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HSBC's Auto Finance Unit Securitizes First Loans of 2006

June 16, 2006

HSBC Automotive Finance Corp. securitized $1.39 billion in subprime auto loans in its first securitization deal of the year.

The loans making up the pool had a weighted average credit score of 612, and average APR of 13.95 percent. About 37 percent of the retail loans were backed by new cars.

HSBC manages a subprime auto loan portfolio of $11.11 billion.

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