I have an RV loan that is amortized with HSBC. It is "renewed" every year. For the past 3 years the interest rate has been 8.69%. This year, however, they have jacked up the rate to 12.75%. I attempted to find out why from a "supervisor" at the HSBC auto finance number, but she simply told me that it was now 12.75% and that was it...no explanation whatsoever for the 4% increase in the interest rate. For the record, I have never missed a payment.
This, to me, is just plain unethical. Is there a "higher authority" that I can take this to, or am I screwed?