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Prices Paid: Buying & Leasing Experiences Honda Pilot Prices Paid and Buying Experience
13710 messages, Last post on Nov 09, 2009 at 10:12 AM
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Replying to: ronnyc (Feb 22, 2009 8:02 am) My 2005 Pilot LX I purchased this from your company April 2005. As it turns out, it seems that because of the balloon due April 1, I’m going to have to get rid of the car, as far as I can tell. Here’s my beef and understand I am not shirking my responsibility as I am an adult. I bought the car from your company. When I brought in my Rav4 for trade in, your service people took the car and it was gone. I sat waiting to sign papers (and actually to discuss payment terms as they hadn’t been mentioned yet) from 3PM to 9PM, no food, nothing. By 9PM, hungry and thirsty, I would have confessed to crimes. I asked once about the Rav, saying that I should come back another day due to the long wait but was told that the Rav was already gone (and where? I don’t know). I was getting rather freaked out. Had I realized that purchasing the car with a $15000 balloon at the end would mean that I would basically be under water with the car after four years, I would have never done this. Who would? But I did. Honda said of course I could pay off the balloon at about $450/month (versus $303 now) but then at the end of that I would have a worthless eight year old car. Hmm…not a great scenario, right? So, in the next few weeks, I’m going to turn the car in and pay the difference of the balloon and that will end my relationship with Honda permanently. In my view, and especially in this horrible economic environment, companies such as yours should view customers as valuable people for on-going relationships, not some cow you milk and then discard. But I don’t run your company.
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Replying to: ronnyc (Feb 22, 2009 9:34 am) 1. Don't blame Honda for your finance situation, you agreed to it, it worked for you at the time. Put your anger in the drawer and figure out how you are going to get a new car. My guess is back then, like today your budget did not allow for the car payment that was needed. Honda found a way to make it work, you agreed to it rather than finding a cheaper car. 1. Only in the auto industry do people treat negative equity like some sort of financing tool. Have you ever heard someone say, My mortgage is 100K more than the value of my house, lets sell this one and get a bigger house? If you don't like the car walk away from it. I didn't think you were responsible for negative equity if you turned it in? I think you can just walk away???? 2. I have a 6.5 year old Honda Minivan with 81K miles on it. It runs great and I wouldn't even consider it worthless. In fact, I am going to keep it at least 3 more years. I try to keep a car 8-10 years. Think about how much money you will save during you life using this approach rather than getting a new car every 3 years? 3. Have you checked online or with your local banks, credit union to see what terms and interest rates are available to you? 4. My advice, if your budget allows for $300 a month, then walk away from this car and start looking for an affordable used car 3-4 years old that fits your budget. good luck-
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I don't blame Honda exactly. I blame myself for being such an easy mark. HOWEVER, as a large consumer company Honda has, in my view, a moral obligation, not a legal one, to protect consumers, even from themselves. If the finance officer had said to me, "Ron, you know, in four years, you will owe $15000 and your car might not pay it off. At that time, you will have to make up the difference and then either go without a car or finance a new one completely on your own, with no trade-in." Had they said that, I would have not purchased the car. I'd have stayed with my Rav or settled on an older car. What the finance officer did say was that in four years I will have to pay off the difference and use the remaining money toward a down payment. As if that were even remotely possible. It was a lie, through and through, but I bought it. LIke a fish after a worm. If you read my comments above, you will see that they (1) took my car, (2) made me wait 6 hours, to 9PM, to see the finance officer. I should have left then; the smell of the whole thing should have been obvious, but it wasn't. I was played for a fool and a fool I was. I might have to do as you suggest. I will have to pay it off with the car and a few thousand of my money. I'm not sure what I can afford after that. $300/month for five years is about $18000 so that would mean, at best, $12000-14000 for a car. Perhaps that might work. I doubt it. |
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Replying to: golic (Feb 22, 2009 12:14 pm) |
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Replying to: golic (Feb 22, 2009 12:14 pm)
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Replying to: ronnyc (Feb 22, 2009 12:50 pm) Try taking it to Car Max like place for a quote or list the car on an online site?? Then you will be close to that balloon. |
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Replying to: golic (Feb 22, 2009 1:12 pm)
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Replying to: ronnyc (Feb 22, 2009 1:17 pm) http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/HowToSellaCarYouDo- ntOwn.aspx?page=2
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