Who is Worldwide Asset Purchasing, LLC?  Are they affiliated in any
way with HSBC Auto Financing or its predecessor, Household Auto
Financing?

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Clarification of Question by citipearl53-ga on 04 Oct 2005 16:03 PDT

What I am trying to determine is if this collection agency is actually
part of the HSBC/HHAF corporation - i.e., is it an affiliate,
sub-corporation, wholly-owned by HHAF.  I have heard that this
predatory bank hands off its loans as if the collection company is a
separate entity, when in fact, it is not.

Dear citipearl53-ga,

Worldwide Asset Purchasing LLC and its sister company Worldwide Asset
Management, LLC., are now subsidiaries of West Corporation.

?On August 1, 2004, West Corporation acquired all of the equity
interests of Worldwide Asset Management, LLC; National Asset
Management  Enterprises, Inc.; Worldwide Asset Collections, LLC;
Worldwide Asset Purchasing, LLC; BuyDebtCo, LLC; The Debt Depot, LLC
and Asset Direct Mortgage, LLC (collectively "Worldwide") from
Worldwide Assets, Inc., Frank J. Hanna, Jr., Darrell T. Hanna and
certain employees of Asset Direct Mortgage, LLC. There were no
material relationships between (i) any of the sellers and (ii) West,
any West affiliate, any director or officer of West, or any associate
of any director or officer of West.?
http://sec.edgar-online.com/2004/08/09/0000950137-04-006413/section2.asp

West Corp annual report and home page.
http://www.west.com/
http://www.west.com/investor/annual_reports.asp

I have searched their web site and can find no connection with HSBC
Auto Financing or Household Auto Financing.

You can read some disparaging comments about the previous owners on this page.
Worldwide Asset Purchasing LLC
2 Ravina Drive, #1750 
Atlanta, Georgia 30308
http://www.budhibbs.com/debtcollectorpages/worldwide_asset_purchasing.htm


I hope this answers your question. If it does not, or the answer is
unclear, then please ask for clarification of this research before
rating the answer. I shall respond to the clarification request as
soon as I receive it.
Thank you
answerfinder

Really good answer -- leading me to more questions (of course!).

It seems that Worldwide Asset Purchasing is a debt collection agency
(purchasing the hard to collect receivables of other companies, which
are assets on their books, hence the name).  It would be very likely
that auto financing companies do sell such receivables, so HSBC could
have used Worldwide.

Here is the WW group's site:

http://www.asset-management-tips.info/asset-management/Worldwide-Asset-Management/index.php

myoarin-ga,

Is that link a sort of practical joke...?

If you go to the website, you go round and round through links that go
nowhere. So, yes, it is a (sick) joke.  I suppose I can do a
LexisNexis search or look at Secretary of State websites if I can
figure out where the LLC is registered (if they even bothered).

Pafalafa-ga,

Well, if it is a practical joke, it's not mine, but maybe I shold have
added an opinion about a site that appears to be as serious as a
business letter and gives one such a run around.
My apologies if I wasted your time, also Citipearl's.
Myoarin

Hardly saying that your answer was a joke myoarin-ga  - what I meant
is that these folks put out just enough information to make it seem as
though they are legitimate, when they are clearly not.

Thank you for your input -- it demonstrated what kind of folks I've
dealt with (and turned over nearly $8000 to).