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I got pre-approved with enough of a limit to get a Rincon completly decked out in accesories and then some. The first dealer I go see, informs me that the Honda card is nothing more than a way to get people in the door and he has other plans that would be "better for you" meaning me. His plans have me purchasing what seemed to be a mandatory insurance coverage and extended warrentees.
This is the same crap that auto dealerships pull to make themselves more money, while all the time saying that "thier looking out for my best interest" and other BS sales scams.
Is there any problems of using the Honda card? Do all dealerships pull this crap now?
That card would be a terrible deal.....IT'S A CREDIT CARD, PLAIN AND SIMPLE! I think they give you better interest rates for the first while, then if you don't pay it off the interest goes up to very high credit card rates. And, of course they will make you get insurance....it's still theirs until you have payed it off.
If you must finance, check out their regular financing and avoid the card!
Try credit unions or regular banks first, if that doesn't work then try dealer arranged financing and only consider the card as a last resort. A very last resort. Many of the cards and most of the 'special' financing plans are set up to lure you in with a low interest rate or a very low intiial monthly payment. Once a year or two goes by then the rate shoots way up, your payment goes through the roof and yo don't have enough equity in the ATV to unload it if you need to get out from under the loan.
'07 Can-Am Outlander 800 XT - Crutchfield stage I Extremes all around
'02 Eiger 5-speed / mudlites
Past bikes: '89 Warrior, '97 Warrior, '98 LT80, '94 King Quad 300, '84 LT50
The Honda card is just that, it is not a credit card as you may think of like Visa/MC it is a line of credit to use at a dealership to purchase Honda products. It is a loan. You do not get your DMV pink slip for the quad or bike until the line is paid off.
I thought that by using the Honda card, my quad would be paid in full and I would receive my pink slip. I received zero percent interest for thirty six months and I thought that was pretty good. Pay it off before the thirty-six months and with no interest, great. However, this turned out not to be the case, I did not receive my pink slip, only received my registration from the DMV with my name and the "loan" holder. This is not what I was told by the dealership. My wife point blank asked if this considered the quad paid in full and the finance guy said yes. When I received my paperwork, obviously it was not the way he explained. This completely piSpam wordSpam word Spam wordSpam word Spam wordSpam word Spam wordSpam word ed me off. I immediately paid the "loan" off and am now waiting for my pink slip.
If you can, use a different method. Try and find your financing through a bank or other. The dealer does not explain everything to you. I honestly thought I was going to receive a credit card to be used anytime, anywhere.
I don't see a problem for a person to use the Honda card. For most it will work. If you have any type of special term or rates, be sure to try and pay the balance off before it reverts to the high interest rate/fees. For me, I only paid it off because it made me mad that I felt that I was mislead, I thought that I was receiving a MC/VISA card to use anywhere. That was the only reason I opened the account, otherwise I would have never done it and paid for the quad in full the day of my purchase.
Check again, the options that you are stating below (i.e.: mandatory ins. and extended warranties) were offered to me also, I declined them and that was that. Is it required for you to have either of these? Maybe you can look into this.