A local Honda dealer has sent me a preapproval for a loan to buy a new Honda. "Take advantage of 1.9% APR. In lieu of rebates." Sounds terrific except that I turned in a Honda Accord at the end of the lease four years ago with excess mileage as a voluntary repo. My credit reports briefly showed that I owed 1300 dollars. A friend introduced me to credit repair and I got the account deleted a few months ago from my credit reports. Is this a real offer ?? It looks real. My credit reports show my prior accord lease from 94 to 97 as a good tradeline. Sorry for rambling but I would like to buy a new Honda. I just don't want to talk to Honda if I would be better off letting sleeping dogs lie. No way do I want that repo back on my credit reports. On the other hand, car dealers will do anything for a sale. So maybe this is OK. Help please.
bump. I have to laugh here. I think this is an odd offer considering my past relationship with Honda. 101 views of this thread were made and no one else knew what to say either. I have my greedy little mitts on the letter and am dying to go down to the Honda dealer and say put up or shut up. I want 1.9%. What scares me is that I don't want a reinsertion of the old account I got deleted from all 3 CRA's. My fear may outway my greed. My credit mentor told me to forget Honda until the 7 years is up.
Im thinking its just a way to advertise their latest special. I just went shopping for a Honda over the weekend and if you buy a brand new Honda they are offering 1.9% financing right now. But of course, when you go in there, they would run your report to see if you are worthy of such a low percentage rate. Note the word "preapproval". It doesnt necessarily mean that you are preapproved. A lot of credit card companies use these tactics. They are tricky sometimes. You have to think, a brand new Honda would cost you a pretty penny. I went through E-Loan and got a 4.35% rate and ended up purchasing a 2001 Honda Accord. Not bad of a rate for a used vehicle. ~Sandy
I would think that after they pulled your credit and saw that you had a previous Honda that they would pull your old account. I don't know for sure though, because I haven't been in this situation. You could always call (but don't give your name) and ask a hypothetical question like: What do they pull when you come in with the preapproval ad. Michelle
Everyone who ever bought a car from them probably received the same letter. it's meaningless. Pre-approval only means that you had an address to receive the mailing. It was not based on your credit report or old lease.
