Financial Information
GE and HSBC Motorcycle Financing?
GE and HSBC Motorcycle Financing?
I bought a motorcycle a few years ago for $ 9,500 and financed the entire amount. The lady Financial financed my consent maximum $ 6,500 credit with Suzuki, which is HSBC. has to cover the balance of a loan it received approval for $ 3000 from the GE Money FUNancing. My registry shows that HSBC has the Suzuki vehicle. My question is not GE FUNancing have rights on the bike? Is it legal to do what the dealer?
Vadalia Reply via
It is possible that the second loan was an unsecured loan (which means it is not related to the ownership of everything you bought, like a credit card) If that is true, would have no rights to the GE bike. However, there are certain types of loans, by two (or more) of companies, which in the case of default on each loan, the company repossess your vehicle.
Yes. It’s legal.
Yes, GE has a right to repossess the bike if they are a secured creditor.. However, they may need to get permission from HSBC to repo the bike. If GE is an unsecured creditor, they have no right to repossess the motorcycle. You will need to see the title of the bike to see how many liens are on the title.
I think, I’m not certain though, that this will work like if a second mortgage holder tries to forclose on a house. The second mortgage holder must get permission from the primary mortgage holder to foreclose on the property.