There is more competition for Household Auto Finance. Wachovia made a move recently. “We see any optiion other than HSBC Finance Corporation as a positive step for consumers” said Household - HSBC Watch.
The Associated Press
Monday, September 12, 2005; 7:55 AM
CHARLOTTE, N.C. — The financial services company Wachovia Corp. on Monday said it agreed to acquire Westcorp, an automobile finance company based in Irvine, Calif., for $3.42 billion, creating the nation’s ninth largest auto loan originator.
Wachovia also agreed to pay another $490 million for the 16 percent stake that Westcorp doesn’t already own in WFS Financial Inc., boosting the combined value of the transactions of $3.9 billion.
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