JR in Ohio writes: “I purchased a motorcycle for about $10,000. I paid about $4,000 down and financed the rest through a Suzuki installment loan, which is really sold by HSBC Retail Services.
I kept current on my payments, being sure to mail them in well in advance of the due date and confirm receipt of every payment.
I had enough money to pay off the loan, so I did. They told me the lien would be released after 30 days. A few days after I paid it off, my motorcycle was stolen.
I was upset about this but figured I had insurance. I went ahead, opened a claim, and waited 14 days for the insurance company to declare it a total loss. The police never found my bike so they declared it a loss. My insurer just needed the title signed over to them to pay me for my loss.
32 days later, HSBC still doesn’t have the lien released. I called them and the representative said “It’s only 2 days over 30 days, and it’s Monday, and they don’t work the weekend.”
I know enough about HSBC to know that is NOT how they feel about payments! I then asked him how much longer I would have to wait for the lien to be released on my property which I already paid for in full. He said he wasn’t sure, put me on hold, and checked with the title department.
After getting nowhere I asked my insurance adjuster to call HSBC RS. He did and found out HSBC doesn’t even have the title — they haven’t even ordered it yet from my home state, let alone endorsed it and mailed it back to the Clerk of Courts where I live to release the lien.
At this point I am without the money I used to pay off the bike, nor the bike itself, nor the insurance money I am owed. I never had a single payment late and never called and asked for any special treatment.
This is how HSBC treats even borrowers with high credit scores and flawless payment histories. If you want to buy a bike — get a loan from a local bank! Stay away from the flashy products at the dealership. Chances are you will just be dealing with rotten HSBC in the end.”