[Resolved]  Bussan Auto Finance India Private Limited — Unethical and False practices by the company

Address:

Andhra Pradesh

Hello Everyone,

I want to put across thee unethical practice by company name BUSSAN AUTO FINANCE PRIVATE LIMITED DELHI.I had a 2 wheeler loan from them. Which is been charged at exorbitant rates. while taking it from their dealer VENKATESWARA MOTORS. I was given false promises & gurantees about the product and actual process by the representative of BAF INDIA. I paid a huge amount as down payment, later on rest got finance though them at 13% per annum which was not even told by representative of BAF india when i was taking the bike. Apart from that other finance charges which are part of package not even informed and even told about liability. i made a down payment of 34000 Rupees at VENKATESWARA MOTORS SOMAJIGUDA.i thought i have cleared of major chunk of amount. My monthly EMI was 2384 rupees per month. Every thing was going ok until 8th instalment when there was some problem with my account, which was not able to be rectified my account got closed as it was a salary account. I conveyed this to officials of BAF INDIA HYDERABAD office AT BEGUMPET. They never gave me another option of clearing the payment like by cash , or by replacing it with my brothers cheques. Finally there my no other option given to me by them, upon requesting for not presenting cheques, they did for 2 months, which got bounced( as it was intimated to them very early) to Mr MABOOB AND RAJESHWARA RAO.

My credit rating got affected and i was forced to pay cheque bounce charges where at the first instance could have been avoided. Ultimately after i was left with no other option i have to foreclose the loan with them at very high rates. i made another payment of 36000 rupees with them and EMI amount was 19000 rupees. So roughly i had already paid approximately 88000 Rupees for bike worth of 75000 rupees on road price YAMAHA FZS.They charge exorbitant rates of interest, finance charges which they adamnt to reverse inspite of error and wrong information provided by their executives.

With great despair i am writing this so that senior management could look into it and stop these practices at ground level. If not management is also involved than concerned law abiding authorities should look into it

One more thing , on top of everything they had also threatened me with legal action for no good reason by sending notice through their advocate in DELHI. which is a intimidation practice to harass customer which is totally uncalled for when customer has updated everything to the company as a loyal person.

I want everyone to know about the practices of this financial company before anyone approaching them for a loan. Their inability & unwillingness to help is what more frustrating.So i ended up paying their interest for almost 2 years when i have utilized it only for 7-8 months. So i kindly request people to look into it and advice me what i could do more as a consumer because i feel cheated by the so called MNC company.

Thanks and Regards
Kashif Mahmood