Holy cow!!! Tell me if this makes sense. I bought a Motorcycle for 14998.00 in 2007 from Alamo Cycle Plex, who are also crooks, and was told how great their "financing" was. I have great credit and was told I could have any bike in the dealership. We sit down, the finance guy explains to me how I'm getting this smoking deal for $209.00 a month for 60 months @ 15.95 percent apr. Ouch right. Well, 209.00 didn't sound bad so what the hell, let the good times roll. Well, after the first 12 months I noticed that my balance hadn't moved, in fact it increased. Concerned I called and was told not to worry this is normal and your principle will start to decrease in the next 6 months. Naah aah, didn't happen so I called again. Was told not to worry your account will in fact be paid off by the 60 months. Ok. Now 29 months later, oooh get this, I have never been late and you know how much I paid off my bike. Take a guess. That's right, I have been paying for 29 months now and only brought the balance down $ 70.00 dollars. This is not a type-o. Yep, this is a great deal now right? I called and all they told me was to "pay more". No crap!!! But the point was that why not give someone the payment plan they need to pay in order to pay off the loan in the 60 months like stated on the contract. Now they tell me that this was not a financed loan but a credit card. What? What the hell is wrong with these people. Do not finance with or get tangled with HSBC in any way shape or fashion. They will ruin you and your credit and your life and possible your after life.
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