HSBC Auto Loan - Repossessed, Garnished, Sued
DJ in Oklahoma says: “I was in an auto accident in my new vehicle. I called HSBC to find out if it was possible to get another vehicle through them should current vehicle be salvaged. Within seconds, they approved another loan not explaining the way it really worked. I was then stuck with 2 vehicle payments after the insurance company decided to fix the wrecked vehicle. Payments were over $1,000.00 per month. I contacted HSBC to tell them what a mess we were in and they said we had to face repossession.
HSBC gave us specific guidelines, which I followed exactly, to try to sell vehicle for them. I jumped through hoops and was threatened by HSBC that if I failed in any way to comply, they would sue for the vehicle. I did all they requested and they ended up repossessing under voluntary conditions by me. They then turned and sued me for the full balance plus additional fees (which they said if I did this stuff, I would be cleared of), and am now facing garnishment. Also went through separation from my husband, who was also hospitalized, often making us unable in any way to pay this huge loan back and I am still paying on one of the vehicles. These people are crooks. They refuse to allow me to make payments, they want one large sum or they will proceed with their action. What do people do?”
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I received an offer to refinance my 2006 car in March of 2007. The correspondence stated I would SAVE money over the life of the loan by doing this. I filled out the application online and was approved. I thought at the time it was amazing that my car payment was going down $93 a month and was jazzed about it. I got the contract overnight, signed it and sent it back. I did not really look at it until later and should have. The payment WAS $93 a month less BUT the interest rate was actually a half a percent more than before and they added 24 months to my loan! I now would not have the car paid off for another 6 years when I was down to 4 previously. Hardly the “savings” I was anticipating. I didn’t sweat it, though, made 1 payment in April and re-financed with someone else (a little more a month but 3% less interest and cut a year off the term so I am back to square one). Here’s where my real story starts. My payment on the old HSBC loan was due on the 7th of every month. I called customer service in early May to inform them so they would note my account AND sent my payment stub in with a letter explaining the loan was being refinanced, had already been approved and should be funded any day. On Saturday the 12th, 5 days after the payment was due, an aggressive, obnoxious middle-eastern woman with a heavy accent called my home asking for the payment. I explained that the refinanced loan HAD FUNDED the previous day as it had per the email communication from the new lender and that they should have their check by Tuesday, so if they still didn’t have anything by Wednesday, she was welcome to call me back. “No good”, she said, “ I need you to make a payment on the phone RIGHT NOW”. I refused and told her the conversation was over and hung up while she was still yapping. On MONDAY she called me at work and then again Tuesday. Irritated that they called me again so soon, but especially at work two days running after I asked them NOT to call me there again during the conversation Monday, I called the new lender got the tracking information on the check they sent and called these morons back to tell them THEY ALREADY HAD THE PAYOFF AS IT HAD BEEN SIGNED FOR AT 9:30 that morning PER THE UPS WEBSITE. Guess what? They now owe me $190 for a payoff overage. Also guess what? 30 days have to go by before they will send ME a check for it although they sent the paid off contract 2 weeks ago. I have called them daily since day 5 asking where my check is just for fun. The point of this story is: IF I HAD MADE THAT PAYMENT THE RAG HEAD INSISTED I MAKE ON SATURDAY THE 12TH, EVEN THOUGH I KNEW I TECHNICALLY DIDN’T OWE IT TO THEM, THEY WOULD HAVE BEEN HOLDING THE $423+ FOR THAT PAYMENT IN ADDITION TO THE $190 OVER PAYMENT FOR 30 DAYS PLUS MAILING TIME. These places need to be regulated so that they have to play by the same rules they subject their customers to. Late fees, interest and etc. PAYABLE TO THE CUSTOMER, at the same rate they were charging them, should apply for anything not refunded within 5 days after payoff funds clear. Period. They are making money coming and going. Not ri