HSBC - Yamaha Scam
We made one purchase of two ATV's from our local Yamaha dealership. Although we were told when we applied for the financing it would be through HSBC we were not told it would be a credit card. We did not discover that until we received our first bill. Thats where the nightmare began.
Our first bill showed the purchase of two bikes on two seperate days. This wouldnt seem like a big deal except for the fact that by seperating them into two purchases they were collecting more interest and none of the principle payments were applied correctly. I immediatly started trying to get the problem corrected each month it was the same BS. I sent copies of the original documents proving they were one purchase still HSBC refused to correct the problem. I placed the item in dispute in 2003 yet HSBC continued to charged late fees and interest on items that are in dispute.
We were aware that we had a introductory interest rate of 3.9 % for 18 months. We were told by the dealership that after the 18 month period our interest rate would be no more then 12.9 %. When we got our first bill after the introductory rate had a 22% interest rate. When I called HSBC to point out the error I was told to bad the dealership had quoted us the wrong rate and we were stuck with it. I again provided proof but HSBC still refused to honor the agreement, At that rate we would have been paying over $28,000 that was just more then we could stand.
We informed HSBC that if they refused to honor our original deal we would be returning the bikes. HSBC refused to let us return them but later sent a repo man to our door.
Next they charged us to different sets of fees for the same reposession. We were not notified as to the date time and location of the sale so we had no way of knowing if the sale was even legal. The only thing we recieved was a statement claiming we still owed over $8,000 dollars.
When I questioned HSBC as to why the bikes were sold so far below blue book value I was told by HSBC that blue book value was only a myth.
To date I have sent over 23 letters certified mail return reciept. The only response I have recieved was a nasty letter from their legal department demanding another payment of $3600. HSBC thinks they are above the law its about time for a class action suit.
0 comments