Regions Bank has set the wheels in motion to shutter its indirect auto lending business, Auto Finance News has learned. The Birmingham, Ala.-based bank will continue to originate direct auto loans.
“We informed the dealers and sent out a notice to them on Jan. 14,” Tom Lazenby, senior vice president and line of business executive for Regions Bank’s Dealer Financial Services unit, told Auto Finance News. “We will be purchasing paper through March 4, and we will fund loans through April 1.”
Regions Bank had $3.1 billion of loans outstanding at yearend 2018.
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