Information on HSBC Auto Loans
HSBC Auto Finance was an arm of HSBC's lending conglomerate. As of August 6, 2008, HSBC opted to leave the auto finance market. However, HSBC will continue to service all existing HSBC auto loans and honor all pre-approval offers for auto financing.
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Current Loans
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HSBC has thousands of open auto contracts still on its books. Customers who have auto loans with HSBC should continue to make their payments as scheduled with either their payment books given to them at closing, or via the online system. To access an HSBC auto loan, use the 16-digit account number at the eCare site (see Resources). If you have any problems, contact HSBC Auto Finance Customer Support (see Resources).
Active Applications for Financing
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HSBC also is honoring any pending application for auto financing in its system. Customers who are seeking auto funding from HSBC should continue to work with their loan officer (if they choose). The decision by HSBC to leave the auto lending market will have no bearing on the credit decision rendered on your application.
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Pre-Approval Offers
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HSBC is honoring the pre-approved auto finance marketing materials sent to certain customers. To claim your pre-approved offer, contact HSBC's Auto Finance customer service line and ask to speak with a loan representative. Remember, a pre-approval is not an offer for guaranteed credit--rather, it simply means your initial credit profile seems to qualify you for certain programs. Information like car type, mileage and income must be verified before final approval.
Offer for Refinance of Second Vehicle
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HSBC will not honor any offers to refinance a second vehicle if you are a current auto loan customer. These offers expired on August 31, 2008. If you have a marketing flyer for a second vehicle refinance, disregard any terms, fees, or rate offered -- they will not be honored.
Impact on Current Loans
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HSBC will continue to service all of its auto finance customer loans for the foreseeable future. The decision by the bank to leave the auto lending market will not affect your loan contract. Customers can choose to refinance with other lenders, but if the program with HSBC is beneficial, it's best to keep the contract.
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