HSBC Watch News Release Forum Index
Forum Name: - Yamaha
Topic Title: Missing title, extra interest
Wed May 18, 2005 3:48 pm
I purchased two snowmobiles from a local Yamaha dealer after having been approved by HSBC. At the time, I was not even given what my APR would be. We were late paying one time, and our interest rate went from 19% to 24.99%. The purchases occured on 10/15/01 and 11/24/01.
We recently called HSBC to obtain a payoff quote for the snowmobiles - we were told we could not obtain one in writing, but only a verbal one. We then wrote checks out that day, thinking our account would be paid in full. Shortly afterwards, I made multiple phone calls (all documented) to obtain the titles b/c we had a buyer for the snowmobiles and we were moving to TN, where you don't need them. At that point, I was told that we still had almost $3k on our account, which was all interest. Nobody could explain how we could owe interest on something we now owned. Additionally, we were told on more than one occassion that they never received the title for one of the snowmobiles.
I have contacted the BBB to file a complaint, but have not yet received a response. I also called HSBC today to see if the titles had been released. I again was told they only had one title, but they would process it today. Additionally, our balance on our account has gone up over $100. So, basically, we are paying interest on interest. Please help me if you can.
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