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Honda Financial Services Auto Refinance Review


ConsumersAdvocate.org Rating: 3.8 / 5 (Very good)
19 Customer Comments & Reviews - see all comments
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Founded in 1980, Honda Financial Services is the wholly owned finance subsidiary of the Honda Motor Company. They offer purchase loans for new and Honda Certified Used Vehicles, as well as loans to buyout leased Honda cars. A simple online application and easy-to-use loan calculators facilitate the application process.

How is Honda Financial Services rated?

Breakdown

3.5/5
Loan Details
4.0/5
Customer Experience

Overall Rating: 3.8 / 5 (Very good)

Honda Financial Services offers new and used car loans, as well as lease buyout loans, which are in keeping with other captive lenders in the industry. Their programs for recent college graduates and military service members make them an attractive option, but customers should be aware of other lenders which offer higher rebates under similar programs. Negative online reviews should also be taken into account when deciding which lender to use.

Auto Loans & Refinancing

Loan Details - 3.5 / 5

Honda Financial Services provides loans to purchase new or Honda Certified Pre-Owned Vehicles, and to buyout leased Honda vehicles. Amounts for an used car loan can reach $50,000, while new car amounts depend on the sale amount of the car. Loan term lengths are standard for the industry. No information is available on APRs, but customers can expect they will be similar to ones offered by other captive lenders. They also advertise bonuses for recent college graduates and members of the military who lease or buy a new Honda vehicle. However, other lenders offer higher bonuses.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Loan Amount
$5,000
Max Loan Amount
$50,000
Term Length
24 months
Max Term Length
72 months

Loan Qualifications

Qualification - 3.5 / 5

Honda Financial Services requires identifying documents, as well as employment and account information, in order to approve applicants for loans. As with other captive lenders, they only finance their parent company's vehicles. In the case of Honda Certified Used Vehicles, they require the used car to be financed be under 5 years old and have under 80,000 miles.

Borrower Qualifications

Minimum Income
No Minimum Specified
Minimum Credit Score
No Minimum Specified
US Citizenship Requirement
No
Verification / Documents Required
Social Security Number
Driver's License / Photo ID
Checking Account Information
Employment Information / Pay Stubs

Vehicle Qualifications

Mileage Limit
80,000 miles
Car Age
up to 5 years old
Car Makes
Honda

Application & Service

Customer Experience - 4 / 5

With Honda Financial Services, customers can apply for a loan online or print a paper application and take it to the Honda dealership. Several calculators are available on their website to help customers determine what their monthly payment and loan amounts will be for new and used car financing, as well as powersport and marine vehicle financing. These tools are useful in determining what loan amount a customer can afford with their budget.
Fees
No Fees Specified
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry
Joint Loans Available
Auto Loan Calculator

Honda Financial Services Reputation & Reviews

Reputation - 3.5 / 5

Honda Financial Services is accredited and rated A+ by the BBB. However, online customer reviews on other consumer websites and forums lean heavily towards the negative, with the most common complaint being poor customer service and unwarranted reposessions.
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
14
Date Collected
2017-12-27

Contact & Additional Information

Lender Type
Lender
Homepage URL
Company Phone
(310) 972-2555
Headquarters Address
20800 Madrona Avenue, Torrance, CA, 90503
Year Founded
1980

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19 Customer Comments & Reviews

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dwortham.tw
9/4/2024
Yes, Honda Financed another vehicle after my new honda civic was totaled after explaining that my insurance was paying majority of the loan off and Gap insurance should payoff remaining balance. Honda finance dragged around so long till I paid 1 car note after car was labeled totaled. Now another car note on same totaled car is due. Leaving me liable for 2 car loans and have not done anything to help me out with this situation. Can't afford these 2 car payments. U live and learn. so, after I dig out this situation and 3 yr. lease term want be financing through Honda Finance again in my lifetime. Honda Finance will put loyal on time customers in a hole for their financial gain. Greedy... Read More


J
Jessica
12/19/2023
Disorganized Company, Wish I Never Leased From Them There have been over 40 phone calls with Honda, explaining the situation with rep after rep, only to hear ‘that’s above me and someone will reach out to you’. No one reaches out. When the month-to-month lease was renewed back in December 2022, your Honda Finance representative explicitly stated that once I no longer wanted the car anymore, all I needed to do was drop it off at any Southern California dealership. That very question was clearly asked and answered. The Signal Hill dealership refused to fix the car’s condenser after the problem was diagnosed in Downey, arguing that Signal Hill would charge me for its own diagnosis. I... Read More


ilir.shun
10/21/2023
Horrible company would 100% not recommend them. To make a really long story short... I called them and paid off my car. After almost 2 months I had yet to receive my car title and Lean release letter. I called them and after waiting for 45 minutes a representative answered and asked for my address to verify my id which I gave them. When I told them I had not received my title, yet she said that it was mailed to me but the address she read off was wrong and did not exist... even though she had just verified my ID with my correct address. From his point on she just kept repeating to me they no longer had my title and I had to go to the DMV and get a Duplicate title, which meant I had to... Read More


samanthapartrick
9/20/2023
Scam. I am trying to be eloquent here but I can not. It's just a scam. This "service" has devised different ways to never be held accountable for their own error. When you've reached your limit with patience, to talk to a manager will take up to 3 to 5(!!!) business days. I am calling on a business day. I am calling about an issue now after waiting 45 mins to speak to someone and then another 45 explaining the issue (non-issue) and asking for resolution. Different "departmental practices" will not let you escape from accountability. Absolutely gross.


joannatoth
4/28/2023
They are CROOKS, avoid them!!!!! They refuse to work with anyone if they are ever late including those who are essential workers who are off due to stress with 0 pay, do NOT use these jerks and I don't even recommend Honda cars anymore, their service is horrible and the cars are boring. Everyone needs to check out some of the other great brands, Chevy Camaros are great vehicles, so are the new Kia, Nissans, etc.


soatsitohaina
8/24/2022
In June, our car was stolen. The insurance declared it a total loss and they paid off the account. The payoff amount the insurance paid was $200 more than the payoff amount I saw on our account/statement. I called customer service to demand explanation and I was given the run around. At first, they said it is the gap insurance. Now it is because they charge different amounts if it is the insurance that pays for it or I pay for it. But why? At the end of the day, the amount the insurance paid was substracted from my settlement amount on the vehicle = I paid for it. What did Honda financial do extra to the insurance to warrant the $200 surcharge? Imagine they do this to every single... Read More


jenna.grassbaugh
7/30/2021
I have been active duty military for 15 years, and, therefore, I am exempt under the SCRA, section 3991, from paying personal property taxes in any state in which I am not a resident. I originally leased my Acura RDX in VA in 2019 while a resident of TN and recently paid off the remainder of the loan, meaning I now own the vehicle outright. Despite providing all the required documentation to verify my tax-exempt status in VA from the time I started leasing the vehicle, Honda/Acura Financial Service continues to call me and tell me I owe payment for personal property taxes. I have reiterated to multiple agents that, by law, I do not in fact owe the tax and that if Acura has been paying it... Read More


andiruns89
7/15/2021
I have been struggling to get a hold of anyone. They processed a car payment WITHOUT my permission or knowledge putting me in a financial bind. I've submitted multiple times to talk to anyone and have had no luck. I'm looking to refinance and go with a company that will work with me not against me. Definitely not happy with this company.


dgritti
6/28/2021
Horrible Customer Service. Hard to get in touch with. Customer service is not helpful.


mcwg333
5/11/2021
I can not believe anyone would give this institution more than 1 star. On the rare occasion I’ve had to connect with them (I have never called about payment issues), I have been placed on hold immediately for at least 45 minutes. (When my call hasn’t been accidentally disconnected) This has been before I’ve even spoke with anyone. Their customer service is so bad, it’s made me doubt the durability of their cars. After my lease is done, nothing ever again with the name HONDA on it!



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