- Report: #701226
Complaint Review: HSBC/Best Buy
Related Reports
Featured Ripoff Reports
Ripoff Reports
Ripoff Report on CBS 19
Ripoff Report on CBS 19 - Global Marketing Alliance
Ripoff Report on ABC 15 - Smart Shopper
Ripoff Report - Girls Gone Wild
Ripoff Report on Fox 11 - Car Repair
Special Features
-
Doctored Reviews is designed to help patients, doctors, and websites understand the problems created by Medical Justice, a company trying to restrict online patient reviews, and to offer some ways that let patients freely talk about their healthcare experiences. -
The government should serve voters, not corporate special interests. Public Citizen works to empower ordinary citizens, reduce the influence of big corporations on government, open the government to public scrutiny, and hold public officials accountable for their misdeeds. -
WHAT YOU NEED TO KNOW ABOUT THE BBB: NOT a government agency as listed in your local phone book. Instead the BBB is a private non-profit / franchise operation. 20/20 exposes the BBB, Hamas Terror Group Gets 'A' Rating - BBB is running a "pay for play" scheme.
| HSBC/Best Buy unknown
unknown, Minnesota United States of America |
|
HSBC/Best Buy Balloon Finance Charge unknown, Minnesota
*Consumer Comment: You said...
*Consumer Comment: Still not getting the "deceptive" part.
*Consumer Comment: A good deal
*Author of original report: HSBC/Best Buy Deceptions
*Consumer Suggestion: Read your contract.
Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™
I had purchased a computer on an 18 or 24 month no interest deal. be that as it may, I've been making my payments online. The payments (their minimum payments) were always due on the 22nd. Well. I made my last payment on the 22nd and lo and behold, I get an email from these people stating that I owe them $288 in finance charges which are now subject to 26.99% interest. On their online payment site it did not mention this at all. This is deceptive to say the least. I called them and the first guy, who is in India, would take off my payment of $81.23. His supervisor, also in India, would cut it in half. I told them they shouldn't be charging me at all as my payment was on time. I got the same BS story from both of them that my 3 months prior statement said my promo end date was the 16th. I told them that there ws no mention of this on the payment site, which there wasn't and isn't. This company IS the worst and their actually better than they used to be. I have every intent of complaining to my state regulatory authority.
AVOID this company at all costs and I'm DONE with BestBuy, and any company that uses HSBC as the financing arm.
AVOID this company at all costs and I'm DONE with BestBuy, and any company that uses HSBC as the financing arm.
This report was posted on Ripoff Report on 03/01/2011 10:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/HSBCBest-Buy/unknown-Minnesota-/HSBCBest-Buy-Balloon-Finance-Charge-unknown-Minnesota-701226. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
Click Here to read other Ripoff Reports on HSBC/Best Buy
Search for additional reports
If you would like to see more Rip-off Reports on this company/individual, search here:
Search Tips
You said...
"I had purchased a computer on an 18 or 24 month no interest deal."
Which was it? 18 or 24 months?
Your story makes no sense because there isn't a no interest that says 18 OR 24 months.
You say you payed on the 22nd. What time or day did the payment clear your bank?
"I had purchased a computer on an 18 or 24 month no interest deal."
Which was it? 18 or 24 months?
Your story makes no sense because there isn't a no interest that says 18 OR 24 months.
You say you payed on the 22nd. What time or day did the payment clear your bank?
Respond to this report!
What's this? #2 Consumer Comment
Still not getting the "deceptive" part.
AUTHOR: Flynrider - (USA)
SUBMITTED: Wednesday, March 02, 2011
"I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way."
OK, so I must be missing something. If you read the contract and knew the terms, you would have known that that the "free interest" period was up on the 16th. Why would you make the last payment on the 22nd? If this was in the contract, how were you deceived?
Since you claim to be aware of how these deals work, I'm having a hard time grasping how you think you were ripped off.
" They obviously don't value my business, so mutiply that times how many people this has happened to."
They do value your business. But this whole free interest scheme is dependent upon the borrower either ignoring, or forgetting what the terms are. If they gave everyone a "do over", who would be left to pay the actual ijnterest?
I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way. They are especially deceptive in these times after the so-called credit overhaul.
All of my payments were made on time and for at least 3-4 times their minimum. They obviously don't value my business, so mutiply that times how many people this has happened to. HSBC IS a deceptive company who makes their money on these kinds of deals and finance companies like HFC, Beneficial, etc. I will NEVER do business with them again.
Respond to this report!
What's this?
I have done this several times and it can be a very good deal. It was very clear in the information provided exactly when it had to paid off. We just made CERTAIN that it was paid off 3 or 4 months ahead so was no chance of timing problems.
If you pay attention, it is a good deal but you have make sure of what you are doing. It's correct that if something is 'no interest', you better figure out why and make sure you know what you have to do get the deal. It was very clear to us, in fact the salesman and the checkout people told us and it was also in the documentation we got .
Not a ripoff.
If you pay attention, it is a good deal but you have make sure of what you are doing. It's correct that if something is 'no interest', you better figure out why and make sure you know what you have to do get the deal. It was very clear to us, in fact the salesman and the checkout people told us and it was also in the documentation we got .
Not a ripoff.
Respond to this report!
What's this? #4 Author of original report
HSBC/Best Buy Deceptions
AUTHOR: dstadig - (United States of America)
SUBMITTED: Tuesday, March 01, 2011
I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way. They are especially deceptive in these times after the so-called credit overhaul.
All of my payments were made on time and for at least 3-4 times their minimum. They obviously don't value my business, so mutiply that times how many people this has happened to. HSBC IS a deceptive company who makes their money on these kinds of deals and finance companies like HFC, Beneficial, etc. I will NEVER do business with them again.
All of my payments were made on time and for at least 3-4 times their minimum. They obviously don't value my business, so mutiply that times how many people this has happened to. HSBC IS a deceptive company who makes their money on these kinds of deals and finance companies like HFC, Beneficial, etc. I will NEVER do business with them again.
Respond to this report!
What's this? #5 Consumer Suggestion
Read your contract.
AUTHOR: Flynrider - (USA)
SUBMITTED: Tuesday, March 01, 2011
"I had purchased a computer on an 18 or 24 month no interest deal."
No interest financing always comes with a catch. Somebody has to pay for the interest. The catch can usually be found in the fincancing agreement that you signed. Generally, you don't have to pay interest if you make every payment on time and completely pay it off before the free interest period runs out. If you don't do both of these things, you'll be hit with the default interest (usually pretty high) for the entire term of the loan.
"The payments (their minimum payments) were always due on the 22nd."
That could be your problem. On most of these loans, if you make the minimum payment, it pretty much guarantees that you won't pay it off before the "free" interest period runs out. This is pretty common and is detailed in the agreement.
Basically, "no interest" financing offers are subsidized by the folks that don't bother reading the contract. Those who know the score will make sure the loan is paid for on time and in full before the term is up. They are usually outnumbered by those who did not read the contract any further than "No Interest for xx Months".
Whenever you are offered something for "free", that's the time to start asking yourself who is really paying the tab.
No interest financing always comes with a catch. Somebody has to pay for the interest. The catch can usually be found in the fincancing agreement that you signed. Generally, you don't have to pay interest if you make every payment on time and completely pay it off before the free interest period runs out. If you don't do both of these things, you'll be hit with the default interest (usually pretty high) for the entire term of the loan.
"The payments (their minimum payments) were always due on the 22nd."
That could be your problem. On most of these loans, if you make the minimum payment, it pretty much guarantees that you won't pay it off before the "free" interest period runs out. This is pretty common and is detailed in the agreement.
Basically, "no interest" financing offers are subsidized by the folks that don't bother reading the contract. Those who know the score will make sure the loan is paid for on time and in full before the term is up. They are usually outnumbered by those who did not read the contract any further than "No Interest for xx Months".
Whenever you are offered something for "free", that's the time to start asking yourself who is really paying the tab.
Respond to this report!
What's this? 
