Heads up for anyone wanting to finance a new bike

[TheLane]

If you are going to do it ( which i dont suggest anyways) and you are going to be using a dealerships financing.

do not at all costs finance with HSBC bank.

a friend of mine paid off his bike and the bank was supposed to send him the title and had still yet to do it after multiple calls over the course of the 4 months.

At the end of this after checking with the state if there was anything he could do he had them brought to court WHICH THE BANK DIDNT SHOW UP TO!

The sad ending of this is, HSBC was fined $500 and my friend still doesnt have his title or a lien release.

[chucked]

Same happened to me with hsbc. And this was after I sold it for what I owed, the new owner called me once a week. Turns out I still owed something like $.20 and they never billed me.

[blaster99]

My family is kinda dealing with the same thing on our house... an equity loan was paid off 3 years ago, and the bank still has a lien on our house, so we can't get another equity loan. They claim to have sent the lien release a week ago... still don't have it! Isn't this illegal?

[Tommy Warren]

why finance something you don't "need"? I don't understand

[chucked]

Because I wanted it and didnt have the cash, paid it off in 2 years though.

[finsteratv]

i pay for my toys in cashhh :cool:

[TheLane]

it is a violation of A LOT of federal acts which is why you can take them to court and if its still not resolved you can sue.

[chucked]

Yea but I like to buy things new, people like to hide problems... I put alot cash down, payments are cheap, but Ill pay them off quickly, except for my brute force, hours got cut back a year after I bought it, then I was laid off. I made minimum payments for a year and a half

[D Bergstrom]

Thanks for the heads up, I have my RZR-S through HSBC, should have it paid off by the end of the year. Nevada does not issue titles, but always want to have the release of lein paper work. Looks like might have some issues.

I will say HSBC is a pain to deal with. When I mailed them the first payment it took them two weeks to process, even though I was only one state away, they should have had it in three days. Funny thing is the proccessed it the day after it was due, charging me a $50 late fee and they said if I was late again my default rate would be kicked in. I was livid, gave them a call and demanded to talk to a supervisor. They did cut the late fee and marked it down as not late, but said I should mail my payment earlier, the mail is not reliable where they are. (Huh??:huh ) Next payment I sent in the day after I got it in the mail, three weeks before it was due. Week before it was due, still had not cleared. Did an online payment, but just let the other go through to test a theory. Sure enough, the check cleared the day after it was due, but I already payed online, so it was just a double payment. Now I always pay online and have not had a problem since.

I think they give out low interest loans then try to get people to default so they can collect the higher interest rate. I know once I get this paid off, I will never deal with them again.

Doug

[chucked]

Hey Doug, you just reminded me I had the same issue on my first payment, went to online payments.

[Scro]

I try to pay for everything in cash. But times when I can't, I usually borrow money through some place local. The mega-banks don't see a faces. Their customers are just a bunch of numbers, and there's no emotional aspect to it. They are all greedy and will try to make a penny anyway they can on top of the regular interest. Just think about all the people out there in Bergstrom's case that were too lazy to do anything about it, and bought into their lies.

The last credit card I had (and ever will have), was a 6 month same as cash. On the last check in the 6th month, I wrote the amount in the box correctly, but wrote 00/100 on the line instead of the correct amount by mistake. I get a bill the next month, saying the previous balance was $0.26. Since it was the last month, they back charged me the interest for the entire amount. $80 worth, over a small misprint on the check.

[quadrider]

hsbc did this to me repeatedly, i send my payment 2 weeks in advance by mail, because i didn't have Internet. wouldn't you know it they didn't process my payment until the day after it was due and charged me $89 late fee. They did this to my 3 times in a year and only took one of the late payments off after hours on the phone with them.

[CJM]

I used to work for a computer store and you could get a credit card thru the store.

Cant tell you how many applied and had (or so claimed) perfect credit and didnt get approved or got approved for a way low amount. Yea HSBC...

I applied for one to get a )% interest for 1 year deal cause I made a big purchase and they didnt approve me and I have an insanely high credit score and a perfect record..doesnt make sense.

[TRX_450]

i financed my 450 through yamaha with hsbc and they handed me the title the day i walked out.

[chucked]

Originally posted by TRX_450
i financed my 450 through yamaha with hsbc and they handed me the title the day i walked out.

Yea, with a lien on it.

[TheLane]

yeah your in a title holding state.

There are 4 types of states

Electronic states - where the title is destroyed after the DMV issues a lien. once the lien is paid off the dmv issues a free and clear title, only after the lien holder has reported it paid.

Title Holding states - where a lien is placed on a paper title and the buyer holds, then a lien release is sent out one the vehicle is paid off, then you take your title and the lien release to the dmv to get a free and clear title issued.

Lien Holder held states - your lien holder (aka) bank holds the title till you pay off your loan, then sends you a free and clear title.

Non titleing states - No title is issued for said collateral, and a lien is recorded via a UCC (uniform commercial code) to show that there is a lien on a particular VIN.

[buck440]

Originally posted by Tommy Warren
why finance something you don't "need"? I don't understand

in case you want it now but don't have all the money. you have enough money but you would rather finance so you don't loose all your saved money and need it and not be there. because they want it now and know they can pay it off.

[Aarons 01 400EX]

Originally posted by Tommy Warren
why finance something you don't "need"? I don't understand

Well, some of us are trying to get a 800+ credit score. I've maxed out at 775 and hopefully this will push me over when i pay it off in a year.

[TheLane]

Originally posted by Tommy Warren
why finance something you don't "need"? I don't understand


Because some riders are broke mutha f***as!
:eek2:

[Tommy Warren]

I would hate to possibly have a collection against me fr something I didn't need. If I had the money then yeah I would finance...but if I wasn't positive that I could pay it off at any time it would drive me nuts...

[bens250ex]

Originally posted by Tommy Warren
I would hate to possibly have a collection against me fr something I didn't need. If I had the money then yeah I would finance...but if I wasn't positive that I could pay it off at any time it would drive me nuts...

people are different and in different situations. :rolleyes: credit isnt a bad thing if you aren't a fliipin retard you can turn it into something good, i paid off my ltr through hsbc, i did have a problem with my first payment but after that i was good to go. Hell i got a credit card after i paid off my bike, ended up getting $100 bucks free for spending some money on it. And in case of an emergency i have a way to get myself home...

[YFZ-FoFiddy-TC]

I don't know why people complain so much about other peoples decisions. "Why finance something you don't need." Why not? Not all of us can come up with 6 grand cash. Not to mention it's helping build credit when I buy a house, or anything else.

[krt400ex]

Originally posted by Tommy Warren
why finance something you don't "need"? I don't understand


there was a couple reasons for me, but honestly the biggest reason is that when i financed i was 19 yrs old and needed a way to start building credit. i had applied for credit cards to start building credit and no one would approve me(insufficient credit history they would tell me). this loan my mom cosigned for me, but the credit still goes to me. i'm 20 now, and i'll be 23 when the loan is paid off. it wont be long after that i'll be looking into houses and such and you MUST have credit for things like that. i wanted the ktm, i needed to start building credit. it was like having my cake and eating it too.

[rubbersdown]

Hsbc does suck but screwed up to my friends benefit. My buddy bought a brand new bike back in 06 and financed threw them. 2 months went by and he never got a payment book or anything so he called the dealership and they said they have no idea. So he calls hsbc and they had no record of it WHAT SO EVER. After 6 months of playing phone tag they still couldnt find any paperwork so they just wrote it off. He doesnt have a title or anything because of this but he didnt pay A SINGLE DIME for the bike because he didnt put anything down lol.

[TheLane]

He can submit for a title through the state! and bwahm he has a free bike!

If the state never recorded the lien, and he can get a copy of his purchase agreement from the dealer hes golden!