American Express-India Complaint - American Express India indulged in fraudism
INDIA -- Fraud in Car Loan and refusal to give N.O.C even after repaying full amount.
Around 3 years ago I have decided to buy a luxury car and came across car loan advertisement in local newspaper by American express(quoting 10.5% interest) or its agent. I immediately called them and got the documented quote for 24 installments(2year car loan) with 10.5% interest rate per annum. I okayed the application and the very same agent made me sign all papers within few minutes, as he was in hurry without giving much time to me to read. It was around 100 pages agreement and I signed at around 40 places (all blank pages). Also he bought a cheque book saying that here is your new account which comes to me free from American express bank.(all preplanned without giving much time to customer) I signed cheques (filled the amount this time) for 24 installments without realising that I was being cheated in whole process of me being charged 14% interest rate(hidden) and the dealer discount given to buyer directly from car dealer was not passed on to me. I found all these abnormalities , me being charged excess to the tune of nearly Rs 45000/- including excess interest from what being quoted and dealer discount..
Few weeks later upon realising all that, I tried calling American express bank and made few visit to bank but no use. They did not give any responsible reply, stating that American express agent is responsible and he is being kicked out. Whereas every single rupee I spent was officially named to bank all by way of cheques.
Later I complained to Banking Ombudsman whose officer assured me proper action against American express bank realising all the written quotes and well documented proof of cheating. But somehow as everyone know Indian bureacrats can easily be hired for little money, and same was made tool by American Express bank staff to bribe those officers of Banking Ombudsman to drop my case.
Till today I did not get any compensation from bank and I was forced to pay total amount including inflated interest plus dealer discount of around 16000/- was retained by them.
Moreover even after paying fully with their current statement showing "no balance" I am not able to register that car on my name, as American Express Bank is holding back "No-Objection-certificate" (N.O.C)without any reason. They are legally holding my car without any dues even after more than one year of settling all dues.
I request every reader to be careful of such foreign banks who do open braod day light robbery and cheating without any obligation and respect to country and its citizen.
More Reviews on American Express-India: