Changing market, rates prompt banks to exit auto lending
For dealers, cost of lending could increase as banks pull out of auto
Relationship priorities, rising interest rates and changing indirect lending dynamics have contributed to several banks’ recent exits from indirect auto finance. Citizens Financial Group Wednesday announced it would stop originating auto loans through dealerships on July 1 as the bank prioritizes higher-return assets and consumers with whom it has strong relationships. Mechanics Bank and KeyBank […]
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