Complaint Review: Hsbc Auto Finance - San Diego California

This is the worst company I have ever had the misfortune of dealing with. I made the mistake of refinancing my car with HSBC Auto Finance a year and a half ago, when they approached me with offers of lowering my payment. I had great credit and was already being financed by American Honda Finance, but because I was upside down on the car I traded in, they generally increase the interest rate to absorb the negative equity.

First of all the payment did not go down as I was promised during the many calls and mailings to get my business, but because I had already been through a huge fiasco with the DMV putting the wrong VIN number on my registration paperwork and delaying the refinancing, I just went ahead with everything.

I had also co-signed for my daughter's car, which because she was only 19 and had never had credit, they financed her through HSBC Auto Finance. Last year I had a problem with them posting my car payment to her loan. (My payment is almost $200 more than hers)

I didn't realize there was a problem until they started with the constant phone calls looking for my payment. They would not even admit they may have posted it to the wrong account. Thankfully I had made the payment from my Bank of America home banking, and they investigated HSBC and found the payment had been posted to my daughter's account by mistake.

It was like pulling teeth to get them to reverse the payment and remove the late fees on my account. I have been extremely vigilant over both of our accounts ever since. I have never been late on a payment, most of the time it's early.

Last month we owed a very large amount of State taxes, so I called HSBC before my April payment was due and asked to defer the payment. I was told they don't do that, so I let them know the payment was going to be late, and I realized I would be charged a late fee. They asked when I would be able to make the payment, I told them it would be the first week of May. (Right after I made my mortgage payment) That would have made my payment 20 days past due. They said they would note it in on my account.

On the 10th day after my April payment was due, the calls started. Our caller ID showed 6-8 calls a day while we were at work. I called them on several occasions to tell them that my financial situation hadn't changed, and calling me every day was not going to get them their payment any sooner than the date I originally gave them. Their collection tactics are so far beyond harassment that I decided not to give them one more penny of interest and traded the car in.

The dealership I purchased my new car through put a rush on the payoff to the address HSBC gave them. I have a copy of the payoff check which was sent on May 9th...they are still calling me for a payment. The dealership is now tracing the payment to see if it has been cashed, but in the meantime it will be a stike to my perfect credit rating. (It wouldn't surprise me if they have already received the payoff check and posted it to someone else's account!)

Next will be to remove my daughter's car from them. They do not deserve our business. This is not the way to promote good customer relations!

DO NOT DO BUSINESS WITH THIS COMPANY IF YOU VALUE YOUR SANITY AND CREDIT RATING.

Debbie

Fremont, California
U.S.A.