Household HSBC Watch

Thu Jul 28, 2005 10:15 am      

Hello Everyone; I am wondering if others like myself have been soured to the new car buying experience. I got very lucky about a month ago and came into some money, which allowed me to pay off the car loan I had from HSBC. Because of all the ways they have manipulated this loan, not clearing my checks on time, sending me to collections after not receiving the monies after 10 days, etc. They have but all ruin what was a good credit rating. I have about 30 months before I have to re-finance my mortgage, Hopefully my credit will be restored by then.

My question and observation is this.

By dropping peoples scores are they not keeping the pool of potential client full? When a bank sees all the bad things, be they legitimate or not, on a credit score they usually refuse to do business with you, forcing you to do business with the sub-prime lenders. Thus keeping a pool of people trapped in an unending circle.

The big banks and car manufacturers will soon have to wake up. Most people get trapped and tricked into doing business with these despicable people, The sub-prime lenders then do everything they can to lower people’s scores making good people look bad. As I mentioned above I am lucky and came into some money, and will make my current car last as long as possible, hopefully 10 years or more. So now the car manufacturers lose a buyer, is there anyone else not thinking of buying a new car because of similar reasons?

If my credit score is still bad when I have to re-finance my house the big banks lose a client. I would think the big banks should wake up, give people a break and realize the money they are losing to these vultures and bottom feeders. Most people in my opinion will live up to their obligations and will pay what they owe. These sub-prime lenders will be the doom of this economy, after all it is the clay society, (clay meaning most easily broken) and then we will all be in the same boat, the rich and poor living in anarchy, it is already happening just read the paper. I hope it can be fixed, but I somehow doubt it. Greed is not good, Mike Douglas in the Movie “Wall Street” was so wrong. Just ask the CEO’s and CFO’s of companies such as Eron, WorldCom, and others to numerous to mention, These men now have a bed bubby not really in their planned retirements, Oh how my heart bleeds for them. Below is a letter I sent to HSBC with my last payment.

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To Whom It May Concern:

Please find a check in the amount of XXXX for payout for MY 2000 Gran-Am.

Please do not EVER try to solicit my business again; I am on THE NATIONAL DO NOT CALL LIST. I found your service to be less than satisfactory.
Firstly, I do not tolerate liars. The person who sold me this loan promised me an interest rate lower than the one I was stuck with.
Secondly, when I discovered you wanted to hold my title, I promptly cancelled my application for this vehicle loan. The person who sold me this loan then contacted me and she promised me you only wanted to photocopy my title and would send it back to me. As you know this was deliberate deception to secure this deal.
With respect to the contact I signed, I cannot be sure and this is only speculation on my part, HOWEVER, I now believe the difference in the interest rate promised to me and the one charged to my contact is because this field was not filled in when I signed the contact, I trusted in the integrity of your company not to deceive me. Once signed of course you would have be able to fill in this field with any interest rate you desired.
HSBC Auto Finance, I discovered is a sub-prime lender with no ethics and of course is a company I will never again consider doing business with in the future.
Let me put it in perspective for you. If in the future I should consider financing a new car and HSBC is the only lender willing to finance it, I would rather walk or use public transit.
You have so soured my new car buying experience that I suspect I will never finance another car. If I cannot buy from the curb with cash, then I simply will not buy. The car I now OWN should last for 10 years or more with proper care. I have to keep it this long in order to get my monies worth with the expensive interest I WAS paying you and your demand for full coverage insurance on this vehicle, almost broke me.
I will be writing to the major car companies explaining why I will never think about buying new again and it is because of SUB-PRIME, PREDATORY, LENDERS LIKE HSBC. I will also post my experience on http://www.householdwatch.com. Hopefully I will be able to discourage others from ever borrowing from such a despicable company like yours.
If I had done my homework and checked HSBC out thoroughly, I would never have given you my business. Live and learn I suppose.
Just a note, the best advertisement is word of mouth, and if I can save just one person the grief and dissatisfaction I experienced with HSBC then I will feel vindicated.
Of course, the ball is in your court now, I was promised a 9.9% interest rate by Joynce (the person who solicited my business), write me a check for the difference, Approximately $300, made payable to me and I may not bad mouth HSBC as I have been doing on the web and in conversations with people who are thinking about financing a new vehicle. This is just a thought of course and one I am sure will fall on deaf ears because of HSBC’s predatory nature.

Sincerely;