I got a loan from HSBC Auto Finance in February (this was my third time financing with them due to credit issues that I had) for a car. I paid ON TIME every month. When my husband's store closed in July of we kept making payments on the car each and every month, even though he wasn't working. Finally, after numerous unemployment episodes, I contacted HSBC in May and told them that I didn't know what to do because we could not afford to keep paying on the car. They sent me to the work out department. I met their criteria to stop payments on the car and put it up for sale, in order to avoid a repossession. I called every Tuesday and Thursday to check in with my work out representative, as I was told to do. We had the car up for sale with no bites until last weekend. I now have a buyer for the car, but he wants the car this weekend. When HSBC Auto Finance work out department was contacted today, they said that I couldn't give the car to the buyer until their paperwork was faxed to the buyer - which will take SEVEN TO TEN DAYS! The buyers wants the car on Saturday and is not willing to wait - he has financing in hand for the car! And we are apparently at the end of our allowed time with the work out department. So, I called my work out representative today and asked him if the paperwork could be expedited or the buyer will walk away. He gave me a song and dance about why the paperwork couldn't be sent sooner... Blah... Blah... Blah. He then got his manager on the phone to "explain" to me how it worked. I told her that if the car didn't sell, they could come get it (a repo that I was trying to avoid). I told her that if that happened, HSBC would lose out because we would file bankruptcy and they wouldn't get anything from us. She told me that HSBC didn't care.
Keep in mind that I have already paid OVER $13,000 on this car - was selling it for less than what I owed (and would be given an I-9 "charge off" after selling it) - and HSBC wanted me to make ONE MORE PAYMENT BY JULY 31 in order to accept the offer that the buyer made. I agreed to it because I felt that we were doing the right thing instead of just walking away from the car.
I am in tears and am so frustrated by the lack of "work out" now that we have a buyer.
What a rip off. $13,000 (the loan was for $13,000 and on top of that, they would be getting an additional $6,300 from me). They have received their money and then some, but they don't care if the car sells or not!
Outrageous!
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