Lemon Laws and HSBC Auto Finance
Did you buy a vehicle from HSBC Auto Finance with a high interest rate and problems that make you think about Lemon Laws? Did you read our blog article about how your financing works and how the dealer determined your interest rate? This article has information about leadership at HSBC Auto Finance, and their phone and fax numbers.
Finance companies buy loans from car dealers just after the sale is made. They typically buy loans at a discount of 1% to 15% of the loan’s principal amount. It then collects on the loan or, if things go bad, calls the repo man to take the car back.
When a sale is made the dealer calls to determine the basic interest rate for the contract you are about to sign. Then the dealer adds as much interest as they can. Did the dealer offer you 8 percent before they checked your credit only to say they could not get you financed anywhere? But wait - let me check onemore source. OK, but if you really need this car the rate is going to be 18 percent. Or did they switch you to a different vehicle with Lemon Law issues?
Lemon Laws vary by state. States enacted these laws to help give consumers recource without having to go through the time consuming and expensive process of filing a court proceeding. Pennsylvania lemon law, California lemon law - aka Ca lemon law, and Illinois lemon law are at the top of the list.
Michigan lemon law is a little further down in active complaints, but lemon law attorneys are busy these days. If you financed a vehicle from HSBC through Household Auto Finance or HSBC Auto Finance you deserve to own a decent vehicle just like everyone else. Is it defective? Consumers report that financing may be defective as well. HSBC Auto Finance is part of the former predatory lender Household International, now part of HSBC.
Automobile lemon law can possibly work in your favor. It is an option available to you.
Proving intent may not be possible, however you may be able to track down a previous owner of the vehicle. In many cases the previous owner can substantiate lemon law issues. As a side note here are customer complaints about HSBC Auto Finance
In those cases Household kept increasing the customers balance due by adding the original monthly payment amount, plus interest, to the back end of the loan.
Thinking of making a debt settlement offer? See common 
