Anyone dealt with HSBC Auto Finance?

[Adchick]

I just read an alarming post on ripoffreport about a woman who filed Ch 7 and intended to reaffirm her car but they didn't offer her the option. She stayed up to date on her payments but 3 days after her discharge, they repossessed the car with no notice and no explanation. She had no idea where it was or how to get it back and couldn't get anyone on the phone. this is typical of them - they'll blow up your phone all day long but when you call back, you get an automated answering service or a guy in India (sorry).

of course her post was from a year ago, but I can't imagine them getting better since then.

I'm kinda holding my breath to see what happens next. It sucks to wake up every morning and cross your fingers before you look out the window to make sure your car is still there.

Please share any experience you've had with them - good or bad.

[lrprn]

I just read an alarming post on ripoffreport about a woman who filed Ch 7 and intended to reaffirm her car but they didn't offer her the option. She stayed up to date on her payments but 3 days after her discharge, they repossessed the car with no notice and no explanation.

If her payments were on time, if she took her lender to court, the lender would have a very difficult time convincing the judge that a repossession was warranted under the circumstances. The lender has lost no money whatsoever by her filing. Just being greedy, that's all. Almost as bad as torturing a harmless bunny to repossess a car in these circumstances. Pathetic cruelty on the lender's part - and I'm betting the lender was a credit union.

If your state is one that won't allow repossession or foreclosure if your payments are on time, then you're safe from this kind of torture. (And they say there's no debtors' prison....oh sure... )

Look up FeelingHopeless's forum thread about her similar experience when her credit union repossessed their car right after her Ch 13 was discharged. Her lawyer took the credit union to court - the case is being heard tomorrow. We're all rooting for her that things are decided in her favor (although she probably won't find out how the judge rules for awhile).

Car lenders doing this is very unusual - that's why when it happens, it's so shocking.

[CATCHMEIFYOUCAN]

I was with HYUNDAI Motor Finance cuz I bought a car from this last year, I just traded in my car and got picked up by HSBC. I'm getting ready to apply with Christian Community Credit Union in hopes they will take over the financing at a much lower interest rate than HSBC (right now I'm at 14.5%). I don't think I've ever experience and hard times with HSBC as I noticed I've attained plenty of credit from them through (Best Buy, Target etc) but I've never filed on them either, and I had the cc's closed long before I file. Hmmm ...

Best of Luck, Catchmeifyoucan

[Lindsay]

We discussed this with our lawyer. We have our vehicle financed directly with Nissan Motor Acceptance at 1.9%. We were hoping to just continue to make payments on it. We are in NY. He said that they have the option of repossession, but he hasn't heard of it happening as long as the payments stayed current. We're in NY, so I'm not sure if we are one of the lucky states or not that don't permit the lender to repo if current. The lawyer didn't mention this. He said thats what alot of people do. We aren't upside down on the vehicle, we have positive equity. Its worth about $17,000 and we owe $14,000. I'm not sure if they would be more likely to repossess a vehicle that isn't upside down.

Does anyone know if the vehicle is safe for the bankruptcy period between when you file and when you are discharged? I know that they have to apply for a motion to lift the stay, but what if you are current on payments and continue to pay during the bankruptcy period? I'm hoping to continue to make payments during bankruptcy, then borrow some money from my dad and use tax refund to try to pay it off after discharge. Or try to refinance it. I would be too nervous to have to live with the threat of repo everyday. Has anyone dealt with Nissan in bankruptcy?

I'm not sure about HSBC, but we have a delinquent credit card with them and their collectors are extra aggressive. It would seem like it would cost them alot to repossess if you were willing to make the payments.

[Runnin on empty]

Hi Lindsay, we're in NY too. My lawyer hasn't mentioned anything specifically about reaffirming our cars or home yet, but he does know that we are current and plan to keep all 3 (home & 2 cars). My wife has a lease through Ford Motor Credit, and I have a loan from BMW Financial (it isn't a BMW). Our home loan is through HSBC, but we've never been a nanosecond late with a payment, and my loan is guaranteed through the VA (I'm a veteran).

All that aside, unless someone has massive positive equity in a vehicle and they owe that lender for something else, I can't see why they would go to the headache of repossession if someone has always been on time. It just doesn't make mathematical sense.

I sure hope HSBC isn't that much of a PITA with us when it comes to our mortgage. I'll have to get on them.

[whatamess]

My lawyer does not sign reaffirmations in chapter 7 unless your well over median. He said they only one that has repo'd while payments were on time is Ford. He said they were about 50%-50%, all others 25% chance or less. Im with Toyota at 2.9% and have never been late so I called the bankruptcy debt there, and they said that not signing the reaffirmation was fine and just to make sure payments were on time, not a day late. Ive been sending the two weeks early to be sure.
I have to admit though, it makes me a tiny bit nervous when the automatic stay is over. That 25% chance...I'm sure it will be fine for all of us though. Like said, it makes no sense.
WAM