Help Please Update: Thanks guys!

"DAWRX - The Herb Strikes Back" (karsonkinja) 06/27/2018 at 00:40 • Filed to: None

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Update : I appreciate all the advice not to panic. I called t he dealer and the way it was explained to me is that even though we signed the contract, the leinho lder still has to buy it, so for whatever reason it was Chase that picked it up. All terms have to remain the same. The   manager I talked to agreed that I should have received a courtesy phone call and told me that he would contact whoever made the decision and let them know. So I THINK we’re okay.

Good evening Oppo. I’ve run into a weird predicament. This evening I logged into my chase account and under our open accounts I noticed the auto loan for the Civic we just bought. HOWEVER, in the F&I office we were told we were financing through American Honda Finance Corp. Its stamped on our paperwork. The loan terms, payments and payment dates are all identical to what was listed on the paperwork, however it currently appears Chase is holding the loan...not American Honda Finance Corp. I have already told our insurance that the loan is through Honda...I guess my question is how much hell do I need to raise tomorrow morning? Are there any dealer oppos (specifically in Texas) that can chime in?

NKato > DAWRX - The Herb Strikes Back 06/27/2018 at 00:50

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Keep in mind it’ s possible that American Honda works through Chase. Contact the office where you signed the paperwork and ask why it’s showing up on your Chase account, and tell them what you were expecting.

That’s what I'd do. If something was off, first step is always investigation. If someone did something wrong, and you're certain 100% in the course of your investigation, you should then raise holy hell. 

DAWRX - The Herb Strikes Back > NKato 06/27/2018 at 00:55

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The thing is I really don’t trust the F&I office there to give a straight or truthful answer. But I don’t know enough about how all this works to call BS.

wafflesnfalafel > NKato 06/27/2018 at 00:59

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yep - Subaru does it that way - Subaru Motors Finance c/o Chase

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > DAWRX - The Herb Strikes Back 06/27/2018 at 01:01

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My home loan was worked through one company but Chase bought it out. Look in your email and snail mail. You should see something from them that says they have taken over your loan. Totally normal.

DAWRX - The Herb Strikes Back > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 06/27/2018 at 01:05

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So did it say one loan on the paperwork but ended up being a different loan when you got mail from chase?

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > DAWRX - The Herb Strikes Back 06/27/2018 at 01:07

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Pretty much. This was our home loan so it may be different but I would definitly check. Chase makes it 10000000% easier to pay then anyone else would have.

DAWRX - The Herb Strikes Back > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 06/27/2018 at 01:11

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Agreed 100%. My S ubaru loan was through chase.

Looking at the statement online for the auto loan says nothing about having been bought out. I guess I’ll call the dealer tomorrow and see what they say.

Dr. Zoidberg - RIP Oppo > DAWRX - The Herb Strikes Back 06/27/2018 at 01:20

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Follow up, but don’t panic. It might be  like how 3 days after I bought my first house, my loan was sold to Wells Fargo. Loans and shuffled and sold all the time.

Alfalfa > DAWRX - The Herb Strikes Back 06/27/2018 at 01:20

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Many times a lender will just give loans to make money on closing costs and such, then turn right around and sell it to the big guys like Chase or Bank of America. There's likely some print somewhere you've looked over.

NKato > DAWRX - The Herb Strikes Back 06/27/2018 at 01:21

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You ask them to give you a straight answer, or you’ll unwind the deal as per federal law. That means you’ll be returning the car, nullifying the deal, and terminating the loan on the car.

I’m not sure which law it is, but jalopnik has cited it often in some of their pieces.

But as everyone else's answer is, don't panic, follow up, and don't jump to conclusions.

TheRealBicycleBuck > DAWRX - The Herb Strikes Back 06/27/2018 at 06:32

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Our home loan was bought/sold several times. Both of our auto loans worked their way around to our regular bank. This happens all the time. Shouldn’t be a big deal.

Khalbali > DAWRX - The Herb Strikes Back 06/27/2018 at 07:41

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Yeah it doesn't seem like a big deal if the rate and everything is the same, just change it with your insurance. What happened is either Honda finances through chase (I know mazda does) or else the dealer shopped your deal around and chase offered them a better deal for it than Honda did, but that doesn't affect you other than the name on the checks, they might have just made a little more back end or maybe Honda declined for some reason and they had to find a different bank.

Textured Soy Protein > DAWRX - The Herb Strikes Back 06/27/2018 at 09:17

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My wife’s Subaru was leased through Subaru Finance which is run by Chase . The bills say both names and the account shows in the same place as her Chase Amazon credit card. But in searching it doesn’t appear the same is the case with Honda. Their finance site doesn’t say anything about Chase.

It’s also possible that the Chase website somehow saw the loan in your name and added it to your account page even though they don’t own the loan.

First thing I would do before contacting the dealer is to get the full story from Chase. Since you already have accounts with them (right?) they should be able to explain why the loan is showing up.

After that’s cleared up, the main thing you need to figure out is if the loan terms and incentives promised by financing through Honda are being correctly honored, and that you have the lowest possible interest rate.