Household Auto Finance Announces New Name

Household Auto Finance, a leader in non-prime auto financing, will change its name to HSBC Auto Finance effective today, 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.

“The merger with HSBC provides unprecedented strength and stability for the company,” according to HSBC Auto Finance Managing Director John Haines. “It enables us to better support the needs of dealers, offer expanded products and provide opportunities for new alliances.”

To coincide with the name change, the company is scheduled to launch two new websites: www.hsbcautoloan.com (for consumers to apply online) and www.hsbcdealer.com (for our dealers and alliance network).

While the company now offers full-spectrum auto financing, its commitment to serving the needs of the non-prime auto lending market continues. In addition, the company’s commitment to customer service and to offering innovative products remains unchanged.

About HSBC Auto Finance

HSBC Auto Finance, headquartered in San Diego, is a leading provider of financing for new and used vehicles and has products that serve the full spectrum of credit consumers. It purchases consumer contracts from thousands of active dealers in 46 states. Its business also originates or refinances auto loans through direct solicitations, the Internet and alliances, and it services auto loans for HFC and Beneficial branches. HSBC Auto Finance is part of HSBC – North America, one of the top 10 financial services organizations in the United States with assets approaching $300 billion.

About HSBC – North America

HSBC – North America includes all of HSBC’s U.S. and Canadian businesses, including the former Household businesses, and has assets approaching $300 billion. The company’s businesses serve more than 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking, and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit: www.hsbcnorthamerica.com.

About HSBC Holdings plc

HSBC Holdings plc , headquartered in London, is one of the world’s largest banking and financial services organizations, with 10,000 offices in 76 countries and territories and serves nearly 110 million customers worldwide.