Report: #325929

Complaint Review: Hsbc Retail Services Suzuki Credit

  • Submitted: Mon, April 14, 2008
  • Updated: Mon, April 14, 2008
  • Reported By: carriere Mississippi
  • Hsbc Retail Services Suzuki Credit
    P.o. Box 15521
    Wilmington, Delaware
    U.S.A.

Hsbc Retail Services Suzuki Credit keep raising my balance even thouyh all payments were made on time Wilmington Delaware

*Consumer Comment: APR....

*Consumer Comment: APR....

*Consumer Comment: APR....

*Consumer Comment: APR....

Show customers why they should trust your business over your competitors...

I have been paying on my account for 1 year now. I have never ever missed a payment and ve even paid more then the minimum payment a few times but yet my new balance keeps rising.I financed the amount of $12,479.00 in may of 2007 to purchase a new gsxr 1000. Now 1 year later without missing a payment or being late my new balance is $13,035.00.

I called to get an explanation for this and no one seems to want to explain.I have spoke with a supervisor who told me tht I signed a contract on a promotional loan rate of 13.5% financing for 60 months with a note of 188.00 a month.My insterest on my statementshas now rose to 21.9% ant my note is 290.00 a month.All I get for an explanation is I will look at it and get back with you.I am still waiting for the supervisor to get back to me.

Even with email,telephone,fax and postal mail I think she could have walked here from deleware to get back with me if she really was serious about returning to me. Please finance from someone else no matter what if you are looking to get a new suzuki.

Scott
carriere, Mississippi
U.S.A.
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This report was posted on Ripoff Report on 04/14/2008 12:06 PM and is a permanent record located here: http://www.ripoffreport.com/reports/hsbc-retail-services-suzuki-credit/wilmington-delaware-19850-5521/hsbc-retail-services-suzuki-credit-keep-raising-my-balance-even-thouyh-all-payments-were-m-325929. 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. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
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#1 Consumer Comment

APR....

AUTHOR: Robert - (U.S.A.)

The key to this is the "promotional rate" and other promotional terms they may have had. They may have had a offer where they don't require the full payment for the first year, but all other interest charges still apply.

If you financed 12,479 for 60 months(5 years) at a 13.5% Interest rate your monthly payment needs to be $287.14 from month 1. This would explain why $290 is now due. The 21% you see may be the "effective" APR because of the higher balance.

Since you were paying less than the $290 they required is why the balance went up. The good thing is you also said you paid more than the minimum which is why it did not go up as much as it could have.

This is why when you sign up for something you have to read and understand EVERYTHING.
Respond to this report!

#2 Consumer Comment

APR....

AUTHOR: Robert - (U.S.A.)

The key to this is the "promotional rate" and other promotional terms they may have had. They may have had a offer where they don't require the full payment for the first year, but all other interest charges still apply.

If you financed 12,479 for 60 months(5 years) at a 13.5% Interest rate your monthly payment needs to be $287.14 from month 1. This would explain why $290 is now due. The 21% you see may be the "effective" APR because of the higher balance.

Since you were paying less than the $290 they required is why the balance went up. The good thing is you also said you paid more than the minimum which is why it did not go up as much as it could have.

This is why when you sign up for something you have to read and understand EVERYTHING.
Respond to this report!

#3 Consumer Comment

APR....

AUTHOR: Robert - (U.S.A.)

The key to this is the "promotional rate" and other promotional terms they may have had. They may have had a offer where they don't require the full payment for the first year, but all other interest charges still apply.

If you financed 12,479 for 60 months(5 years) at a 13.5% Interest rate your monthly payment needs to be $287.14 from month 1. This would explain why $290 is now due. The 21% you see may be the "effective" APR because of the higher balance.

Since you were paying less than the $290 they required is why the balance went up. The good thing is you also said you paid more than the minimum which is why it did not go up as much as it could have.

This is why when you sign up for something you have to read and understand EVERYTHING.
Respond to this report!

#4 Consumer Comment

APR....

AUTHOR: Robert - (U.S.A.)

The key to this is the "promotional rate" and other promotional terms they may have had. They may have had a offer where they don't require the full payment for the first year, but all other interest charges still apply.

If you financed 12,479 for 60 months(5 years) at a 13.5% Interest rate your monthly payment needs to be $287.14 from month 1. This would explain why $290 is now due. The 21% you see may be the "effective" APR because of the higher balance.

Since you were paying less than the $290 they required is why the balance went up. The good thing is you also said you paid more than the minimum which is why it did not go up as much as it could have.

This is why when you sign up for something you have to read and understand EVERYTHING.
Respond to this report!
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