Fitch Issues Presale Report on HSBC Automotive Trust 2005-1

NEW YORK--June 14, 2005--Fitch Ratings has issued a presale report on HSBC Automotive Trust 2005-1, discussing the rating analysis behind Fitch's expected ratings on the offered notes. The collateral securing the notes consists of simple interest retail installment sales contracts secured by new and used automobiles, light duty trucks, and vans, to subprime borrowers.

The presale report is available to all investors on Fitch's web site www.fitchratings.com. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than twenty asset-backed securities (ABS) asset classes, including collateralized debt obligations (CDOs), contact product sales at 212-908-0800 or at webmaster@fitchratings.com.

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.