HSBC is to wind down its vehicle finance arm, migrating
exisiting customers over to Lex Autolease, owned by high street
banking rival Lloyds Banking Group.
HSBC Vehicle Finance (HSBCVF) had specialised in providing
contract hire facilities to business van users.
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Lex has been responsible for HSBCVF’s administration since 2005,
dealing with payment processing as well as vehicle purchase and
disposal, while HSBCVF retained responsibility for its own sales
and marketing.
In mid-2009, Lex was managing a 40,000 strong vehicle fleet for
HSBCVF, through roughly 200 staff in its Amersham and Stockport
offices. Around 12,000 new service-inclusive contract hire deals
were written annually.
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By GlobalData
