Comments on: HSBC Auto Finance: Gone but Hard to Forget

By: Dave / NM

Dave / NM — Tue, 01 Nov 2011 21:41:33 +0000

If it’s legal…it shouldn’t be.

It’s the beginning of the end of the system as we know it. There are alarms sounding all around us. Some people hear them. Most people don’t.

By: Jasmine Saunders

Jasmine Saunders — Thu, 06 Oct 2011 15:53:50 +0000

My mother purchased a car via HSBC financing. He loan was sold without her knowledge. The new company extended her loan for 3 years. When she called for a pay-out amount they told her that she will have to pay the interest that would be accrued for the entire duration of the loan even though she is paying it off early. Under the original agreement her car should have been paid off in March 2011. There was not an early termination of loan clause in her original purchase agreement. Is this legal?

By: auto refinance review

auto refinance review — Sat, 12 Mar 2011 22:39:06 +0000

HSBC had a pretty good auto refinance department and was a pretty good option for non-prime customers to refinance their existing car loan. Most other companies were “prime” only shops, so those people paying 20% on their loans, but were good paying customers didn’t have much in the way to get a better rate on their car loans.

Many customers were able to slash their rate by 1%-5% and save $70 per month. It’s too bad this company shut down when HSBC decided to divest itself of car loan market in the US.

By: Rob

Rob — Wed, 13 Oct 2010 05:24:31 +0000

While I was deployed to Iraq in 2007 my insurance lapsed and I was unaware of it. HSBC found out and added their insurance to my car note (which is in the contract), however, the contract does not stat how the insurance is collected. What HSBC was doing was paying the insurance then putting the remainder of my payment to the car note. The whole time they never notified me of the situation. All of my payments are and were made on time because I had my payments on an allotment which means HSBC gets paid out of my check before I do. When I got home I was trying to reconcile the issue and they were being extremely rude threatening repossession and threatening my military career. They would harass me on my cell phone at the weirdest hours and they would call me at work. They disclosed my private information to my commander without my consent. They refused to honor the Soldiers and Sailors Relief Act. When JAG got involved on my behalf HSBC sold my account to Santander and they are following in HSBC’s footsteps. I bought the car for $12.500 and three years later I still owe over $10,000. Every time I thought I was getting a little lee way I would deploy again and have to start over. It is sad to say but I am glad I am not the only one with these issues.

By: Amy

Amy — Mon, 21 Jun 2010 17:54:51 +0000

I have to join in with the complaints regarding HSBC and Santander.

My husband and I just paid off our loan with Santander, but they have yet to report it to the credit bureaus ( since they only do this every 30 days), we are in the process of purchasing another vehicle, but we are not trading in the one we just paid off. The new lending company wants proof that the car loan has been paid in full before completing our new loan, as well as a letter stating that the loan was sold from HSBC to Santander since our credit report still shows HSBC as the leinholder. Apparently the credit bureaus only update lender information 3 times a year.

I contacted Santander informed them of the situation and requested that they email/fax the necesary information to me so we can complete the purchase of our new car.

I was supposed to receive the information via fax on Saturday, received nothing, I was supposed to recieve an email this morning, received nothing.

I called back a third time and Santander informs me that it is against company policy to provide proof that a loan has been paid off before a 30 day hold has been completed since I mailed them a personal check that cleared my bank 2 weeks ago. I called them at the beginning of the month and told them I wanted to pay off my loan and asked what was the best process and they said mail us a personal check with a payoff quote.

In addition to this nonsense, the letter I need stating that the loan was sold to Santander is not available. Santander refuses to provide that information and says that I need to contact HSBC. HSBC states that they cannot provide that information and I need to file a dispute with the credit beaurs.

In the meantime, I have a nice brand new car sitting at a dealership that I custom ordered and no way to pay for it because these two banks refuse to provide the necessary information showing proof that my loan has been paid in full.

I cannot believe that these companies are allowed to do this to people. They take our money without question and call us if we are one day late on our loan, etc.

By: Kim

Kim — Thu, 06 May 2010 16:27:12 +0000

Kim – I too had an auto loan with one year to go. HSBC sold it to Santander. If you think HSBC is bad you haven’t seen anything yet. I was notified by HSBC that they had already sold my loan to Santander and I could no longer make payments to them. I was told I would be receiving new payment info from Santander. Took them a couple months to contact me and according to them I was suppose to log onto their website and use my HSBC account number to make my payments! I was suppose to know this how? They had already scheduled my car for repossession. I paid the amount they said I was behind and I am still getting calls from them every hour beginning at 7:30 every morning. They are much worse than HSBC ever was!

By: Kim

Kim — Wed, 07 Apr 2010 18:10:32 +0000

I currently have an auto that was financed with HSBC. We purchased the vehicle in 2005 and have 1 more year to pay on it. I made my payments this way—–split the monthly amount into 4 payments since my husband got paid weekly. The total amount was paid in full BEFORE the due date EVERY month! Well, because we did it this way, they marked our account on my husband’s credit as late or not paying as agreed. When we argued it, they told us we need to be paying the full amount before the due date to keep from having a negative report made on our credit. I didn’t understand this since the amount was paid in full EVERY month. Then I started getting phone calls. Then the letters started coming with our statments. It told us that our vehicle would be scheduled for reposession and that we had a balance short amount that needed to be paid. We argued it and even took it to an attorney. Amazingly, once an attorney got involved, the issue was resolved and we no longer had any problems! I’m just glad to see them go! Hopefully the company that now has my account won’t treat us as badly!

By: Dave / NM

Dave / NM — Wed, 17 Mar 2010 03:19:04 +0000

Thank you to all who have replied to my original post regarding HSBC. As of 3/15/2010, HSBC has not repoed my vehicle. I still get occasional telephone calls, but still haven’t seen the repo man.

By: Liz

Liz — Mon, 01 Mar 2010 00:57:00 +0000

All I can say is “Thank God and Greyhound Their Gone”… We fell behind in payments with them due to a lay off..long story short..they did some illegal practices with us which cost much out of pocket money on our end (too long to give details)..but it involved demanding a Western Union after I had already set up a draft..the guy (A Mr. Morgan) tells me that the draft has been cancelled, and I need to send the money immediately through WU..so I withdraw the money from my checking account to make the payment that it is so imminent I make..they get the WU payment and draft the account anyway…resulting in checks bouncing, fees left and right from the bank and the businesses..etc..costing us even more money we couldn’t afford to be dishing out. I saved all my information and receipts..sent them a long letter with copies of everything and was amazed when I was reimbursed the lost money, down to the penny..what I should have done was taken all my information to a lawyer and sued them for all the trouble they put me through with their lies and ILLEGAL demands! It is ILLEGAL to demand a payment from anyone when there is an extra charge to send the payment..as in WU fees…I only wish I had known that at the time.

By: Ellen

Ellen — Wed, 27 Jan 2010 05:55:54 +0000

Cynthia,
Hsbc is trying to collect money everywhere they can.
If you have the release of lien, collection agency has no right to bother you. You can easily sue them
If you need more help I will gladly assist you.
I have persdonal “affection” to this company.