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PL in West Virginia said: “We purchased a new vehichle in September 2007. HSBC is the place that approved us (we have bad credit) the car dealer gave us the payment amt per month. We should not have agreed to the loan but we were just glad to get a loan we said we would make that payment. WELL, when we received the paperwork from HSBC the interest rate was over 20%. We have paid on this car for over a year now…and we are always behind…and not one cent has come off the original loan amt. We have paid over 3,000.00 to date and our balance has not gone down AT ALL.
They lock you out of online payments and make you either pay Western Union which is at least 10.00 or charge you a 15.00 fee to pay by phone. We tried to work with their so called “workout department” and they told us we were only eligible for 1 extension payment and we had to pay $764.00. We told them we couldnt do that and they got really nasty. My husband finally told them to come and get the car!!! They have to be charging fees on fees on fees for our balance not to have changed even if we are late.
Our financial state got worse after we took out the loan and just cant seem to get ahead. Pay checks went up but so did all the utilities, food, gas and everything else because of the economy. Any help would be appreciated.”
This article, HSBC auto loan fee structure questioned, is just one of our articles from Bank Horror Stories, HSBC Secrets
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
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