Vehicle loan or lease -- Managing the loan or lease -- Complaint #4531288
Complaint Overview
Complaint ID: 4531288
Company: American Honda Finance CORP
Product: Vehicle loan or lease
Sub-Product: Lease
Issue: Managing the loan or lease
Sub-Issue: Loan sold or transferred to another company
State: California
ZIP Code: 92011
Date Received: 2021-07-10T12:00:00-05:00
Date Sent to Company: 2021-07-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I leased a new Acura from Acura Financial Services in XX/XX/2020. Yesterday, Honda ( Acura ) suddenly changed the rules of the lease preventing me to sell my car to any car dealer of my choice. They say I can only sell it to a Honda dealer. Since independent dealer pay more than Honda 's owned dealerships people like myself who need to sell their cars usually sell it to independent dealers. Due to pandemic there is a high demand for used cars and Honda is trying to make more profit by restricting a lessee 's options. It was a well stablished rule in auto leasing contracts, written or not, that a lessee can end his/her lease at anytime by paying the Honda ( Acura ) Financial Services the amount as specified in the contract. However, since in a lease the lessee does not own the car therefore Honda has to release the title to the buyer. Honda is abusing this technicality to take advantage of a pandemic influenced market to buy back cars at a cheaper price and make money out of it. They claim they have the right to choose the buyer of my car. XXXX also recently announced a similar abusive policy.
Frequently Asked Questions
What is Complaint #4531288 about?
Complaint #4531288 was filed against American Honda Finance CORP regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2021-07-10T12:00:00-05:00.
How did American Honda Finance CORP respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against American Honda Finance CORP?
Yes, visit the American Honda Finance CORP company profile at readthecomplaint.com/company/american-honda-finance-corp to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.