Business Services Industry
HSBC Auto Finance to expand range; Will be full-spectrum lender in effort to get dealerships' business.(News)
Crain's Chicago Business, November, 2004 by Kachadourian, Gail
Byline: GAIL KACHADOURIAN Crain News Service A combined HSBC Holdings plc and Household International Inc. will make more automobile loans to customers with strong credit records as well as those with poor-to-middling repayment histories, its top car-lending executive says. HSBC, a London bank, acquired Household International of Prospect Heights in March 2003.
San Diego-based Household Auto Finance, a Household International division, will change its name to HSBC Auto Finance on Jan. 17 in the final step of the acquisition. Although Household has offered loans to borrowers with unblemished credit-"prime'' customers, in the lingo of the trade-for about a year, the bulk of its business remains "near-prime'' or "subprime'' lending to customers with credit...
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