing also comes with some perks, like damage waivers and no return fees.
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Really - so how does that work, technically?

Your bank leases the car from Honda, and you pay your bank? Who is still the "owner"?
 

whaaaaa

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Really - so how does that work, technically?

Your bank leases the car from Honda, and you pay your bank? Who is still the "owner"?
In that case, the dealership arranged the financing with the 3rd party credit union, TFCU. TFCU then technically owned the car and I made monthly payments to them, and then I returned the car to TFCU's specified processing location at the end of the term.

I think it was something like this, but it was many years ago by now, and the Honda dealership took care of all the arrangements so it was pretty transparent to me. I just sent my payments where they told me to. https://www.teachersfcu.org/pages/personal_loans_leaseLike.php

Edit: actually now that I read that page more closely, I don't think that's exactly what it was at the time, as I did not own the car in any sense. TFCU owned the car, and it was expected that I would turn it in at the end of the lease term. I didn't have to go though anything like selling it to pay off the balance or anything like that.
 
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I've never leased but my understanding is that when leasing no banks are involved, only Honda. Maybe somebody else can chime in.

This thread should also be useful: https://www.reddit.com/r/LifeProTip..._if_after_financing_a_car_and_driving_it_off/

I would call your bank, other banks, and Honda Financial Services, in that order.
FWIW, the American Honda Financial services seems to be very poorly rated compared to the Canadian one; I've had nothing but good experiences with Canadian HFS.
Thanks for that info, it was extremely insightful, when I go in tomorrow I'll lock the car and not hand any keys over until I either hvve cash, or a check in hand. I'll check my paperwork when I get a break to see if there is a spot delivery agreement.
 

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Wow, that's crazy. Good luck with your situation.

With your credit score, I would assume you shouldn't have any trouble getting a proper financing with your bank or any other financial institutions. My credit wasn't as great as yours, but in the past, I was able to get financed with a 4% interest rate - then again I purchased the vehicle, not leased.

Thanks for that info, it was extremely insightful, when I go in tomorrow I'll lock the car and not hand any keys over until I either hvve cash, or a check in hand. I'll check my paperwork when I get a break to see if there is a spot delivery agreement.
 


Akirazstylin

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Hey guys, I'm sorry to bother you but I need some advice. I got my car last week, and today I got a letter in the mail saying that they couldn't get the financing we agreed to, and that I must return the car. I'm extremely depressed about it, but that's life and, yelling/screaming/throwing a temper tantrum solves nothing.

My issue is, will I get my down payment back? I put 1500$ down and I'm nervous they won't give me my down payment back. I have already put 1k miles on the car (love it and have been driving it everywhere). Any advice? Anyone been through this before? My parents are just taunting me telling me that they 'told me a lease was a bad idea' so they aren't much help.




LEASE IT!
 

Akirazstylin

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Drive it to Tijuana and leave the doors open. Tell Honda you went to Tijuana and had a drink and the car got stolen lol
 
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Drive it to Tijuana and leave the doors open. Tell Honda you went to Tijuana and had a drink and the car got stolen lol
If they don't give me my down payment back... 'Idk what happened to the car sir!!!! Someone stole it!!
 
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Ok so I just read my entire lease agreement, and looked through all my paperwork, and I never signed a 'spot delivery form' or anything stating that I haven't been approved. This is where it gets interesting... I'll update you guys more tomorrow morning on what happens after I go to the dealer.
 


Kasai808

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I have leased my last 6 cars and have never heard of this situation happening to anyone before. I just helped my young cousin lease a touring last week, and his FICO was under yours. He still got the tier 1 money factor and Honda Financial had zero problems leasing to him. So I can say it doesn't have anything to do with your credit score. what lease numbers dos they give you? What was your money factor and residual value? Also, they by all means should give you back your down as they are not holding up to their end of the deal so they can't hold you to yours. Also, like you said before, they can't resell the vehicle as new. It will be classified as an "unwind" vehicle which is in between new and used. Is there any part of your lease agreement that has the words, "pending financial approval"? It could be possible that Honda Financial didn't approve the final numbers or your results of the credit check, therefore telling the dealer you do not meet their requirements and to "rescind" the lease within 10 days. That is called a "contingency period" for the dealer. So your credit score alone wasn't what caused it, but maybe something else in the check. Just my humble observation:). Good luck!
 
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Does this help?
Honda Civic 10th gen Taking my car from me WTF!! 20160319_002815-1


Also, I have the reasons I was declined at home on paper (my dad called and told me there was another paper or something, I gotta look). I'll upload a pic of it when I get home.
 

ph0bolus

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It happened to my brother before at our local toyota dealership.

He went with my mom and put it a brand new camry for 18k OTD under his name. They called him about a week later saying they needed mail/bills addressed to him at our address, being a freshman in college he didn't have any mail other than a wedding invitation that he brought in. They said it wasn't good enough and couldn't finish the financing paperwork or something due to it.

We figured they were losing money on the sale so they tried to weasel their way out of it somehow, because no other dealer after this could match that price.
 

ph0bolus

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Double post.

We did get our 5k down payment by the way, after 2 weeks of giving us the run around.
 

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Hey guys, I'm sorry to bother you but I need some advice. I got my car last week, and today I got a letter in the mail saying that they couldn't get the financing we agreed to, and that I must return the car. I'm extremely depressed about it, but that's life and, yelling/screaming/throwing a temper tantrum solves nothing.

My issue is, will I get my down payment back? I put 1500$ down and I'm nervous they won't give me my down payment back. I have already put 1k miles on the car (love it and have been driving it everywhere). Any advice? Anyone been through this before? My parents are just taunting me telling me that they 'told me a lease was a bad idea' so they aren't much help.
Attempt your own financing or you have to give the car back. you should be able to get your DP back in full although they might give you a hard time.

sadly I've seen this happen before by over eager finance managers.
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