Santander USA now has HSBC auto loans

AS a reply to many of you who asked about HSBC AUto loans, we want to clarify this point. On 10 November 2009, HSBC Finance Corporation announced its auto finance entities had 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.

Santander USA’s address is Santander Consumer USA Inc.
P.O. Box 562088, Suite 900-North
Dallas, TX 75247

On May 19, 2010 Chrysler Group LLC teamed up with a unit of Spain’s Banco Santander to offer cheaper financing to customers who don’t qualify for prime loans.

These are subprime loans, both for the HSBC deals and some new Chrysler customers. Subprime car loans often come with higher risk and are common with less-than-perfect credit scores.