HSBC just repossessed my motorcycle and they want the lump some that pays it off in order to get it back.
During the past few months I called and changed my address with them which turns out they never did and made arrangements with them to make the account current and avoid repossession and again they have no record of it and it was just a phone call so I have no recorder either.
All of this was before the repo. I never recieved any letters or anything due to this. So now that its repo’d they are unwilling to work with me.
I have accepted all of this and want to get the bike back but I do not know how much time I have to pay them before they auction it because I need at least three to four weeks to get the money. How much time do I have and how can they do it seeing that I didn’t receive any notices or anything?
What state do you live in?
It’s not clear what led to the repossession. Are you saying that the fact you changed your address led to you being late?
Have you contacted HSBC to ask them if they will stall the repossession for four weeks? If they will, be aware they may still charge you a repossession fee plus storage charges. They are also under no obligation to return the motorcycle for less than the full balance due.
Do you have someone that can help you out with the balance due?
The worst case scenario would be the motorcycle is sold at auction and HSBC comes after you for the difference between the balance owed and the small amount it will sell for.
Please post your responses and follow-up messages to me on this in the comments section below.