Legal Question in Consumer Law in Florida

I had a loan with HSBC for my motorcycle. I was told by the salesman it was a 5 year loan at 13% for $200 a month. I filled out all the paperwork stating such but the only thing i received in return was my bill of sale from the dealer. Skip ahead 6 months and i notice my principal balance had barely dropped at all. So i called hsbc to ask why this is and was told that all of my interest is paid up front and once that is paid my principal balance will began to drop. Another 6-8 months later I call back with the same issue only to be told this time that the other person was wrong, and that paying $200 a month, it would take me another 36 YEARS to pay off the loan. This to me seems like downright fraud and was definitely not what I signed up for. I spent the next year or so calling the dealership and hsbc. The dealership basically told me that since that man is no longer employed there, the only thing they have to go on is the paperwork. HSBC refused to do anything about it as well, not even refinancing. So in September of 2010 the bike was finally repossessed because I no longer felt that paying on it was fruitful. I paid on this loan for over 2 years and saw the principal balance drop little more than $200. I'm not trying to sue or anything. I just want to know my chances of getting this removed from my credit and possibly having a court order protecting me from a judgment.


Asked on 12/25/10, 4:10 am

1 Answer from Attorneys
Shelly Schellenberg MI & FL private practice

Your question makes an excellent point of why consumers should never sign anything they don't understand, and they should get a copy of everthing they sign.

If you signed paperwork without reading it, the court will not protect you, because you could have protected yourself. Unless you can prove that the interest rate was usurious or the dealership used fraud in the inducement, or the documents were somehow illegal, then you had a contract. You want a court order? Then you have to go to court. Want to go to court? Then you have to file a suit.

Read more
Answered on 12/30/10, 5:26 am


Related Questions & Answers

More Consumer Law questions and answers in Florida