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Old 29th July 2008, 17:29   #31
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Tanveer, I like the idea of trying to talk with the Tata Motor Finance guys as Shankar mentioned. You can talk to them and see if they are willing to match the rate from HDFC bank. If they do, go with them and you can be out of this HDFC jhamela once and for all. This new offer from HDFC seems like a good deal too (as a last ditch effort).
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Old 29th July 2008, 17:33   #32
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tsk, Just forget it and move on. Just some lessons learnt for a future upgrade from a Safari to Xover ?
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Old 29th July 2008, 17:35   #33
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Guys as I mentioned in my earlier posts, the problem has been solved
I pay same EMI same duration, but it starts a month late.
The caveat is that I have to pay the dealer 3000rs more, but the GM sales says "Promises are promises" and if HDFC bank cannot do anything, then he will ensure that we get additional discount of 3000rs. So what was done on the day of delivery stands
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Old 29th July 2008, 17:36   #34
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Quote:
Originally Posted by NetfreakBombay View Post
I think major lesson is NEVER EVER deal with any DSA. Their word does carry any weight. And of course get everything is written.
The word DSA means Direct Sales Associate.

Then why do you go to a dealer to buy your car, knock at the Manufacturer's door.

This is purely mudslinging guys, the same way a Software Engineer works as per his companies rules and regulations a DSA also works in tandem with the Banks policies.

Rates are not designed by DSA's its an integral part of Banks policies.

As an end user we also must read the offer document before signing the dotted line.This is our foremost duty as a customer.

Good to know Tanveer has got his problems sorted out by HDFC bank itself finally.

Last edited by PAVAN KADAM : 29th July 2008 at 17:39.
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Old 29th July 2008, 17:37   #35
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Tanveer you really believed that is a solution you got? I do not see what solution is that.

Do something. Work out the total amount you will pay for the loan period minus 1 emi. Then check out what is the effective ROI that it finally works out to be. If it looks like a 0.5% figure (max) I think it will be better to let it be. Kind of cut your losses. However anything more and I still believe you have a case for the Ombudsman. Even if there is nothing concrete in writing will not the dealer agree with your contention? Anyhow, they are now charging you the new rate which came into force only today. Whereas the delivery happened 2-3 days back. It can be very easily proven that they could not have dreamt up this rate then.

You do have a case here Tan. Check it out. In fact if you are game for it get a real good lawyer and you can even put in a case of mental trauma, agony, lost sleep, hair loss and many more such things in the fray.

EDIT: Ok, lot seems to have happened by the time I typed and posted this. So if Tanveer is happy I guess that solves the case for him. Congrats bhai.

Last edited by Zappo : 29th July 2008 at 17:41.
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Old 29th July 2008, 17:47   #36
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Sorry to hear bout ur fiasco with hdfc. It is true that none of the banks in India are completely professional. It also seems likely from all the posts on ur thread that the dsa screwed you big time. It is always advisable never to use a dsa for any loan transaction and go directly through the manager of the bank branch. Anyways, im very surprised that theve hiked ur interest rate beyond normal.
I hope it all works out and yes i fully sympathize with you since it has certainly ruined your new car experience.
In my case , i havent yet recieved a copy of the agreement from hdfc since i took the loan in early april. I guess someones walking to my house with the agreement copy from chennai head office. This goes to show that although they promptly disbursed the loan, the follow up of providing documentation is not good enough.
Regardless of your unfortunate and bitter experience, this doenst make any of the other banks in India better than the rest. Honestly the banking system in India is just trash.
Goodluck.
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Old 29th July 2008, 17:48   #37
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Hi tsk, I have been banking with HDFC since 7 years in different forms like NRE, NRO, Savings Ac resident, Current Ac resident etc. as well as my wife since 5 years in all the above forms. In our experience HDFC has stricter rules when it comes to Home/Personal/Vehicle loans. Comparitively HDFC also gives less loan amount approval than most other private banks/ nationalised banks.

Your issue seems to be deriving through the lack of communication from the executive who was interacting with you. Its a very common issue even with ICICI. Lately every tom, dick and harry get recruited to banking jobs, they dont go through a stricter training and product education before going live. I have been facing this issue with the executives both from HDFC and ICICI regularly. Most problems get solved only when the issue reaches to the highest ranking person in the respected department. So, now I follow exactly what GTO mentioned above since last 2 years. Make everything in writing, even the promises and offers that comes verbally. Never hurry in taking delivery (I am taking 2 full months to decide on my new SUV).

Now to resolve your issue: Kotak has a good reputation in fast processing and quality services. They do lot of things that are not possible through normal banks. A nationalised bank should be your last option specially if you are not an account holder with them. They give first preference to existing customer loan applications than others, unless you know someone personally. Also they take over 2 weeks for an outside loan application, I agree exceptions might be there based on the place and state. My experience in Bangalore city was very disappointing (I dont have any nationalised bank accounts). The branch manager (one nationalised bank) asked me on the face with a teasing smile: "Do you want me to give you a loan when 150 applications from the branch itself is waiting for approval ?" I didnt even wait to say thank you.
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Old 29th July 2008, 17:51   #38
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Quote:
Originally Posted by Zappo View Post
Tanveer you really believed that is a solution you got? I do not see what solution is that.

Do something. Work out the total amount you will pay for the loan period minus 1 emi. Then check out what is the effective ROI that it finally works out to be. If it looks like a 0.5% figure (max) I think it will be better to let it be. Kind of cut your losses. However anything more and I still believe you have a case for the Ombudsman. Even if there is nothing concrete in writing will not the dealer agree with your contention? Anyhow, they are now charging you the new rate which came into force only today. Whereas the delivery happened 2-3 days back. It can be very easily proven that they could not have dreamt up this rate then. You do have a case here Tan. Check it out. In fact if you are game for it get a real good lawyer and you can even put in a case of mental trauma, agony, lost sleep, hair loss and many more such things in the fray.
Hi Zappo. I checked the EMI which I have to pay and also did my own caluclations according to EMI formula. The rate of interest is working out to be 12.37% instead of 12.25%.
But if I look at it from a customer perspective
1. My advance EMI will be deducted on 5th August
2. Rest 47 EMIs will be deducted from 5th september
I got delivery last week.
So effectively in my case if I I assume I did not pay any advance EMI(which effectively I did not, since my EMIs are starting from 5th august), my Loan works out to be
XX amount for 48 months at 12%

Now how did this swing to my benefit? The dealers finance department took the advance EMI check from me, but this check will be encashed only after 1st August, and they will recieve loan amount - Advance EMI.
Normally with banks you have to pay advance EMI to bank for the same day.

Right from day one I had an XLS sheet where I filled in all scenarios with advance EMI and without advance EMIs.
I even checked for correctness of my formula from the bank sites which have EMI calculator.
this was the sheet whose printout I took to dealer also to verify all EMI details etc.,
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Old 29th July 2008, 17:53   #39
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Thats terrible. Among your line items should be to take HDFC to court after arranging another financier.

And that bit about Indica owners not allowed to upgrade to Safari is as ridiculous as they come.
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Old 29th July 2008, 18:02   #40
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No sweat bro. 12.37% is ok I think. Not bad at all. Just do one thing. Take it in writing from them that the EMI deductions will start from September 08.

Somehow I have a feeling that it is still not the end of it. I hope I am wrong. I have a gut feeling that they will deduct the EMI from your account the very next month. And the circus will begin all over again. So have that new offer thing in writing from them.

Mahesh, in an ideal world that is what one should do. Sue the pants off HDFC. But then in reality we all get so embroiled in our everyday life that ultimately if the issue at hand gets sorted out we hardly ever bother to take the morally correct ground.
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Old 29th July 2008, 18:03   #41
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Phew... was following this thread and saw tsk going from 'hope it works out' to 'i am going to burn the house down'. Anyway, glad for you TSK, that it got resolved.

Now, please forget everything that happened, take your ride and have a good ride home. And do take the longer route back home! :-)
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Old 29th July 2008, 18:06   #42
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I must agree team-bhp is better than livechat support in many things. I started typing the above post of mine (no-37) after reading GTO's post (no-24), due to some slow broadband issue it took sometime to appear here !! And what do I see when I check ?? Problem is already resolved and 12 posts are done before mine appeared !! Ufffff !!! Thats incredible !!
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Old 29th July 2008, 18:26   #43
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Quote:
Originally Posted by GTO View Post

Rule no.2 : Never take delivery in a hurry (which you seemed to be in). Get all the paperwork in order and only then proceed. Obviously those loan agents know that you have taken delivery and are trying to profit from the situation by giving you a high interest loan.
If we show a little weakness, we will never get the right deal. Arka's policy comes to mind. Don't buy it from him, let the guy sell it to you. When i first took a loan for a car, initially i asked for an amount & then changed it to slightly higher amount so that i can keep some money for the ICE. I lost some interest because of that. My EMIs changed. Next time I made sure i sat there with the dealer & the bank's agent & made it very clear that i will buy this car only if Rs.xxxx is loaned to me @ X% & my EMI should start only from X month. Else there is no deal. There were a lot of hurried meetings between the dealer & the bank agent & finally my wishes were granted & i took the car.

Quote:
Originally Posted by PAVAN KADAM View Post
We are branding a leading bank just on one off trouble.
The title of this thread is quite misleading really. Why should one irate customer try to bring an institution down ? Agreed, they could have slipped a little, but what is there on record ? Did they give it to you in writing that they will sanction Rs.xxxx @ X% ? All this bank bashing is useless unless we keep our house in order. Sorry if i sound rude, but this is the typical modern Indian customer attitude. There will be no single institution that is blemishless

P.S. I think the title of this thread need to be changed instead of an "EDIT: problem solved" thing. No problem was listed in the initial thread name.

Last edited by esteem_lover : 29th July 2008 at 18:32. Reason: Adding the P.S
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Old 29th July 2008, 18:37   #44
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EL, thats absolute bovine crap man! You mean to say that just because no Indian institution is blemish free the customers should stop complaining and letting others know about their sordid story? What kind of a logic is that man?

HDFC faltered and they got a rap in the knuckles. Tanveer made a post about it here and it will stay here with date and timestamp for everyone else to see even in future about what they did. That will be a reminder to them as well that you can not take a customer for a ride with such crooked methods.

So they sorted it out as well, you say? Big deal. They had no other way but to sort out the mess they themselves created over a period of 15-20 days. Yes they sorted it out in double quick time and Tanveer was also equally quick in acknowledging that here on the forum. The title was immediately changed to reflect the same.

This board does not genuflect in the altar of corporate houses who think they can hoodwink people once in a while and then get away with it using their image and past records. Not here man, not here...
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Old 29th July 2008, 19:03   #45
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I reiterate that HDFC is one of the best managed private banks- have been dealing with them since 1998 (SB a/c, credit card. share depository) but never faced such a music.
This story by tsk 1979 is quite shocking.
(1)Yes you must lodge a complaint with the RBI office that has jurisdiction of the area in which this HDFC Bank is located.
(2)You can also issue them a legal notice through your reliable lawyer asking them to show cause as to why damages ( a few lakh rupees) cannot be claimed from them under the Consumer Protection Act for causing mental agony,stress, loss of face, self esteem and inconvenience. The case may go on for years at a Consumer court. If the court serves notices to the HDFC Bank before admission, you must publicise this through the press. Let all know the bank's arm twisting tactics.
(3) Go to the SBI to seek the Safari loan. There is no hidden agenda in SBI car loans. Bureaucratic procedures at SBI take time and test one's patience at times but are by far the best, I believe.

Last edited by anjan_c2007 : 29th July 2008 at 19:05.
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