BEWARE: HSBC Retail Services financing - Kawasaki Teryx Forums: Kawasaki UTV Teryx Forum
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post #1 of 17 (permalink) Old 05-11-2010, 10:52 AM Thread Starter
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BEWARE: HSBC Retail Services financing

Beware of possible scams by Kawasaki Good Times promotional financing with HSBC Retail Services. When I bought my new Teryx a few months ago, I put a few thousand down and financed the rest. I took advantage of the 4.99% rate for 2 years. I got no payment notice for over 2 months. That effectively reduced the 2 year period during which the 4.99% is offerred. After 2 years the % jumps to appx 21%. I noticed the % rate was 21% on the first payment! It was a big hassle to get it reduced to 4.99%. I decided to send in the total payoff of about $5700. I sent it 10 days before the due date, using the HSBC envelope with return address. Guess what, HSBC said they never got it! Now they want about $300 in late charges. After stopping payment on the payoff check, seeking legal advice, getting help from the local Kawasaki dealer, and sending the second check certified with signature required, I have learned a big lesson: Don't Trust HSBC. Also, any big money sent to them should be Certified Mail.
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post #2 of 17 (permalink) Old 05-11-2010, 03:14 PM
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Always use a bank transfer.
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post #3 of 17 (permalink) Old 05-11-2010, 03:32 PM Thread Starter
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BEWARE: HSBC Reatail Services financing

Thanks SXS...It just doesn't pay to be too trusting nowadays...I learned my lesson the hard way and just want to give a "heads-up" to others...it amazes me that I can mail 100 items, including checks, during the course of a year and there are no "missing" checks...but, well you know the rest of the story.
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post #4 of 17 (permalink) Old 05-11-2010, 03:39 PM
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Thanks SXS...It just doesn't pay to be too trusting nowadays...I learned my lesson the hard way and just want to give a "heads-up" to others...it amazes me that I can mail 100 items, including checks, during the course of a year and there are no "missing" checks...but, well you know the rest of the story.
Agree.. I worked a few fraud cases...
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post #5 of 17 (permalink) Old 05-14-2010, 12:45 PM Thread Starter
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BEWARE: HSBC Retail Services Financing

For you HSBC customers, here's my last entry on this matter: HSBC cashed my second check to them on May 11 after signing for it. Then, on May 12 they TRIED to cash the first check I sent them on April 16. That's the check they said they never got. It's the one I stopped payment on. Isn't it amazing that the missing check seems to have been in their greedy hands all along. Hope my whinning helps prevent problems for ya'll.
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post #6 of 17 (permalink) Old 05-14-2010, 03:54 PM
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I went throught nearly the same exact thing when i baught my Grizzly last year. Yam uses HSBC too, and they fucked with me for 3 weeks while i was trying to pay off my balance. They returned 3 electronic transactions through the bank. Then they told me to use there web site to make the payment. They refused that too. I tried paying on the phone but they wanted to charge me an extra $15 to pay over the phone. After getting transfered 4 times i finally talked to someone that took the payment with out the extra charge.

Will always use a bank on buying new toys.
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post #7 of 17 (permalink) Old 05-15-2010, 06:39 AM
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Now that I have heard all the bad, has anyone had any good luck with them? I can already see the trend since I have had to call them 2x to find out when my first payment is due, its been almost 2 months since purchase and the only thing I have recieved is my CC so I could charge more stuff...
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post #8 of 17 (permalink) Old 05-15-2010, 12:46 PM
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I would recomend going to a bank and getting a loan through them. Payments will be the same or maybe 20 more a month. With the credit card if you pay over the amount due, they put more money towards different fees and interest. With a bank if you pay more then the amount due it goes directly towards the balance, thus paying the loan off quicker and costing you less.
This is just what I've noticed with the HSBC card i had. I will always go through a bank or Credit Union (even lower rates) to get loans for my toys. If i would have done this in the first place i probably would have payed my grizzly off a year earlier.
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post #9 of 17 (permalink) Old 05-15-2010, 03:18 PM
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Ca$h is king!
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post #10 of 17 (permalink) Old 05-15-2010, 04:28 PM
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Paid cash for mine too, but I need a loan to finish it!!! Someone want to finance my long travel? Anyone?

08 Teryx 840 stage III, dalton, dynatek, 48" bed delete", pds k2 cage, fusion head unit, alpine amp, fosgate 8" marine, kicker 10" sub.
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