My experience with HDFC Finance (Auto Loan)

VtecDeGr8 · 5th January 2006, 15:22

Dec 2004:
My final EMI due was paid on time as usual - thru ECS. That's automatic debit from my HDFC savings account.

Jan 2005 1st week:
...when I decided to go for VTEC...was planning to sell my M800. Since there was no response from HDFC about my loan closure I tried to contact them. I was surprised to hear that I still owe some fine and penalty charge; AND NO ONE HAD A CLUE HOW THIS CHARGE HAS CROPPED UP.

Jan 2005 last week:
Received a reply (over phone) from one of the HDFC representative ARTHI stating penalty was due to "CHEQUE BOUNCE CHARGE" dated way back from JAN 2003. And the amount was 250 (cheque bounce) + 110 (late payment)

Clarification Request 1: How could the bank charge for cheque bounce when I had opted for ECS (Direct debit from savings account)?
Clarification Request 2: Why was this not communicated to me (Even after the whole tenure...I had to go and ask them what went wrong). Why is that HDFC sitting idle for 2 years without collecting the money from me?

Feb 2005 1st week:
ARTHI representing the HDFC Finance (auto loan) promised me if there is no communication sent from bank, they would release the documents without any further questions. Else if they prove that communication has been sent I should pay the penalty.

I've accepted and promised to pay all these cr@p if they prove that communication has been sent.

Feb 2005 last week:
Still no response from HDFC...Went to them and asked for an update. Same female I met again, she said they were not able to find any trace of communication. But still I had to pay the penalty in order to release my docs (...As instructed from Corporate Office).
I requested her to give me in writing that I had to pay these dues for these reasons else I would not pay. Here's comes another SHOCK - this female started crying and said do what ever you want but the doc's will not be released unless you pay.

What the $#!^ is happening around, what sort of professional people these guys have. It was an embarrassing situation for me.
Since I was so desperate on VTEC for which I had to sell my M800 and the amount of money was not that big SO I paid the cr@p penalty.

5th March 2005 1:33 PM:
Sent an Email to ram.ganesh@hdfcbank.com & carloans@hdfcbank.com about the whole story....AND GUESS WHAT....NOTHING HAPPENED (Its was like a shower on a buffalo's back)

Ps. If there is anyone from HDFC reading this...I do have that un-replied mail. If you want I can forward copy of the same mail - do give me your mail id thru PM...

Rtech · 5th January 2006, 15:33

Friggin hell! Are there no ethics left with these companies anymore. They now stoop to hiring women who CRY to make you feel bad and pay up!

Indian companies can afford to take all of us for a ride due to the imept legal system we have here. They know that if something goes to court, it will take years. Event hte consumer court, which is supposed to give a verdict within 6-8 months takes years due to uncleared backlog.

*&$%% em all.

Surya · 5th January 2006, 15:48

Sometimes it feels like the good old method of Passbook and cheque books work fine.

Atleast you will have the proof that you have did something right.

Surya

Aditya · 5th January 2006, 16:13

Height of unprofessionalism. How can you cry while talking to a customer? Looks like all our private organisations are going the govt. way. Living in this country is becoming worse by the minute.

GTO · 5th January 2006, 17:25

Quote:

How could the bank charge for cheque bounce when I had opted for ECS (Direct debit from savings account)?

Probably, when they tried the ECS there wasnt enough balance? And they are treating it as a standard "insufficient funds" charge.

GTO

VtecDeGr8 · 5th January 2006, 17:51

Quote:

Originally Posted by GTO

Probably, when they tried the ECS there wasnt enough balance? And they are treating it as a standard "insufficient funds" charge.
GTO

Still my statment showed enough balance

VtecDeGr8 · 5th January 2006, 17:54

@GTO: In fact that was the same thing the bank employee tried to say...But it was not that reason...

Zappo · 5th January 2006, 18:28

Quote:

Originally Posted by VtecDeGr8

@GTO: In fact that was the same thing the bank employee tried to say...But it was not that reason...

Hey it was not your fault. I believe this ECS thing works via RBI's fund transfer system and there is something nutty about it.

I and my friend took a Hutch connection at the same time. While I opted for a billing on my CC my friend filled up the ECS form for direct debit. There began his sob story. Till date I have had no problems with the billing but every couple of months or so they send him a bill which also has cheque dishonour charges for the previous month levied on it. He has done everything starting from reasoning with them (that it is not possible as he never pays by cheque) to arguing with them and even using the choicest of abuses. Everytime they scratch their head apologise and then revert it back with a promise to see to it that such a thing won't happen ever. 2 or 3 months passes and there it happens again!

The best part here is that when they check the ECS debit they find that they even got the money fine and proper. So no one has a clue as to how or why these charges cropped up in their billing system! So much for technology

sbasak · 5th January 2006, 18:37

Quote:

So no one has a clue as to how or why these charges cropped up in their billing system! So much for technology

Probably due to poorly written software coded by some of us! These kind of problems are now happening all over the world. One of my friends in Scotland had his electricity supply cut off for not paying £0.01 remaining balance!

The systems are usually designed to take automatic steps after some automated reminder and so on, without any human interaction......

adit1329 · 5th January 2006, 20:51

The ecs funda in india sucks, it is supposed to help the customer to clear regular paying funds like electricity bills, loans etc as it eases the pain of signing cheques.

however, if there are insuffient funds, and the ecs debit is returned it is taken as a regular cheque return.

If you have selected the ECS option, the ECS clearing takes place at RBI and usually they goof up and it is returned as insufficient funds.
Ask me, I know as my wife works for a bank and she comes across hundreds of cases every month.

dogdiga · 5th January 2006, 20:53

My loan repayment started last month. I was hoping that HDFC would be a better experience compared to ICICI( i guess it still is). Anyone else who have faced similar issues with HDFC?

adit1329 · 5th January 2006, 21:09

ME ME ME!!!!!!

I had a HDFC credit card for a year, which I closed it 2 years ago as I did not want any open credit..
I still receive statements saying that I owe them money....

ALL BANK IN INDIA TRY TO FLEECE MONEY FROM CUSTOMERS!!!

however, my experience with KOTAK has been satisfactory for the past 2 years.. you could try them...

Insane Devil · 5th January 2006, 22:03

ONE Sincere suggestion to all u guys taking CARLOANS...

PLLLLEEEEAAASSSEEEEE never let them take ur money thru ECS!
Always give them Cheques. no matter u gotta sign n number of Cheques, but please, Cheques are still the best!

soccer · 5th January 2006, 22:34

[

Quote:

quote=VtecDeGr8]Still my statment showed enough balance

[/quote]

Ask them to give you a copy of your repayment schedule or track record. It will give you all the details of all the cheques/ EC clearance with numbers, dates and amount. In fact this document can be taken by anyone whose loan is still running. This document will also help you in getting a better deal for all your future loans, because it reflects your intentions in repaying your loans.

These companies also charge you a penalty for fore-closure of your loan. Imagine you are willing to pay them the entire outstanding amount and you are penalised for doing this. It is also true that all your dues, late payments, cheque bounce charges are collected from you only when you ask them for a closure letter. I can't figure out why?

After you have paid all your dues they still take 15 days to give you the closure letter and more importantly the HP cancellation letter, without which you can't sell your car.

Considering all these traits, I personally feel that our Lethargic Nationalized Banks are more approacable and even ethical. No fore-closure penalty, 50 Rs. cheque bounce charges, only interest payable for delayed period. What say you all ?

Soccer

adit1329 · 6th January 2006, 00:16

I agree but the process is very lengthy and cumbersome with nationilized banks. Infact, you would have to visit the bank numerous times till your sandal/ shoe sole goes bald....

for example, a simple educational loan for m bro took 3 months to realise even after all the docs were in order.

5th January 2006, 15:22	#1
VtecDeGr8 BHPian Join Date: Sep 2005 Location: PHX...Chennai Posts: 39 Thanked: 10 Times View My Garage	My experience with HDFC Finance (Auto Loan) Dec 2004: My final EMI due was paid on time as usual - thru ECS. That's automatic debit from my HDFC savings account. Jan 2005 1st week: ...when I decided to go for VTEC...was planning to sell my M800. Since there was no response from HDFC about my loan closure I tried to contact them. I was surprised to hear that I still owe some fine and penalty charge; AND NO ONE HAD A CLUE HOW THIS CHARGE HAS CROPPED UP. Jan 2005 last week: Received a reply (over phone) from one of the HDFC representative ARTHI stating penalty was due to "CHEQUE BOUNCE CHARGE" dated way back from JAN 2003. And the amount was 250 (cheque bounce) + 110 (late payment) Clarification Request 1: How could the bank charge for cheque bounce when I had opted for ECS (Direct debit from savings account)? Clarification Request 2: Why was this not communicated to me (Even after the whole tenure...I had to go and ask them what went wrong). Why is that HDFC sitting idle for 2 years without collecting the money from me? Feb 2005 1st week: ARTHI representing the HDFC Finance (auto loan) promised me if there is no communication sent from bank, they would release the documents without any further questions. Else if they prove that communication has been sent I should pay the penalty. I've accepted and promised to pay all these cr@p if they prove that communication has been sent. Feb 2005 last week: Still no response from HDFC...Went to them and asked for an update. Same female I met again, she said they were not able to find any trace of communication. But still I had to pay the penalty in order to release my docs (...As instructed from Corporate Office). I requested her to give me in writing that I had to pay these dues for these reasons else I would not pay. Here's comes another SHOCK - this female started crying and said do what ever you want but the doc's will not be released unless you pay. What the $#!^ is happening around, what sort of professional people these guys have. It was an embarrassing situation for me. Since I was so desperate on VTEC for which I had to sell my M800 and the amount of money was not that big SO I paid the cr@p penalty. 5th March 2005 1:33 PM: Sent an Email to *ram.ganesh@hdfcbank.com* & *carloans@hdfcbank.com* about the whole story....AND GUESS WHAT....NOTHING HAPPENED (Its was like a shower on a buffalo's back) Ps. If there is anyone from HDFC reading this...I do have that un-replied mail. If you want I can forward copy of the same mail - do give me your mail id thru PM...
	() Thanks

5th January 2006, 15:33	#2
Rtech Team-BHP Support Join Date: Apr 2004 Location: Bombay Posts: 5,770 Thanked: 359 Times View My Garage	Friggin hell! Are there no ethics left with these companies anymore. They now stoop to hiring women who CRY to make you feel bad and pay up! Indian companies can afford to take all of us for a ride due to the imept legal system we have here. They know that if something goes to court, it will take years. Event hte consumer court, which is supposed to give a verdict within 6-8 months takes years due to uncleared backlog. *&$%% em all.
	() Thanks

5th January 2006, 15:48	#3
Surya BHPian Join Date: Dec 2005 Location: Chennai. Now in BlueBell, PA, USA Posts: 49 Thanked: 0 Times	Sometimes it feels like the good old method of Passbook and cheque books work fine. Atleast you will have the proof that you have did something right. Surya
	() Thanks

5th January 2006, 16:13	#4
Aditya Team-BHP Support Join Date: Feb 2004 Location: Mumbai Posts: 17,830 Thanked: 77,035 Times View My Garage	Height of unprofessionalism. How can you cry while talking to a customer? Looks like all our private organisations are going the govt. way. Living in this country is becoming worse by the minute.
	() Thanks

5th January 2006, 17:54	#7
VtecDeGr8 BHPian Join Date: Sep 2005 Location: PHX...Chennai Posts: 39 Thanked: 10 Times View My Garage	@GTO: In fact that was the same thing the bank employee tried to say...But it was not that reason...
	() Thanks

5th January 2006, 20:51	#10
adit1329 BHPian Join Date: Dec 2005 Location: Bangalore Posts: 346 Thanked: 3 Times	ECS - DO not take it up The ecs funda in india sucks, it is supposed to help the customer to clear regular paying funds like electricity bills, loans etc as it eases the pain of signing cheques. however, if there are insuffient funds, and the ecs debit is returned it is taken as a regular cheque return. If you have selected the ECS option, the ECS clearing takes place at RBI and usually they goof up and it is returned as insufficient funds. Ask me, I know as my wife works for a bank and she comes across hundreds of cases every month.
	() Thanks

5th January 2006, 20:53	#11
dogdiga BHPian Join Date: Oct 2005 Location: Bangalore Posts: 74 Thanked: 0 Times	My loan repayment started last month. I was hoping that HDFC would be a better experience compared to ICICI( i guess it still is). Anyone else who have faced similar issues with HDFC?
	() Thanks

5th January 2006, 21:09	#12
adit1329 BHPian Join Date: Dec 2005 Location: Bangalore Posts: 346 Thanked: 3 Times	Me Me Me Me Me ME ME ME!!!!!! I had a HDFC credit card for a year, which I closed it 2 years ago as I did not want any open credit.. I still receive statements saying that I owe them money.... ALL BANK IN INDIA TRY TO FLEECE MONEY FROM CUSTOMERS!!! however, my experience with KOTAK has been satisfactory for the past 2 years.. you could try them...
	() Thanks

5th January 2006, 22:03	#13
Insane Devil BHPian Join Date: Mar 2005 Location: Hyderabad Posts: 987 Thanked: 173 Times View My Garage	ONE Sincere suggestion to all u guys taking CARLOANS... PLLLLEEEEAAASSSEEEEE never let them take ur money thru ECS! Always give them Cheques. no matter u gotta sign n number of Cheques, but please, Cheques are still the best!
	() Thanks

6th January 2006, 00:16	#15
adit1329 BHPian Join Date: Dec 2005 Location: Bangalore Posts: 346 Thanked: 3 Times	I agree but the process is very lengthy and cumbersome with nationilized banks. Infact, you would have to visit the bank numerous times till your sandal/ shoe sole goes bald.... for example, a simple educational loan for m bro took 3 months to realise even after all the docs were in order.
	() Thanks