In july of 2007 I purchased a vehicle (2003 mercury sable) from a dealership in myrtle beach, sc. I financed my vehicle with hsbc auto finance located out of san diego california.in november of 2007 I recieved a phone call from a woman by the name of carmen from hsbc auto dealer relations dept who informed me that the dealership that I purchased this car from was under investigation for fraud and that it was a possibility that my car was involved. I was told that the state of south carolina dmv along with south carolina state law enforcement division seized the remaining vehicles and closed the dealership down. I was informed by ms carmen in early 2008 that their is an issue with my vehicle's title. hsbc auto finance never recieved a title from the dealership. to my understanding I thought that a bank or finance company is responsible for getting a title from a dealership once the dealership has recieved the funds. I was informed that the title is in the state of florida still under the name of the previous owner. hsbc contacted the florida dept of motor vehicles, the only response I got from hsbc is that they were still waiting to hear from florida. everytime I called hsbc to get an update either I was passed around, I left messages no one would call me back. I even faxed a letter to them trying to get an update on the investigation about the title and the possible fraud issue.
It gets better. my vehicle was stolen in august 2008 I contacted my insurance company and told them that hsbc is the bank in which my car is financed thru. I told them that hsbc doesnt have the title and that the title is somewhere in florida my insurance company informed me that in order for them to process my claim they need a title. I contacted hsbc and spoke with some woman who told me that hsbc doesnt give titles they issue a lien release notice and once I recieve that I am to take that notice to my local dmv and file for a title. I told her no ma'am it doesnt work that way!
I am very pissed off that I have been paying on a vehicle since 2007 that was never mine. hsbc continued to recieve my monthly payments knowing that they did not have any collateral, they had nothing to give if I was to pay off my car. this is fraud!
It gets even better. now that my car is a loss, they have no title, hsbc auto finance wants me to track down the last owner of the vehicle which lives in florida. they want me to see if person would get a duplicate title and sign it over to me and I am to give that title to hsbc.
My thoughts on that is... they got to be smoking crack at hsbc.
It is not my job to do their job. I am the consumer and the victim banks and insurance companies hire investigators to do this.
Hsbc also told me that I needed to continue to make my monthly payments until the claim was satisfied thru my insurance company. my question is what am I making payments on? what have I been making payments on? again they got to be smoking crack at hsbc.
I refuse to make another payment to hsbc. I dare hsbc to call me telling me I need to make a payment. and I dare them to put it on my credit report.
Hsbc took my money every month for a year knowing that they had nothing to give me in return.
My monthly payments from july 07 to august 08 totaled $3100. I want my money back and I want it now!