HBSC - HAFC - Household Beneficial Services ripoff fraudulent illegal administration of auto loans San Diego California

I have been in the Auto Idustry for 20 years and need to comment on this bank and others mentioned here. HAFC( now doing business as HSBC), WFS, TRIAD, ONYX, Nationa Auto Finacne & DRIVE. These are all companies that deal with sub pare credit customers. These loans are always at high interest rates and monitored like a hawk byt he credit companies. Dealerships have special departments that deal witht hese banks only refered to as special finace departments. The people with low credit scores, bankrupcies and charge offs and the like are sent to these banks for financing and it is YOUR responsibility to READ the entire contract and all the terms , what the Fiannce manager tells you does not over ride the terms written in your contract. Dealerships prey on the fact you will be so happy to get a car you won't read all the terms of the contract . That is why most of these dealers want you to take the car the same day you come in and arrange for your insurance .So you cannot go home and think about it.
When a dealer offers you a high amount for your trade it is being financed into the value of your new car it is called an over allowance, when they give you a check for your down payment it is in your new car, when they pay your first 2/3 payments it is in your new loan, when they give your co-maker a check to sign it is in your new car. When they put the car in your mothers name and tell you in a year after you make all the payments you can change the loan into your name it's a lie you can't.When you can't pay down your loan before the time it is because the dealer is making a huge profit on the interest you are paying. It is called a dealer reserve and the main income for a special finace department. When a dealer calls your deal into a bank there are two interest rates the buy rate , which is what the dealer pays for the money the loan you and the sell or roll out rate which is waht you pay in interest this can be as much as 5pts. difference. SOme banks will set limits others will not and the dealer can go as high as the state law will allow. It is up to the consumer to read before they sign. Once you have signed a contract it is very hard to say you were tricked as most contracts state you have read all the terms and agree to them . IT IS BUYER BEWARE, as consumers we need to take control of our financial lives.