HSBC Suzuki?

What does your title say? I am sure that this would have been a secured loan.

I do not have a title because I have not paid off the bike. If it is secured...is there most likely nothing I can do about it?

i would say not having the title is the definition of secured loan.

ill elaborate - in a secured auto loan the creditor can repo the motorcycle and charge you for the tow costs, storage, auction fees and deficiency balance (ie the difference between the loan balance and auction price).

We had a client who purchased a jet ski through HSBC, and when they signed up for our program we were unaware that the HSBC account was as a result of a jet ski purchase (making it secured).

When we spoke with an HSBC representative we were informed of this information, and HSBC does indeed have a repo department. Our client's situation was different because the jet ski was totaled and HSBC couldn't repossess it, but if it were available for repossession this is what would have taken place. A repossession will result in additional fees, and when the motorcycle is sold, a deficient balance will be owing. Of course, you can attempt to settle the deficient balance at that time, but the choice is yours - whether or not you want to include this particular account in with those you'll be settling.

Good luck!

The short answer is, you can't settle a secured loan. If you stop paying, they'll repo the bike and you'll have to still pay the loan, plus late fees, collection fees, repo fees and auction fees.

Have you made your payments on time? How's your credit? You could ask them to lower your interest rate. Or, you could apply elsewhere for a refinance of the bike at a lower rate.