Report: #378581

Complaint Review: HSBC Auto Finance - San Deigo California

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  • Reported By: Valparaiso Indiana
  • Author Confirmed What's this?
  • Why?
  • HSBC Auto Finance www.hsbcauto.com San Deigo, California U.S.A.

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When my Chevy van broke down with expensive transmission troubles in 2004, my sister suggested instead of paying for a new transmission to try to trade in my van for a newer vehicle. At first I thought this could be a good thing, I could get a newer vehicle, make payments to re-establish my credit, And the dealership was offering a guaranteed $4000 trade in for my broken van for a used car.

I settled on a 2004 Chrysler PT Cruiser basic model. The car had 16000 miles on it already but we were offered the extended warrantee with it. The total price for the car with the trade in was $14,000. Everything was fine until the dealer had trouble finding me a financer. My credit was shot after hurting myself on the job 10 years before. I had a lot of unpaid medical bills I was fighting since the worker's comp was supposed to pay them. In the interim, I got stuck with them on my credit, lowering my score to about 545.

The dealer finally said he found a bank to take my note, but I would need a co signer. My sister who went with me to the dealer agreed to sign for me, and after signing the papers I drove home with my new/used Chrysler.

I am from Buffalo, New York originally, and HSBC is everywhere there. They have a 22 story tower there, bank branches throughout the region and they sponser the areana where the Sabres play. I even had my bank account with them for 15 years before moving to Indiana where they don't have branches here. I thought I would get the same level of great service I got in Buffalo, boy was I wrong!

They never sent me a payment book for the car, instead they send a bill every month. The first bill I received said the total balance with the agreed upon 7.9% on my note was close to $17,000. That seemed about right, and I started to make my payments on time, every month.

Also, they had the wrong name as the primary borrower. They had my sister as the primary and me as the co signer. I called the 800 number on the back of the bill to question this and was told it didn't matter who's name was first, we were both responsable for the bill. This was the first red flag for my sister and I, but we knew we couldn't find anyone else to take the note. So I paid my bill, on time every month so it would not reflect poorly on my sister's credit or mine.

However, there were some months when they would call claiming they did not receive my payment. I knew this could not be right since the payments were going to Carol Stream, Ill, which is near Chicago and we are in Indiana about 60 miles from Chicago. I pointed this out to the representitive on the phone that it only takes 1 day to get the mail from Indiana to Illinois and that the payment was mailed at least 10 days before the payment was due. Even if they had the slowest mail room in Chicago, they still should have received the payment.

The rep barely spoke English, he had a very heavy East Indian accent. He insisted that I had to pay my payment by credit card right there over the phone. I refused, and informed him that it is illegal to make such a demand since he could not proove he was actually from the bank. When I pressed back for confirming information, he refused and hung up on me. But an hour later another rep called with the same tune, pay now by credit card. I again asked for confirmation that he was with the bank, and was hung up on. Again, this rep spoke with a thick East Indian accent.

We stopped answering the phone to that phone number, and a few days later the calls stopped. However, every few months or so, I would get calls like this. I made a complaint with the FCC about harassing calls, then they stopped until I actually did have a late payment. But this did not happen until almost 4 years later.

I recently hit a bad spot financially. The rising gas prices, my rent was increased, our utilities went up, so did the cost of groceries. This ment that the loan was getting paid later and later every month. So the calls begain again. This time they were even more agressive, threatening to repo the car with only one month past due. I missed 1 payment but continued to pay my payment leaving me steadily 1 month behind.

They now call from about 6 different numbers, with different area codes. I went into the hospital in June for a few days. I do not have health insurance and I am self employed. If I don't work I don't get paid and thus don't have any money. I missed another payment with HSBC. I have tried to make as many payments as I can, even partial payments. However, when they send me my statement now, it says that the total of my partial payments is correct. But when you look at the breakdown of how they applied the payments it is nuts! It says for an example, they received $450 in payments that month, out of that payment $350 went to interest payments, $70 went to late fees and the remaining balance was applied to the princaple!

I went back and took a good look at how the bills were applied for the last few years, they did the same thing, even when the payments were on time for over 3 years! They took a huge portion of the payment to pay "interest" and then applied a small amount of my payment, usually less than $50 per month toward the balance owed!

I have loans with other companies, two to be exact. Both of those loans has the total amount owed that includes the interest applied. When I make a payment to them of $110 dollars on time, my bill is reduced by $110 dollars. When I am late there is a set late payment fee applied that must be paid in addition to the regular payment.

I have paid these blood sucking vultures over $12000 on my note which they say with the interest was a total of $17000. So how is it that my bill says that I still owe almost $9000? I don't know who is their "math wiz" but there is no way I still owe that much on this loan. They are still threatening me with repo, and I am shopping for an attorney to sue. If they keep this up I will put the car in locked storage and buy a beater until this is resolved.

Valparaiso, Indiana

This report was posted on Ripoff Report on 10/05/2008 08:40 PM and is a permanent record located here: https://www.ripoffreport.com/reports/hsbc-auto-finance/san-deigo-california/hsbc-auto-finance-refuses-to-refinance-or-work-out-a-deal-refuses-to-refinance-loan-haras-378581. 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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#10 Consumer Comment

Hsbc are crooks they approved me for a car loan the papers signed then two weeks later they said I didn't fit there credit granting criteria but a new company financed me


POSTED: Sunday, May 16, 2010

Hsbc are crooks they,  approved me for a car loan the papers signed.  Then two weeks later they took It back.  They said I didn't fit there credit granting.  Well If I didn't fit there credit granting criteria.  Why did they allow me to sign the papers.

Well thankfully I got to keep the vehicle.  The dealership found a new finance company & I got to keep the company.  I even told hsbc I didn't lose the vehicle.  They didn't seem to like that at all.  I told them somebody else financed me.

Then I told them they could shove It up there a*s.  I got to keep the vehicle.  It was the same payment plan I had with them.  So they just lost out on some money. 

HSBC only HURT themselves.  They thought they was smart,  taking back the loan.

When anyone "TRIES" to do me wrong.  It always comes back to them.

After reading these complaints.  I am glad they took back the loan.  They are crooks.  But I didn't lose the vehicle.  I even mailed a picture of me driving In It.  Showing them they didn't get away trying to make me lose It. 


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#9 Consumer Comment

Beleive what you want..

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

POSTED: Wednesday, July 29, 2009

It appears that Ljcarrier suffers from the same thing as other posters. That is as soon as someone says something they don't like they accuse those people of working for the company. I really wish I did work for every company I have ever been accused of working at. Of course I would be working 24 hours a day, 7 days a week, 365 days a year to do that. The reality is that I do not now, or ever have worked for HSBC or any bank.

If she had actually read the post, she would have realized that I(and others) were explaining her mis-understandings in how financing works. This statement "Since you clearly have no clue about how laws work in different states, the sheriff can not intervine without a warrant issued by the judge.". shows again that she does not want any advise. Because of course while she accuses people of working for HSBC I said the exact same thing in that it takes a court order. "they can(and will) get a court order and have the sheriff visit you." And while I did not say it, yes in general they can cut chains and locks on things such as fences or gates. But breaking any locks on a permanent structure(such as a locked garage) is considered a "breach of the peace". Please note the distinction that I am making between a "structure" and items such as fences or gates.

As for Kelly, sure you made 60 payments but were they made ON-TIME? Your loan is based on making your payment on or before the due date each and every month. If you paid even one day late you are assessed additional interest. Hopefully you gave your attorney the proof of each payment and they ran those payments into an amortization table to prove that you were right. So please update us on how your suit went. If not, that is the first thing that HSBC will bring into court(if it gets that far).

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#8 Consumer Comment


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

POSTED: Tuesday, July 28, 2009

I agree,can the top three posters be more obvious you worked for HSBC?
Although our story is alil different,we too have been battling with these people for almost a year!

We pd off our vehicle,but one month before we made our last payment,we received a statement stating we owed an additional 4,000(rounded up number). I called to question these charges. I was told it was interest/additional fees??? I asked for a print out of exact dates and charges to total this amount. What I recieved was a print out of our 59 payments.I called them a total of 4 times requesting this information,only to receive the same payment history!
We made our last payment and awaited our title,nothing. I called and again they asked for the additional money. Again I asked for exact dollar amounts and dates,they could not verbal give me the information,they said they didnt know.
Long story short,they still to date cant give me what ive asked for. I am not shelling out an additional 4k on a paid off vehicle!
So,we hired an attorney. Hes called them over and over,with no return calls from their manager. As well as Cease and desist letters. In meantime,they have sent several repo men out(they have left cards at the door). Our attorney has sent out Cease and desist letters to them,which have gone ignored. They refuse to deal directly with him,they continue to call me. He told me they are the worse company hes dealt with.He also stated this was honestly the most bizzare case hes worked on againest a company. Their legal dept has not returned any calls from our attorney either. We have a letter from HSBC stating they have recieved 60 payments from us as well.
When my attorney called the very first time,he was able to speak to one lady,she told our attorney we still owed 6 mths on the lien. However,they told me the additional money was for fees/interest?? Our attorney explained he was holding aletter from HSBC explaining we made 6o payments. She stated it was wrong.
We've had so called "investigators" calling every joe d**k and harry all over the U.S harrassing them trying to get information on us. (funny how much information you can get off internet from a phone number they have left)They have threatened to have relatives arrested unless they offered "federal" information,(first,its not federal,second police DO NOT GET INVOLVED IN CIVIL MATTERS,PERIOD)BTW,the last idiot who called and claimed to be an investigator,called me at 11pm at nite,stupid move. I have it on call record and is a criminal offense,considering he threatened me on the phone too,and called from out of state...
Our attorney informed me yesterday he has done some deep research on HSBC and never seen so many complaints on one company before. He described them as underhanded and not willing to work with anyone,let alone an attorney.
I ENCOURAGE YOU ALL,get an attorney! Yeah yeah,HSBC WILL tell you not to waste your money...trust me,do it.
Our next step is sueing them in court,which I cannot wait til that court date is set.
My attorney thinks they wont show,I hope they do.
Its been almost a year in battle. Funny HSBC hasnt filed a suit againest us to retrieve the vehicle.You would think by now they would . My attorney said they wont,becuz they want the vehicle and gamble on the fact that most people give in to them and wont take it further. Well,IM NOT ROLLING OVER. It took 5 years to pay it off,and we made our 60 payments as stated in our contract.

Please,all of you with issues with them,get an attorney,its worth every dime.

If we all give in to them,they will stay in buisness.

My attorney is very aggressive and Im glad for that. Hes been more then inexpensive.

We are also going for damages againest hsbc.
I hope you all to get a day in court to settle your issues with this underhanded company!
I wish you all the very best of luck!:)

Will up date after court date.

Oh,btw...the ones who work(ed) for HSBC,save your postings,Im not interested.

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#7 Author of original report

Looks like the first 3 work for HSBC.....

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

POSTED: Tuesday, June 09, 2009

Wow could the three of you be anymore obvious that you work for HSBC or one of the brainless skip tracers for HSBC? Thankfully I do not take advice from empty headed trolls with nothing better to do then to criticize what they know nothing about.

To the number cruncher worried about the exact numbers. Sorry I am not that stupid to list my exact numbers in a forum. The facts that are needed to be known are right there, I have paid off most of the loan and there is a huge disagreement to the total left on the loan, period. I did call HSBC to make payment arangements when my money started to get too tight and the bank refused to even attempt to help. I have seen more compassion from back alley bookies then I got from HSBC.

Also, just an FYI, Since you clearly have no clue about how laws work in different states, the sheriff can not intervine without a warrant issued by the judge. I would have to be notified of the court date also. Not like whatever la la land you live in where the sheriff butts into the business of citizens without due process. So sorry to rain on your send me to jail parade. Also "chains can be cut..." yeah, break the lock on the door and it is called BREACH OF PEACE. Can you say, bigger lawsuit against bank and repo people?

Oh and one other thing, to the jerk who suggested we try eating Raman and just paying our bill. It is not like we are dining on steak and prime rib every night. We have cut so many corners to save money to pay this off and keep getting the run around. This is why I have chosen to dig in my heels and fight.

As for the other jerk who thinks I am ripping off my sister, yes she does know exactly what is going on and is 100% behind me on my decision to do this. Maybe you lack the moral character to be honest with your siblings, but we dont have that in our family. My sister has known the facts as they have happened throughout this whole ordeal from beginning to end. The only people being ripped off is us.

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#6 Consumer Suggestion

Not exactly crooks...

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

POSTED: Friday, February 27, 2009

Sounds like a case of folks not understanding "amortization" or "contract terms."
When you take a loan, closed-end (meaning a definitive payoff date, with no ability to incur further debt on that account) there is an amortization schedule. House, car, whatever. You pay more in interest on the front end in the early months/ years, and more in principle on the back end. This is STANDARD.

When you commit to paying X dollars per month, per contract term, you MUST pay that amount- it is not negotiable! You can't pay 1/2, or 1/3 or 1/10 and say you are paying as agreed, you are not.

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#5 Consumer Comment

HSBC Ripoff? They are CROOKS!!

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

POSTED: Wednesday, January 21, 2009

HSBC Auto is a bunch if caniving crooks. They refuse to work with you, when you do get an acutal person on the phone, you can barely understand what they are saying...English they LACK!! I had an auto loan through HSBC and it was horrific. I found a way to pay off my car, I overpaid them back in November (the full amt), realized that I did, called and requested for them to return the difference and to date (2009) they have yet to send my funds back. However, when you are late for a payment they are constantly calling and harrassing you as to when the payment will be made.

Thank goodness someone at the top made the correct choice to no longer conduct auto loans! They are a bunch of under-handed, rude, rip-off CROOKS! This goes for their credit cards to auto loans and anything else they take part in. CROOKS to the end!!!

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#4 Consumer Comment

Same thing here

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

POSTED: Thursday, January 15, 2009

I also bought a car through HSBC because my credit wasnt great. I am in the same situation as you. I bought the car for $17000 and was supposed to have it paid of in 2010. They still have me as owing 13,000 dollars and have changed my payoff date to 2012. Every month they puy hardly anything toward the principle. Some months nothing was put toward the principle. I have had them calling me 20 times a day for as long as I have had the loan. They even call my job all the time. I am behind now and they are saying I am further behind than what I actually am. They keep threatning to repo my car too. Conviently, I cannot log into my online account now and that just started since they started saying I was farther behind than I am. I dont know what to do anymore. Sometimes I just feel like letting them have the car because its just too much stress over a stupid car. I know exactly how you feel and I think they are a horrible finance company. Oh yea, did you know they arent giving out car loans anymore??? Yea wonder why.

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#3 Consumer Comment

Sounds like there may be an issue

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

POSTED: Friday, December 05, 2008

I agree with the above 2 posters about about not understanding how it works.

And the simple interest is true, the balance you see isn't the total loan + interest, it's the loan amount, depending on your interest rate the total you would pay could be upwards to over $25,000

Now here is where I have an issue and missing information, you don't say what your payments are and how long the loan is for. Standard car loans are 5 years, you made mention of a $450 payment which would imply a 20% interest rate, yet you are saying it is 7.9%

Also, even with 20% interest rate, on a 17,000 loan, your very first $450 loan would have $283 goto interest and $167 goto principal. If you really did pay for 4 years without ever being late like you claimed, at 20% you should only owe about $4900 on it by now.

If however you do have a 7.9% interest rate, your monthly payment should be around $344 a month for a standard 5 year loan, and after 4 years you should only owe around $4,000

But since you said you have paid nearly $12,000 after nearly 4 years, that would only $250 a month, which means you would have a 7.5 year loan. And after 4 years you should still owe around $9200.

So, if you do have a 90 month (7.5 year) loan, paying $250 a month for 4 years, the figure is correct. If it's not, then you have no issue and I suggest you learn how interest compounds over time.

The harrassing calls is interesting however, it's not in a lenders best interest to repo a car if you're still paying, even if it is a month behind...better to get some money from you than none. Odds are your car is worth a lot less than you owe so they usually stretch it out as long as possible. But with the economy the way it is, perhaps they are more desperate and dealing with all late payments the same, trying to scare money out of people. Either way, Eat Top Ramen for a month and get current on that car payment.

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#2 Consumer Suggestion

Not only that,

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

POSTED: Monday, October 06, 2008

but if you place this car in a locked storage, then you risk your sister also going to jail. By already admitting you are paying late every month they can by law repo it now! Think by putting it in a locked storage will keep it from being repoed? Think they have not already sent someone by your home to see if it is already there? Either you are naive on how this works or you are not thinking well. Chains and locks can be cut, but honestly that is not the point. You are behind, which means that you have put yourself and your sister in a position of not just re-poing this car, but you have put your sister's credit at risk now. She is now responsible for this loan and if she can not bring it current quickly then her credit will be dinnged. Whether you hit a bad spot or not is not the point, you are the one who signed for the loan, you knew it was due every month, whether or not you had a payment book or whatever.......You knew it was due every month around the same time every month. Please don't try to blame others, just pay your bill. There is no rip off other than the one to the bank....you owe the money and if you don't pay it , then I promise your sister will. I hope she knows you are behind because if not that is where the true rip off lies.

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#1 Consumer Comment

Some things you should know..

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

POSTED: Monday, October 06, 2008

There is no RipOff here just a lack of understanding of how financing works.

There were correct that it didn't matter who is listed first. Because BOTH are equally responsible for the loan. If the loan does not get paid on it is a negative on BOTH parties equally, but if it is paid on-time then it is a positive on both. If you want to refiance it you must go to a different bank.

As for receiving a Coupon Book or statement the result is the same. You just don't get the detail in the coupon book. Your Auto Loans are "simple interest" loans. This means that the interest gets calcuated every month based on the balance. It is also very common for the first few years of the loan to have a very small percentage of your payment going to interest.

For the payments they didn't receive, you of course had proof that you made the payment right?

"... am shopping for an attorney to sue. If they keep this up I will put the car in locked storage and buy a beater until this is resolved."

Don't waste your money trying to find an attorney, use that money to pay on the loan. There is nothing you described here that even remotely approaches wrong doing. Also, if they are going to repo the car, you can keep it in a locked storage for a while. But they can(and will) get a court order and have the sheriff visit you. If the Sheriff comes and you refuse to turn over the car you will go to jail. By the way the tougher it is for them to repo the car the higher the cost to you because you will be held responsible for any recovery fees.

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