ED Magedson – Founder
Honda financial servicesNationwide USA
Honda financial services Blatant lies, fuzzy contracts, and lots of money....for them. Nationwide
Initially I thought leasing a honda was a great plan. i started with a decent payment and was assured by my salesperson leasing was the way to go. It was so flexible. A year later I returned and looked at a CRV. I was initially shocked by the high payment. I went from paying $350 for a Civic to $650 for a CRV. I told my salesperson I was a little concerned about taking on such a high payment. She brushed it off and said not to worry, if it got to be too much I could just bring it back. I still wasn't 100% convinced so I looked through the contract. I found the tiny print that said early termination could be subject to a penalty of "several" thousand dollars. I asked for clarification and was told that most of the time there was no fee because there were so many options-trade in, buy. Downsize, etcetera.
Another year goes by and my family business starts to struggle so I contact my salesperson telling her I'm open for options but I needed to get something with lower payments. I was willing to turn in my lease and buy from the company. Imagine my shock when they said they could do nothing because there was over $10000 they would have to put in the loan because of the negative equity on the crv. I offered to buy but the payoff was $32700 and the car was now only valued at $24000. I called honda financial services and spoke with several people begging for other options. Finally I asked what I would have to pay to buy out of my lease. The answer $20,000! They would charge me every payment I was initially supposed to pay for the next 3 years. The contract says "several" not $20000! No lease swapping allowed. No options. Nothing they can do. I thought I asked the right questions and read through my contract but I still got duped. :(
This report was posted on Ripoff Report on 08/20/2014 07:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/Honda-financial-services/nationwide/Honda-financial-services-Blatant-lies-fuzzy-contracts-and-lots-of-moneyfor-them-N-1171214. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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