Team-BHP - View Single Post - My woes with Tata Motors Finance.......Will it ever end??

windsurfer · 9th July 2007, 15:03

I had purchased Palio 1.6 Sport in Oct'06. I had made a down payment of 2L towards the vechile and rest (2.5L) was financed by TMFL. The loan tenure was for a period 3 yrs. Due to the urgency of the loan processing, I gave them HSBC bank cheques to start processing the loan.

The problem started with the first payment itself. I had made very clear that I want all the cheques to presented at the beginning of the month as I get my salary at the end of month. The person who had come to my office to collect cheques had promised me about this (ofcourse verbally and I am really cursing myself for just taking his words). The person also asked me not put any dates on the cheques which I resisted saying that you could present it anytime instead of start of the month. Again, the person confirmed me that it will not be the case. Well, I believed him.

Well, to cut the long story short, the first cheque bounced as I was expecting it to be presented by Dec beginning. However, it was presented in Nov last week. This was the first cheque bounce of my life and I felt very bad. I did my best to call the TMFL rep who had collected the cheques to inform him about the bounce, but strangley I could not get to him. I got in touch with other officials and they said this is correct and I should have known. If I had known how would I even allow the cheque to bounce. I told them politely that what was promised to me. But they refused to accept this and said that cheques would be presented in the month end. After many follow-up calls, I decided that these guys would not honour their commitment. And all this while, I was the one who was calling them about this and surprisingly, nobody called about this till a month later.

I had enough of this and requested that I would like to give new cheques (CitiBank). After some delays, this was finally accepted and a person from TMFL came to my office to collect cheques. I gave him 33 cheques (which also included the defaulted payment). He also promised me that old cheques would be returned soon. Now, TMFL started presenting HSBC and Citibank cheques parallely

. Ofcourse HSBC cheques kept bouncing. 3 Citibank cheques were presented and all were cleared. And strangely, no more Citibank cheques were presented and TMFL continued presenting HSBC cheques.

About 3 weeks back, I had been to TMFL Hyderabad and met Mr. Hemant Kumar. I explained him the story and he acknowledged that the problem was with them. He promised me look into this ASAP and arrange for return of HSBC cheques. Again nothing happened and another HSBC cheque was presented after I spoke to him. Also, I have received 2 notices for failure of payment.

I have placed a request with HSBC for stopping payment of further cheques with immediate effect. This was my last option after 6 cheque bounces. I had waited for 6 months for return of my old cheques. Further, HSBC has charged me Rs. 1000 towards cheque bounce charges and my credit history, which was very clean for past 5 years has been spoiled beyond repair. I cannot continue with HSBC any longer for your mistake. Will TMFL be refunding me Rs. 1000?

I have sent a mail to TMFL about this.

Can somebody please suggest me on how should I proceed with this?

9th July 2007, 15:03	#1 (permalink)
windsurfer BHPian Join Date: May 2006 Location: Hyderabad Posts: 296	My woes with Tata Motors Finance.......Will it ever end?? I had purchased Palio 1.6 Sport in Oct'06. I had made a down payment of 2L towards the vechile and rest (2.5L) was financed by TMFL. The loan tenure was for a period 3 yrs. Due to the urgency of the loan processing, I gave them HSBC bank cheques to start processing the loan. The problem started with the first payment itself. I had made very clear that I want all the cheques to presented at the beginning of the month as I get my salary at the end of month. The person who had come to my office to collect cheques had promised me about this (ofcourse verbally and I am really cursing myself for just taking his words). The person also asked me not put any dates on the cheques which I resisted saying that you could present it anytime instead of start of the month. Again, the person confirmed me that it will not be the case. Well, I believed him. Well, to cut the long story short, the first cheque bounced as I was expecting it to be presented by Dec beginning. However, it was presented in Nov last week. This was the first cheque bounce of my life and I felt very bad. I did my best to call the TMFL rep who had collected the cheques to inform him about the bounce, but strangley I could not get to him. I got in touch with other officials and they said this is correct and I should have known. If I had known how would I even allow the cheque to bounce. I told them politely that what was promised to me. But they refused to accept this and said that cheques would be presented in the month end. After many follow-up calls, I decided that these guys would not honour their commitment. And all this while, I was the one who was calling them about this and surprisingly, nobody called about this till a month later. I had enough of this and requested that I would like to give new cheques (CitiBank). After some delays, this was finally accepted and a person from TMFL came to my office to collect cheques. I gave him 33 cheques (which also included the defaulted payment). He also promised me that old cheques would be returned soon. Now, TMFL started presenting HSBC and Citibank cheques parallely . Ofcourse HSBC cheques kept bouncing. 3 Citibank cheques were presented and all were cleared. And strangely, no more Citibank cheques were presented and TMFL continued presenting HSBC cheques. About 3 weeks back, I had been to TMFL Hyderabad and met Mr. Hemant Kumar. I explained him the story and he acknowledged that the problem was with them. He promised me look into this ASAP and arrange for return of HSBC cheques. Again nothing happened and another HSBC cheque was presented after I spoke to him. Also, I have received 2 notices for failure of payment. I have placed a request with HSBC for stopping payment of further cheques with immediate effect. This was my last option after 6 cheque bounces. I had waited for 6 months for return of my old cheques. Further, HSBC has charged me Rs. 1000 towards cheque bounce charges and my credit history, which was very clean for past 5 years has been spoiled beyond repair. I cannot continue with HSBC any longer for your mistake. Will TMFL be refunding me Rs. 1000? I have sent a mail to TMFL about this. Can somebody please suggest me on how should I proceed with this? __________________ Palio 1.6 Sport (Oct 06) RX135 (Apr 98)