America Honda Financial Corp
Loan rate reduce to 6% from 7% due to class action lawsuit

Honda was involved in a class action lawsuit maybe 3 or more years ago. The lawsuit was due to the odometer was rolled back in order to sell cars with less mileage. I received an email to become part of it at time. Later, I received a letter in our favor (consumers). I had 2 option cash refund or reduction in loan rate.

After receiving letter confirming this, I called Honda Financial I was told at that time contract would not be change but at payoff time I would see the lower rate.

I called on June 8, to get a payoff quote, the amount quoted was $3318.97 the same amount on my monthly payment letter.

I asked about the 6%, and was told that this would not change and the rate was applied as a lower daily rate due to my having a simple interest loan.instead of 60 cents daily, I was receiving 54 cents daily. Please help me to understand this. I am ready to pay off my loan. The rep I spoke to sound as if she was reading a script.

Thanks

Company: America Honda Financial Corp
Country: USA

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