HSBC AUTO FINANCE RIPOFF Car loan at an extremely alarming high interest rate with NO chance of lowering with excellant payment history SAN DIEGO California
Purchased a used car at a local car dealership, which seen no problem getting a decent interest rate. Had the car for almost a full week before they got me back in to sign the papers, telling me HSBC would only finance me for an alarming 19%. The car I traded was already gone, and was told no other options were available to me.
I also have two credit cards through HSBC,which you would think they could verify my payment history and see that I pay ON TIME, and deserved a better rate than that. Although many calls were placed to the company requesting a better rate, was told the contract would not and could not be negotiated.
I will end up paying twice what the car is worth by the time I pay their ridiculous interest and will have nothing to show for it. I can't even sell the vehicle now for what I owe them and not still owe my !@*!@* to HSBC!!
Would not recommend using this company for any reason AT ALL !!!
BEWARE...BEWARE...BEWARE
MJD
Rossville, Georgia
U.S.A.
6 Updates & Rebuttals
Steve [Not A Lawyer]
Bradenton,Florida,
U.S.A.
NEVER take delivery without a FULLY executed contract!
#7Consumer Suggestion
Fri, January 05, 2007
MJD,
They pulled the spot delivery scam on you. It is the oldest scam in the book to trap you in your vehicle.
NEVER give them possession of your trade or take possession of the purchased vehicle until you have a fully executed financing contract in hand.
This is not the sales contract. It is your actual financing contract with the bank, and will clearly show purchase price, down payment, amount financed, monthly payment, interest rate, due date, and total cost of financing, and most important, the name of the lender.
You can file complaints with various state and federal agencies, as well as to seek the help of an investigative news reporter.
You can also refinance the loan somewhere else at the actual purchase price. That financed amount/total of payments is only if you pay over time. What was the actual purchase price, less your trade?
Good luck.
John
Califon,New Jersey,
U.S.A.
I will bet it's not HSBC
#7Consumer Comment
Thu, January 04, 2007
I will bet it's not HSBC that's the problem. It's the dealership finance guy as he gets a cut of the percentage. They absolutely could have negotiated but it had to be done before you took the vehicle. That was the mistake on your part.
I recently bought a new truck. I already had financing ready at 5.7% when I walked into the dealers door. I already knew about what I'd be paying a month-$475.
I told them I didn't want a payment over $500 just to see how they were going to play. They came to me with a $515 payment. I laughed at them, told them I already have the 5.7 rate-now beat that. They came back to me with 5.4% and my payment is $460. Quite a difference no?
Dave
Jacksonville,Florida,
U.S.A.
You should've never signed the papers
#7Consumer Comment
Thu, January 04, 2007
They can't legally sell your trade-in until you sign a contract. You should've told them to stick the 19% interest rate and demand your car back, or the money they allowed you on the trade.
There is no way they can force you into keeping the car if you were not happy with the interest rate. Unless you signed a blank contract before you were properly financed....
Dave
Jacksonville,Florida,
U.S.A.
You should've never signed the papers
#7Consumer Comment
Thu, January 04, 2007
They can't legally sell your trade-in until you sign a contract. You should've told them to stick the 19% interest rate and demand your car back, or the money they allowed you on the trade.
There is no way they can force you into keeping the car if you were not happy with the interest rate. Unless you signed a blank contract before you were properly financed....
Dave
Jacksonville,Florida,
U.S.A.
You should've never signed the papers
#7Consumer Comment
Thu, January 04, 2007
They can't legally sell your trade-in until you sign a contract. You should've told them to stick the 19% interest rate and demand your car back, or the money they allowed you on the trade.
There is no way they can force you into keeping the car if you were not happy with the interest rate. Unless you signed a blank contract before you were properly financed....
Dave
Jacksonville,Florida,
U.S.A.
You should've never signed the papers
#7Consumer Comment
Thu, January 04, 2007
They can't legally sell your trade-in until you sign a contract. You should've told them to stick the 19% interest rate and demand your car back, or the money they allowed you on the trade.
There is no way they can force you into keeping the car if you were not happy with the interest rate. Unless you signed a blank contract before you were properly financed....