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HSBC Auto Finance / insurance, bureaucracy

1 CA, United States Review updated:
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This is an account of my troubles with hsbc auto finance following my corporate relocation with mnc to asia in august, 2006. given hsbc’s global footprint and slogan “the world’s local bank,” I would have expected far better understanding of the needs of expatriates.

Due to my outstanding balance on my auto loan, we elected to put the car on blocks in mnc’s company storage. as part of this arrangement, mnc self-insures all stored employee assets for full damage coverage at replacement value.

In the fall of 2006, we received notice from hsbc asking us to provide proof of insurance coverage. at this point, jy in his capacity as an official representative of mnc provided a letter dated november 30th, 2006 guaranteeing that the vehicle was insured through mnc’s self insurance policy that temporarily resolved the issue although the initial $40 charges from hsbc were never refunded.

In spring 2007 we received a new request for proof of insurance coverage. on may 14th, 2007 we resubmitted the letter of november 30th to customer service. after reviewing the letter the agent agreed it to be satisfactory and instructed us to fax an additional copy of the letter to customer service.

Assuming this matter was satisfactorily resolved, we were surprised to notice monthly charges of $64.25 being charged to our account starting may 30th 2007. upon receiving this kr (replaced mr. y) provide notice on october 30th 2007 certifying that the vehicle was fully covered by mnc’s self insurance policy. after this proved unsatisfactory, k spoke with je in hsbc to identify the exact wording required by hsbc. k provided this revised wording to hsbc on november 21st, 2007.

Once again assuming this was satisfactorily resolved, we were surprised to receive a letter from dk indicating that hsbc still did not view mnc’s proof of self-insurance as satisfactory despite using the exact wording requested by j in the letter of november this letter, mr k indicated that mnc (misspelled in letter) has not provided proof of casualty insurance protection without indicating what this proof should entail.

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  • Gr
      1st of Dec, 2008
    0 Votes

    I have an auto loan with HSBC, My car is has state farm insurance but HSBC charging me for insurance.
    They have collection agency calling me for $110 which I do not owe. Customer service cant help.

  • Pe
      4th of Feb, 2009
    0 Votes

    I agree with all of the complaints, they have done so much to me I really don't know where to start, they stated I was 6 months behind on car notes and I was only 1, the paperwork they sent me didn't match the info the young lady gave me the day we discussed this issue. They are rude and quick to report you and most of the time it is their fault. I had true-pay, they keyed wrong# to bank and then told me I didn't have a good account number I asked how is that and I sent you a zoided check, so I requested a copy of what was sent to bank and it was a human error on their part, they changed carriers, never called or wrote me to let me know? Then the phone calls start, they have did this to me since Oct 2008 and now they say we have a new carrier, I don't even want to fool with them, I'll let my bank pay them. I am still looking for all of my checks to match the times they said payment wasn't made and I WANT MY MONEY BACK AND AN APOLOGY. If you can't get someone else to fiance your car. DON'T BUY IT..THEY ARE BAD..

  • Au
      29th of Jul, 2009
    0 Votes

    All you have to do is have your ins company call HSBC's balboa ins 866-402-8074 and verbally verfy that the veh is fully insured, then the API charges will be dropped.

  • Fe
      5th of Aug, 2009
    0 Votes

    "All you have to do is have your ins company call HSBC's balboa ins 866-402-8074 and verbally verfy that the veh is fully insured, then the API charges will be dropped."

    THIS IS BULL. I and my ins. companies called AND faxed required info from Mar. 2009 to Aug. 2009 REPEATEDLY and we are still being charged for TWO vehicles. HSBC Auto AND BALBOA Insurance - YOUR COMPANIES ARE BOGUS!

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