HSBC Watch News Release Forum Index
Forum Name: - HSBC ATV Finance
Topic Title: Predator Quad Now Repossessed
Fri Mar 10, 2006 4:06 pm
YN in Arizona said: "My 43-year old son bought a "Quad" (4-wheel dirt bike) about 10 months ago. We realized that this was a very bad decision because, although he had a job, my husband and I were helping him to meet some of his obligations. However, he had also been diagnosed as having Bipolar disorder about a month or two before that time and was receiving medication. Those with this disorder are known to use bad judgment and he was not accustomed to taking the medication regularly nor did he seem to understand that he had to get used to applying more self-discipline. High sales pressure was used to sell the vehicle by USA Motorsports, 310 N. Dysart Rd in Avondale, AZ. He had no experience driving a racing vehicle such as the "Predator", as it was called and did not realize the dangers involved. They also made false promises about the cost of the helmet. On one of his few trips into the desert, he had an accident in which he was injured and could have been killed.
I have just learned, by having acquired the latest bill, that the vehicle was financed by HSBC. The address to which payments are to be made is HSBC Retail Services. Post Office Box 4153-K, Carol Stream, IL 60197-4153. Yesterday I ran across your website under the title of "HSBC Retail Services Carol Stream". I was very concerned because, from what I could surmise, my son had contracted for a loan of something like $6000 to $7000, had not been able to make all payments and had been late with some. Our son indicated that his interest rate was at about 30%! The balance owed on the last bill was $12,815.37. I wrote an email to you asking for some information on contacting them and was given a phone number. I doubt that they will even talk to me.
My son is presently in jail with a charge of breaking probation. Because of some discrepancies in his probation officers behavior, he might be allowed to finish his probation but we will not know until after his court date on April 5. In the meantime (last night to be exact), two young men arrived late in the evening to repossess the "said" vehicle. There was nothing we could do to stop it, as you probably know. They said it would be held for 10 days. It would then be auctioned and the amount received applied to the loan; the rest would still be his responsibility. Needless to say, he will be unable to handle that kind of debt. Please help us to know what action we can take on behalf of our son. I am considering contacting the media here in Phoenix as you suggested.
I do not know what CapWiz is, but I am willing to try most anything at this point. Our son needed even more help, but, being 76 and 79 ourselves, we have extended ourselves both financially and morally to our limits. Any help that you can give will be greatly appreciated."
Editor's Note: CapWiz is the form on the left of this page which says "Contact Lawmakers"
Sat Mar 11, 2006 12:34 pm
All I can say is watch out. We returned our Quads after being screwed over by HSBC only to be charged twice for repossion. We still do not have proof that they were legally sold . Almost a year later DMV says they are still registered to my husband. HSBC sold them well below blue book value without giving us the date and time of sale so we could protect our interests. I documented their condition when they left our property. When I questioned HSBC as to why they were sold at less then half their current blue book value I was told by HSBC that blue book value was in their words a Myth and ment nothing . I have been fighting these morons for almost three years. All I can tell you is document everything send all letters certified mail with a return receipt. Good Luck
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