BAD NEWS: Maximum 20% Trade $$ Allowed on the 2008 ACCORD?

[Marc]

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I was just looking at the official Honda website and getting the finance numbers on buying/leasing a 2008 Accord.

:furious: What the hell? If you have a trade-in that is worth more than 20% of the total value of the brand new 2008 Accord that you are buying (or if you want to put down cash equal to or greater than 20% of the value of a new Accord) you get this message from Honda:

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"Sorry, your total down payment may not exceed 20% of the estimated selling price. Please check the following areas: trade-in value, balance owed and down payment."

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I hope I am reading this wrong or that I am misunderstanding this message but what the heck is that all about? :dunno: Honda wants us to be at or near UPSIDE DOWN on any 2008 Accord loan that we take out? Is this done so that they can maximize profits on the loan? I have never heard of a company limiting the amount that your trade-in can be worth or that you can put down. What is next, will they stop excepting all cash offers on these cars? Sorry, I am a Honda newbie and as both a car purchaser and leaser in the past with other brands I have always believed in putting down a substantial amount of cash up front or trading in my previous cars that still have significant value to get the financed amount down to a VERY reasonable level. If Honda wants to generate large finance profits by limiting the amount that we can reduce the loan by.... I may not be buying an Accord after all. :bawling: :bawl: Is this normal Honda procedure, or is their website calculator screwed up?


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[dailydriver]

I'd definately chalk that one up to "web-gliche".

I doubt if you walked into any dealership with $30k in your hand they'd turn you away.

But if they did... you'd surely have a shot at getting it on the local news' "consumer awareness" story.

[flcma99]

If you have a trade-in that is worth more than 20% of the total value of the brand new 2008 Accord that you are buying (or if you want to put down cash equal to or greater than 20% of the value of a new Accord) you get this message from Honda:

.

"Sorry, your total down payment may not exceed 20% of the estimated selling price. Please check the following areas: trade-in value, balance owed and down payment."

.



It worked without an error for me. I used anywhere from 33% to 66% combined net trade-in and additional cash down. I'd be interested in the term, interest rate, and 4 values that you are using when you get that error.

[Accordio]

That pertains to a lease only I believe.

[waldo]

I just checked the site, and I believe there is no problem, just a misunderstanding.

If you are checking financing terms, you can put all the money down you wish.

However, if you check for leasing, you will get the 20% error. That is consistant with leasing regulations, and the tax laws that apply to leasing. Remember, you do not own a lease car. It makes little sense to throw even 20% at the leasing company for a car that they will own at the end of the lease.

If you have 20% or more for a down payment, buy the car. You will be ahead.

Waldo