Auto dealers' options for getting their riskier customers financed continue to shrink, as another major vehicle lender has left the business. HSBC Finance Corp. stopped writing auto loans Wednesday, Aug. 6. HSBC was among the largest lenders to subprime customers with credit problems, said Jack Tracey, executive director of the National Automotive Finance Association. The trade group serves the nonprime auto finance business. "HSBC's departure leaves a hole for the dealer community that seeks to finance customers with less-than-perfect credit," Tracey told Automotive News. "That leaves fewer options for dealers in an environment where other lenders who are left are tightening credit."
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