- Report: #515923
Complaint Review: HSBC SUZUKI ALAMO CYCLE PLEX - WILMINGTON Delaware
-
Author Not Confirmed
Why?
HSBC SUZUKI ALAMO CYCLE PLEX
PO BOX 15521 WILMINGTON, 19850 Delaware, United States of America
Phone:
8003651363
Web:
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
HSBC, SUZUKI, ALAMO CYCLE PLEX HSBC TOTALLY GOT ME!!! THEY ARE CRIMINALS!!!! WILMINGTON, Delaware
HOLY COW!!!! Tell me if this makes sense. I bought a Motorcycle for 14998.00 in 2007 from Alamo Cycle Plex, who are also crooks, and was told how great their "financing" was. I have great credit and was told I could have any bike in the dealership. We sit down, the finance guy explains to me how I'm getting this smoking deal for $209.00 a month for 60 months @ 15.95 percent apr. Ouch right. Well, 209.00 didn't sound bad so what the hell, let the good times roll. Well, after the first 12 months I noticed that my balance hadn't moved, in fact it increased. Concerned I called and was told not to worry this is normal and your principle will start to decrease in the next 6 months. Naah aah, didn't happen so I called again. Was told not to worry your account will in fact be paid off by the 60 months. Ok. Now 29 months later, oooh get this, I have never been late and you know how much I paid off my bike. Take a guess. That's right, I have been paying for 29 months now and only brought the balance down $ 70.00 dollars. This is not a type-o. Yep, this is a great deal now right? I called and all they told me was to "pay more". No crap!!! But the point was that why not give someone the payment plan they need to pay in order to pay off the loan in the 60 months like stated on the contract. Now they tell me that this was not a financed loan but a credit card. What? What the hell is wrong with these people. Do not finance with or get tangled with HSBC in any way shape or fashion. They will ruin you and your credit and your life and possible your after life.
2 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
Common at motorcycle dealers.
#2Consumer Comment
Thu, October 29, 2009
Very few motorcycle dealers offer "real" vehicle loans at their dealerships. Most have the ridiculous credit card financing. These most often suck in those who do not bother to read what they sign. The apps are clearly for revolving credit accounts.
Someone with supposedly good credit that did not balk at a 16% interest rate is a prime candidate to get sucked in by this. The fact that it took 2.5 years and they had to tell him he bought a motorcycle on a high interest credit card tells me that the OP (even when suspicious at 12 months) had no interest in looking at what he signed to get some answers.
If you go through life relying on "he told me" and "they promised", you will continue to get fleeced by those who see you as too dumb to keep their hands out of your pocket.
Robert
Irvine,California,
U.S.A.
Yes something is wrong...
#3Consumer Comment
Wed, October 28, 2009
The first thing that is wrong is that even though you knew the interest rate you still were willing to sign on the dotted line for a 15K bike.
The next thing that is wrong is that in order to get a 15K card paid off in 60 months you need to pay about $365 a month. At $209 a month you are looking at about 18 years, if you are late on this payment your balance can increase quickly.
So you need to go back to what you signed, not what they told you. If it states that 60 payments at $209 a month would pay it off, and you have not been late you may have some recourse at least against the dealer for misleading you. Another thing to look out for is what this $209 a "promotional" payment, as I have seen sometimes where they will offer this for the first 12 months but then after that it goes up to a much higher amount for the remainder of the balance.
