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Discussion Starter #1
Would anyone mind sharing what your APR is for your loan on the Ody?
I know it differs according to credit history, etc. Just trying to get an idea on current rates.
Thanks!
 

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through american honda... 3.32%... their original offer was 3.5%, but bank of america was willing to do 3.32 and honda matched.
 

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I have a 1.9%, but that was through a credit union. IMHO it was way easier and quicker at closing to have the third party loan than a loan through Honda.
 

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I received 3.49% from American Honda Finance. The finance manager mentioned that I qualified for tier 2 which is 3.74%, but since I financed through them in the past, they threw me into the tier 1 category.
 

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Interest rates

I was financed through the dealer with Bank of America at 2.35% on a 60month note. Very pleased with this rate and was better than anything else I could find on my own.
 

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I'm not with Bank of America but I printed off their rate from their website at the time (2.89%) and showed that to the dealer and they were able to match it.
 

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I found something interesting today. I asked my dealer to fax me over the dealer invoice sheet for my deal as I wanted to see how they arrived at the capital cost for the lease. It was supposed to be invoice plus $500. The report confirmed this markup and also showed the additional charges against the file. For example: PDI (labour @ $180.00) and wheel locks, read mud guards, etc.). I guess there must be allot of freight cost @ $1,590.00 (Canada) or a fair bit of profit.

Now to the point. On the cost sheet I saw the Honda Canada Finance "Buy" (to the dealer, I assume) to be 1% and the "Sell" rate to the customer (on a 36 month lease) to be 4.4% (the current Honda advertised APR for 36 month leases.

This leads me to conclude that the dealer is making a 3.3% spread between what they are paying for the money and what they are charging the lessee. If this is the case, I can see why some dealers are selling below invoice, even if there is no evidence of a "hold back" by Honda.
 

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It makes me sick to know Honda is fixed at 5.9% in Canada reading these US rates. Last time I went to my bank to inquire for a car loan they offered 12%...
 

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Would anyone mind sharing what your APR is for your loan on the Ody?
I know it differs according to credit history, etc. Just trying to get an idea on current rates.
Thanks!
0%, paid cash.. no car payments, out it out right till the next trade in about 6 to 8 yrs.
 

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4.99%, 60 mos, American Honda

my credit history is less than 1.5 years so it looks like i have a pretty high rate compared to you guys. i have the cash available so i only took the loan for credit reporting purposes. i'm still debating whether to pay it off in 6 mos or 12 mos, with the 1st payment being really huge to cut down the total interest paid. some people are advising me to invest my money instead. i have yet to start any retirement or investment account.
 

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4.99% is still better with small credit history. I have paid 9.5% when I had less or non-existent credit history. It sucks.
i WAS offered 9% initially, so i had the business manager or whatever his title is at the dealership re-run the quotes again with my wife included. she had the better credit rating, but higher debt ratio and lower income. while i, even with the short credit history, had an ok rating, plus very low debt ratio and higher income, which initially led me to believe i can get a really good rate. all this credit history stuff kinda annoys me. feels like a money-making scheme.
 
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