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Article: HSBC Finance, Santander Consumer in Agreement on HSBC's US Auto Business.
- Article from:
- Business Wire
- Article date:
- November 10, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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* HSBC to sell auto finance loan servicing platform for $4 million
* Santander to acquire US $1 billion in loan receivables for $900 million
* Santander to service HSBC's remaining auto finance portfolio
METTAWA, Ill. -- HSBC Finance Corporation has announced its auto finance entities have reached an agreement with Santander Consumer USA Inc. (SC USA) to sell HSBC US auto loan servicing operations as well as US $1 billion in auto loan receivables for US $904 million in cash, and enter into a loan servicing agreement for the remainder of its US auto loan portfolio, which is in liquidation. The transaction is expected to close in the first quarter ...