HSBC Watch News Release Forum Index
Forum Name: - Yamaha
Topic Title: Special Financing on any Star Motorcycles
Sun Mar 20, 2005 9:33 pm
This new promotion now seen in television ads means special financing by predatory lender Household International. Now called HSBC, they also finance Suzuki and others. Their special Suzuki financing means it takes 18 years to pay off your new bike. That's if nothing goes wrong.
Since the beginning of 2005, thousands of customers report not being able to pay their account online. For ten years, from 1994 to 2004, Household and HSBC credited payments late, often one day after the close of a billing period. They paid $11 million to settle those charges.
Special financing on any new Star motorcycle may be special for HSBC but not very special for you. Beware, and for now we recommend not falling for the nice looking commercials. Find your own financing for your new Yamaha if you want to buy one.
To see the details of how Household International and HSBC does it to Suzuki buyers see this article
Thu Sep 15, 2005 5:53 pm
If you are going to post derogatory messages, be sure to get your facts straight. The Star financing being advertised is through GE on installment (like a car) contracts. Why don't you drop by a dealer and check it out instead of posting incorrect information?
Thu Sep 15, 2005 6:57 pm
Okay, maybe GECC may have financed some of the Yamaha Star products in limited areas or people think the financing is with GECC, but it gets transferred to HSBC.
However when we researched Yamaha Star online we found the following information:
http://www.yamaha-motor.com/star/05promos/purchaseFirst.aspx
Select the "Bill Pay" option and check out the re-direct.
Looks like HSBC North America Holdings to me.
So now we have to ask, if the Bill Pay selection is the only way to determine which company provides the special financing, then who is zooming whom?
Thu Sep 15, 2005 7:54 pm
First of all let's set the record straight. "Truman" posted from IP address 198.136.143.22 - which is United States - California - Burbank - Yamaha Motor Corp
Therefore Truman should know this, taken from his corporation's website:
"Customer Choice" Finance Offers with Yamaha Installment Financing (through GE - Minimum amount financed $5,000) or the Yamaha Card (through HSBC)
Case closed Truman. If HSBC FInance Corporation, which we all know is Household International, is costing your corporation sales while presenting reputational risks, it is your corporation that signed contracts with HSBC (Household). To finance a motorcycle on a credit card is not a wise idea. To finance anything with a company that has a reputation for applying payments late is even worse.
While some nuances may exist which are known only to dealers, HSBC Watch stands by our statement that HSBC Finance Corporation does indeed finance Star Motorcycles for Yamaha. When doing so with negative amortization the bike is worth less in a few years than the balance due.
This is on the HSBCUSA website: "Committed to enhancing the customer experience in every single transaction, Household provides flexible, customized credit card and marketing solutions for many of the world's largest retailers and manufacturers including, Best Buy, CompUSA, Costco, Menards, Microsoft, Mitsubishi, Sony, and Yamaha."
Here is another reference: "Promotional Finance Offers -- All installment loans require final credit approval by HSBC. Tier and APR will be based on the customer's credit history. HSBC sets the underwriting criteria of the Polaris installment program. All customers will not receive the best Tier and APR. See this in detail here.
Enough said on this subject Truman. Thanks for bringing it to our attention. Everyone else can use www.whois.sc to double check Trumans IP address which again, for those who missed it, is 198.136.143.22
Thu Sep 15, 2005 8:09 pm
http://www.householdwatch.com/thor/viewtopic.php?t=673 is my question for Yamaha and HSBC. Please Truman, answer my question.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.