CO in California said: “I found your website while fuming over my latest headache with HSBC. I bought a new car 2 years ago in Las Vegas, and my payments are $648.92 a month. The car is worth about $14000 now, and was about $20,000 new. I was making my payments at 29%, being told by the shady car dealership if I made my payments on time for a year then they could be lowered.
So I made those shark loan payments for a year and shortly after a year, a HSBC CSR explained to me that HSBC no longer makes auto loans and they wouldnt be able to help me. (HSBC exited the auto financing business)
Then for another 6 months I made those payments painfully and then I lost my job! I called them and I was put on a ‘payment arrangement’ which was adding a $75 fee to my loan every month, because I was only one month behind and they were so ready to repo me!
I was trying to qualify for a ‘payment reduction’. Basically HSBC wants to put the difference from $426 the $649 add it to the end of the loan, increasing the loan to 7 yrs @ 29%! They want me to pay $42,100.00 for the car!
Oh and they are so nice to offer for me pay it off for the very low price of $22,000! This is legalized shark lending and I know that our elected officials know this and dont care!
The dealers can lie, the lender can lie but I get layed-off for 6 months and I have to be at the mercy of these people because I must have my car to get to my new job. Thanks for having this forum.”
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