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HSBC exits vehicle finance market

Date: 22 January 2010   |   Author: Tristan Young

HSBC is to close its Vehicle Finance division ending a four year arrangement with Lex, which subsequently became Lex Autolease when Lloyds TSB tookover HBOS.

"The current referral agreement was not meeting the expectations of either Lloyds or HSBC, we have reached a mutual decision to end the agreement," said an HSBC spokesman.

The move will see 33 staff made redundant and a further 14 taken on by Lex Autolease which will continue to manage HSBC Vehicle Finance's existing customers.

"Existing HSBC Vehicle Finance customers will migrate to Lex Autolease and will shortly receive a letter informing them of the changes. They will experience an uninterrupted level of service from Lex who has successfully managed HVF relationships for the last 4 years," said the spokesman.