HSBC to sell auto loan platform

HSBC Finance Corp. announced its auto finance entities have reached an agreement with Santander Consumer USA Inc. to sell HSBC US auto loan servicing operations as well as $1 billion in auto loan receivables for $904 million in cash.

They also will enter into a loan servicing agreement for the remainder of its auto loan portfolio, which is in liquidation.

The transaction is expected to close in the first quarter of 2010. HSBC has operations in Mettawa.