(At the request of the editor of a magazine we referenced in this article, we are removing all references to a recent event concerning them.)
Imagine this scenario.
I get a letter from the Honda Financial Services each month. That part is not imaginary. At the end of 2012, I purchased a Honda CR-V for my wife and me. We paid most of the price in cash, and financed the balance for two years. So, even though the Honda people receive my payment by a bank draft without my having to do anything, they still send me a receipt each month. At this point, I still have about four months to go on this contract.
But suppose I received a letter from Honda saying something like this:
“Dear Customer: It has been our pleasure to receive your bank draft for $428.51 each month over the past year and a half. We here in the corporate offices of Honda Financial Services have come to a decision and want to inform you that we wish to continue receiving this amount from you after the contract has expired. We know that you are enjoying your Honda automobile and therefore will want to do your part to maintain this wonderful relationship. However, our legal department informs us that we should alert you to the reality that if you discontinue making these monthly payments, we will be forced to repossess the car. Have a nice day.”
Even after it’s paid for, I must keep making the payments if I wish to continue owning their car. Miss a payment and they take it back.
Yikes.