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Archive for the Category »05 AutoFinance «

Insurance is offered through insurance agents of HSBC Insurance Agency (USA) Inc., a wholly owned subsidiary of HSBC Bank USA, National Association, and an indirectly wholly owned affiliate of HSBC Holdings plc. Products and services may vary by state and may not be available in all states.

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In the poll conducted for The Associated Press and AOL News, 64 percent said gas prices will cause money problems for them in the next six months. In April, 51 percent expressed such concerns. Those most likely to be worried were people with low incomes, the unemployed and minorities. However, the level of concern was rising fastest among women, retirees, married people and those living in the suburbs. “These are Metris customers (MBNA) and Household International (HSBC) customers” said consumer advocates at Household - HSBC Watch. “HSBC thinks people will do anything to keep their homes and automobiles, no matter how much they were lied to or duped when they took out the loans. What will those people do when they know their credit card or car payment was not really late, or their mortgage payment was not really late? When they can’t sue because of binding arbitration? When they can’t pay home heating costs because their interest rate was raised for no reason? Time will tell, reputation will faulter, and profits will fall at HSBC” said the group?

DH in Ohio said “I applied for a car loan with household auto in july of 2001. The inquiry never appeared on my credit report. I believe that they gave me an unfair interest rate. I have called and they told me that they used Equifax. This inquiry is not on any old Equifax reports.”

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On May 26, 2005, more news about General Motors (GM) and their troubles added fuel to the fire. GM already tasks predatory lender Household International, now called HSBC Finance Corporation, with processing and handling the GM credit card. Missing records and identity theft issues were traced to the GM card. “Our point is this” said Household - HSBC Watch. “If GM sells their mortgage business to HSBC, which is actually the disgraced and highly predatory Household International, it will put GM out of business. It is every home owner’s nightmare if their loan is sold to a predator, and GM has no more room for forgiveness after the GM card disaster” said the group.

Finance companies buy loans from car dealers just after the sale is made. They typically buy loans at a discount of 1% to 15% of the loan’s principal amount. It then collects on the loan or, if things go bad, calls the repo man to take the car back. “You can read more about what goes on behind the scenes in auto financing in our blog” said consumer watchdog organization Household - HSBC Watch.