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Member
Posts: 10
Registered: ‎08-17-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

Do not use HSBC. Other companies are far more user friendly, I had several late payments, literally the payment came in on the 30th day, nearly 3 years ago, I paid my account off early with them, they refuse to remove those late payments, stating B.S. about the law, requires to report accurate information. This absolute fallacy, it is up to the creditors discretion, and many other companies will remove a late payment in "Good Will" if you basically send them a "Good Will" letter asking them to remove from credit report in good kindness and have shown a pattern of paying on time. There is nothing illegal about it, actually, do a search here, and HSBC Credit Card branch seems to do it quite willingly. HSBC Auto is horrible, they won't do it. Basically, if a Creditor isn't willing to work with it's customers, I say screw them go somewhere else, just my two cents, do not use HSBC for an auto loan.
Regular Contributor
Posts: 139
Registered: ‎08-07-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

Rocket01,
 
              It is not a great idea to purchase a car with a 72 months. In car wise not really a great deal. You should never get a car loan for 72 months. It has to do with car value and all. I did some research. Always lease or finance a car for less than 42 months. Best lease is 36 months.
Regular Contributor
Posts: 226
Registered: ‎03-25-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

Redamon,
I missed your reply until now....  I see your point in that you become upside down on the car where you owe more than it is worth.  It is a point of vulnerability and a risk if anything should happen such as a car accident and it gets totaled.  (God forbid!).  My DW and I were discussing the need to pay off the car loan early, and that's exactly what we are going to do.
Thanks,
Rocket
Contributor
Posts: 139
Registered: ‎08-04-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

[ Edited ]
I had a friend who's car was totaled for less than she owed on the car. She did not have GAP insurance and she ended up making her car payments for a year after the car was totaled.  She could not even afford to purchase a new car!  I always get GAP insurance when I purchase a vehicle with no money down.


Message Edited by cgmiller63 on 08-21-2007 09:56 AM
Regular Contributor
Posts: 226
Registered: ‎03-25-2007
0

Re: Auto Loan Question??? HSBC,CAPITAL ONE, ROADLOANS

Thanks for your input on the Gap insurance.  Had thought of that either....
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