Mac Tools - Stanley Works and Household - HSBC
HSBC - North America announced today that its business solutions group, the commercial arm
of HSBC’s retail services business, has signed a multi-year, private label financing agreement with Mac Tools, a division of The Stanley Works and a leading distributor of automotive tools and equipment. HSBC’s business solutions group will manage Mac Tools’ 35,000 commercial accounts.
The new Mac Card(R) financing program claims to allow Mac Tools distributors to offer their customers competitive financing terms on Mac Tools products, services and accessories.
Stanley Works previously came under fire for trying to escape paying taxes in the US by moving portions of the company off shore. HSBC Retail Services was previously known as Household Retail Services, previously under fire for predatory lending practices in almost every state in the U.S.
Household is under investigation for RICO charges along with tax preparer H&R Block, while Household takes credit for inventing the abusive refund anticipation loan program.
A huge thumbs down to Stanley Works and Mac Tools for their latest decision. This move, according to consumer activists at Household Watch, has the potential to hurt mechanics and builders from all walks of life. It also poisons NHRA drag racing and other motor sports unless Mac Tools potential customers see through the HSBC logo to realize that predatory lender Household International is behind this financing.
According to Household Watch, for this action to take place so soon after Stanley came under fire for trying to increase profits by moving off shore, investors must look at the financial stability of the company.
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The new Mac Card program is a demonstration of their (Mac Tools) commitment to ‘Customers for Life’ and they expect it to greatly facilitate their success in the mobile tool business. This is really only one step towards their goal of having customers look forward to the day the Mac Tools Distributor visits their shop, or so they say.
If HSBC (really the same old Household International) doesn’t handle the Mac Tools accounts better than what history shows us with other merchants, buyers will look forward to the Mac guy coming alright. But it may not be pretty.
Customer for life huh? Well it does take seven years to clear up your credit report. It will seem like a lifetime.
Late crediting of payments, snotty customer service, ill trained reps that don’t know the law, failing to mail out your bill, telling you the postal service is to blame. How about the old “your change of address was never received” scam? Seems everybody else got their change of address, but not slick Willie’s predators.
Don’t look forward to the Mac Tools truck just so you can vent on the poor route sales guy stuck with a new predator and a bunch of idiots that signed a contract with Hosehold, I mean Household, or do I mean HSBC? Customer for life program - what a way to start.
Now let’s inform and educate the drag racers, mechanics, and fleet service guys that a predator is behind the Mac Tools deal.
Car lot mechanics - if they already finance with Household Auto Finance, don’t tell them anything. Then they might get the same screwing they have been giving their customers. Seems hosehold, I mean HSBC - Household has come full circle.
Marketing students from Ivy League colleges will tell you we’ve come full circle in a saturated market when a predatory financing company can screw the customers and then they can screw the employees of the customer-screwers at the same time. What a great capitalist system we have in America.
i am a mechanic that doenst have a bank acount to make payments from. I accepted the mac tools credit under the assumption that i get to pay the driver every week, thats convienent, now that hsbc took over they call my work constantly , they demand full payment and the put me in delinquencey of payment, thats not what i agreed to . im not a lawyer nor can i afford one so, i have no credit thanks to them. I have contacted make as to being able to return tools to the and Mac tells me they cant return them for any kind of credit. im stuck. the tool guy tells me its Mac tools i need to talk too, they tell me to talk to him, ??????? im lost here. if these companies have the background that they have, why isnt there a law suit to help us, the little guys????? please…………