Complaint Review: Household Auto Finance, HSBC - City Of Industry California
- Household Auto Finance, HSBC P.O. Box 60115 City Of Industry, California U.S.A.
- Phone: 800-418-1888
- Category: Loans
Household Auto Finance, HSBC unfair buisness practices, overcharge intrest rates Ripoff City Of Industry California
*UPDATE EX-employee responds: Explanation for why the money is going to interest right now.
About 1 1/2 years ago the car I had financed through houshold was totaled in an accident. The insureance would not cover the payoff amount and I had to refinance the remaining amount $2,417.46. A few weeks ago I noticed on a bill I still owe $2,417.46 and called to ask the payoff amount, and was told the same amount. I asked how this is possible and they said I am paying on the intrest of the loan, so I asked what the intrest is and he could not give me an answer, just that intrest varies daily. I looked on all the bills I could find and conviently every payment goes directly to intrest and none goes towards the actual loan. So I looked at the bills where I paid differing amounts and it was still all going to the intrest. So no matter what I pay less/extra it all goes towards what they call "intrest" so in theory this bill will never be paid off.
This report was posted on Ripoff Report on 09/09/2005 10:55 AM and is a permanent record located here: https://www.ripoffreport.com/reports/household-auto-finance-hsbc/city-of-industry-california-91716-0115/household-auto-finance-hsbc-unfair-buisness-practices-overcharge-intrest-rates-ripoff-ci-156516. 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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