- Report: #156075
Complaint Review: Valencia Honda - Valencia California
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Valencia Honda
23551 Magic Mountain Pkwy Valencia, 91355 California, U.S.A.
Phone:
888-775-3553
Web:
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Power Honda Valencia If you like to be ripped-off and have your intelligence insulted, then buy a car here. Valencia California
I went to Power Honda Valencia's website, and I checked in with their so-called "Internet Department". I was instantly contacted, via e-mail, by a salesman named Igor. Igor read my request, a Honda Civic with no bells and whistles, at a price range of $10,000-$14,500. He told me there was a few Honda Civics on their lot, one of which was $13,198, and it actually included a c/d player and A/C. I went down to see this car and I sat down with Igor at his cubicle.
Igor walked off and came back 10-15 minutes later with the dreaded white sheet of paper with the big black T shape on it. He began to ramble on with those typical car dealer "numbers" that you are supposed to avoid when dealing with a real "Internet Department".
Here is Igor's idea of a good deal: car-$13,198. Down payment: $3,000. Monthly payment: $ 379.00 length of payments: 72 months. Total for car: $ 30,288. I asked him what the interest rate on that was . He said he did not know, but he would ask his manager. He came back 10 minutes later and lowered that monthly payment to $349. I said what is the interest rate. He again said he did not know. I asked him if he had any idea what a rip-off he was proposing? I told him I was not going to be his latest victim. I walked out. Igor and the sales manager asked me what they could do to change my mind. I told them to get some ethics.
James
saugus, California
U.S.A.
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Igor walked off and came back 10-15 minutes later with the dreaded white sheet of paper with the big black T shape on it. He began to ramble on with those typical car dealer "numbers" that you are supposed to avoid when dealing with a real "Internet Department".
Here is Igor's idea of a good deal: car-$13,198. Down payment: $3,000. Monthly payment: $ 379.00 length of payments: 72 months. Total for car: $ 30,288. I asked him what the interest rate on that was . He said he did not know, but he would ask his manager. He came back 10 minutes later and lowered that monthly payment to $349. I said what is the interest rate. He again said he did not know. I asked him if he had any idea what a rip-off he was proposing? I told him I was not going to be his latest victim. I walked out. Igor and the sales manager asked me what they could do to change my mind. I told them to get some ethics.
James
saugus, California
U.S.A.
Click here to read other Rip Off Reports on Honda & Honda Delaers
sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
2 Updates & Rebuttals
Mike
Radford,Virginia,
U.S.A.
APR is really sky high, but you could've guessed that.
#2Consumer Suggestion
Tue, September 06, 2005
Calculating exactly, the APR in the first case would've been 40.5% and with the $349 payment it's 36%. I suspect though the amount financed was much more than the $10,198 you'd expect due to the addition of thousands of bogus "back end" products. Then the APR is lower but it is an even worse deal because you are still paying $30,000 for a $13,000 car, and even if you wanted to pay it off tomorrow it would cost much more than $13,000. Payments on a new Civic, if you finance $13,000 with good credit (6% APR) should be around $250 for 60 months or $300 for 48 months. If you need a 72 month loan to get payments where you can afford them, you're buying too much car.
Paul
Anaheim,California,
U.S.A.
That seems fair. Borrow ten grand and pay back thirty. Twenty thousand in interest and fees.
#3Consumer Suggestion
Tue, September 06, 2005
Even without knowing the interest rate, that is a bad, bad deal. You'd be borrowing $10,000 and repaying $30,000. According to the rule of 72s, the principal will double in the result of dividing 72 by your interest rate. Let's say a typical 10% rate. That means the principal will double in 7 years, which is the term of the loan. If you were paying 10% interest, you'd repay only $20,000 in 7 years. In this case, it's $30,000 so you'd be around 18% for your interest rate. I'll be honest with you, I'd take the money you planned to put down and buy a '92 CRX and put my own CD player in it. The air probably won't blow cold anymore, but summer's almost over anyway. Look at all the gas you'd save. Not to mention all the money you wouldn't have to throw away in interest.
