Customers of Acura can get the financing they require from Acura Financial Services (AFS), which is a division of American Honda Finance Corporation (AHFC).
Have inquiries? To find queries and responses on particular subjects, go to the AFS Help Center main page or click on one of the links below:
In This Article...
Is the financing offered by Honda and Acura the same?
To better meet the needs of Acura dealers and customers, American Honda Finance Corp. (AHFC) this week introduced financial services under the Acura brand. In the history of Acura, a significant turning point was the establishment of Acura Financial Services (AFS). This is just the beginning of a multidimensional strategy to improve Acura’s customer service and boost the brand’s reputation. Acura is a luxury nameplate that was instrumental in the introduction of Japanese luxury cars to the United States.
The timing is ideal to use our years of experience and expertise to create financial services that will meet the needs of Acura clients, according to Stephen E. Smith, senior vice president of AHFC, who noted that we most recently ranked in the top two, three, and four positions in the luxury lease segment of the 2008 J.D. “The development of distinct Acura-branded financial services is in line with other initiatives to enhance and distinguish the Acura luxury brand.”
The captive finance provider of consumer financial products for Honda and Acura automobiles, sport utility vehicles, trucks, minivans, Honda motorcycles, Honda power equipment, and Honda marine products is American Honda Finance Corporation, a wholly owned subsidiary of American Honda Motor Co., Inc. Additionally, AHFC offers Honda and Acura dealerships inventory insurance, revolving lines of credit, real estate, construction, and capital loans, as well as vehicle floorplan plans.
Through a network of 270 dealers across the United States, Acura provides a full array of high-performance, technologically sophisticated luxury vehicles. The RL luxury performance sedan, the TL performance luxury sedan, the TSX sports sedan, the turbocharged RDX luxury crossover SUV, and the prestigious MDX luxury sport utility vehicle are just a few of the five standout vehicles in the Acura collection. At the New York International Auto Show, Acura also recently showed a prototype of the ZDX, a brand-new luxury four-door sports coupe that will go on sale this fall.
How can I make a payment to Acura Financial?
CIP Pay. To make a one-time monthly payment using your debit or ATM card, call ACI Pay at 1-800-366-8500. The processing fee is assessed by ACI Pay.
How high of a credit score is required by Acura Financial?
For new and certified pre-owned Acuras, including supercar versions and sedans, Acura Financial Services (AFS) provides financing and leasing options. On JD Power’s U.S. Consumer Financing Satisfaction Study for the luxury market, it came in third place. It is rated with a “B” by the Better Business Bureau, while America Honda Finance Corp., its parent company, is given a “A+” rating.
Honda typically requires a 610 credit score for consumers to qualify for financing and at least a 710 credit score for customers to qualify for the special financing offers. Acura doesn’t define “well-qualified purchasers” other than to state you shouldn’t have unfavorable marks on your credit history.
Are Honda Financial Services and American Honda Finance the same thing?
American Honda Finance Corporation (AHFC) made the announcement that all leased vehicles must be returned to licensed Honda and Acura dealers and only in compliance with the terms of the lease. The action is being taken at a time when difficulty for auto dealers in managing their inventories of new cars and rising consumer demand for used cars are being caused by global parts supply problems and congestion at various ports.
Nearing the conclusion of the lease period, AHFC will inform lease clients that they can buy their leased car but must otherwise return or trade it in to a Honda or Acura dealer only, in accordance with the conditions of the AHFC lease agreement.
Our aim is to ensure that our dealers have access to high-quality pre-owned Honda and Acura cars to meet the demands of both new and returning customers in this atypical market climate. According to the terms of the lease agreement, customers still have the option to purchase the leased car, according to Petar Vucurevic, vice president of AHFC.
The newest automaker to implement such a policy is Honda. At the conclusion of the calendar year, the policy will be reviewed.
What is Acura’s FICO rating?
Before making significant purchases like a home or car, the majority of people start paying close attention to their credit score. This three-digit number is important for loan and lease approvals whether you’re purchasing or leasing a car. It can also affect your interest rate or money factor.
Poor
The three main credit reporting agencies are TransUnion, Experian, and Equifax. Most auto financing companies use Vantage and FICO Auto Score as their credit scoring methods. Since FICO is the industry standard for scoring at Proctor Acura and the majority of lenders serving the car industry, the remainder of this article will concentrate on FICO.
The corporation that developed this credit scoring algorithm is known by the initials FICO, which stand for Fair Isaac Corporation.
The FICO credit scoring algorithm evaluates a buyer’s perceived creditworthiness using a number of parameters, resulting in a three-digit score between 300 (the lowest credit score) to 850. (highest credit score).
How can I locate my Acura?
The AcuraLink app allows you to operate features of your car by connecting it to your smartphone and Alexa-enabled devices. Get the app right away! Use Amazon Alexa to issue orders to your Acura. Connect, drive, and get price notifications tailored to your driving style.
For auto loans, which credit bureau is most commonly used?
The two credit bureaus that auto lenders most frequently use are Equifax and Experian. They each receive a share of their income from the sector and provide services specifically targeted at the auto industry. Although perhaps less well-known, auto lenders might also consider TransUnion when making lending choices. In the end, the credit score your auto lender employs might not be all that important. No matter which bureau they go to, your credit record and score will typically be relatively similar. However, knowing which credit report your dealer uses can be helpful if one of your credit reports is frozen, perhaps because you just experienced identity theft and want to stop fraudsters from creating accounts in your name. In case the dealer requests to see your report, you can do so in this manner.
An auto score of 8 is what?
The Fair Isaac Corporation (FICO) developed a number of formulae, including FICO Score 8, to generate credit scores for specific people. The FICO Score 8 is commonly regarded as a reliable source of credit assessment. Lenders and creditors will base their decisions on whether to loan you money, give lines of credit, and assess interest rates.
Score 8 is the version that Equifax, Experian, and TransUnion most frequently use, despite the fact that it was released by FICO well than ten years ago. These for-profit businesses, often known as “credit bureaus,” create credit reports on borrowers and each one provides a unique FICO credit score based on the credit data it has access to. When making choices on applications for a mortgage, car loan, or credit card, lenders consider a potential borrower’s credit reports and credit ratings.
As a base score, the FICO Score 8 is used to assess the likelihood that a borrower will default on any loan. For a particular sort of borrowing, like an auto loan, there are other FICO Score types that are used.
The following significant changes were made between the FICO Score 7 and 8 models:
- Credit cards with significant usage are given extra consideration. A borrower’s credit score will likely be reduced more than it was under previous models if they keep a high balance that is getting close to the card’s limit.
- If you have a long history of on-time payments, it is more understanding of one late payment. It does, however, punish more severely for a history of missed payments.
- It excludes accounts in which the initial balance outstanding was less than $100 from debt collection.
- The technique of paying a firm to have yourself added to someone else’s account without actually having access to their account in order to profit from their better credit history is known as tradeline renting or credit piggybacking, and it limits any benefit from doing so.
The American Honda Finance Corporation (AHFC) is releasing a new website with easy navigation and a more contemporary design that is totally mobile friendly. The website revamp, which goes live in December 2021, is a part of Honda’s corporate initiative to improve customers’ online experiences.
According to Jon Eldridge, Assistant Vice President of Sales at AHFC, “Customers are used to banking and shopping on their phones, and we want to provide that same degree of convenience to their AHFC accounts.
Nearly half of AHFC clients use a mobile phone or other device to handle their accounts. The new website, which was created with mobile users in mind even though it isn’t an app, gives users simple access to a three-step payment process, their payment history, payment schedules, statements, and other online resources.
In order to guide the design of the new website, AHFC has been gathering client feedback since 2016 through survey data as well as from its regional representatives. The new website has a straightforward dashboard design that highlights important data and services, such the ability to make a payment.
The AHFC Help Center has also been updated and improved integration with the main website. To offer pertinent responses when and where the consumer wants them, frequently asked questions are presented throughout the website.
The website will interact seamlessly with the owners’ websites for Honda and Acura once those sites are updated and launched later in 2022 in addition to being user-friendly. Customers will then travel through their owners’ accounts and financing accounts online without experiencing any difficulty.