Household Auto Finance, a leader in non-prime auto financing, will change its name to HSBC Auto Finance effective January 17, 2005, company officials announced. Household Auto Finance’s name change is the final step of its March 2003 acquisition by HSBC, one of the largest banking and financial organizations in the world. HSBC Auto Finance is headquartered in San Diego California.
Consumer advocates at Household – HSBC Watch said the name change does not hide the fact that HSBC North America is still headed by William F. Aldinger, CEO of predatory lender Household International, and now Chairman of HSBC North America. “Consumer complaints continue to pour in to Household – HSBC Watch in a manner consistent with the practices seen at the predatory Household International. Nothing has changed but the name.”