Citizens Financial Group, Inc.’s auto finance group will now be named Citizens One Auto Finance, the bank announced last week. Previously known as RBS Citizens Auto Finance, the new name is part of a planned rebranding and “broader transition for the company,” according to a press release.
That transition includes a move down the credit spectrum in 2015, into the prime space, categorized by the bank as consumers with Fico scores of 620 and up, a representative from Citizens One told Auto Finance News. Historically, Citizens focused in auto finance business in the superprime space, but in 2014 the bank introduced a new origination platform to dealers, to help provide more financing options to a larger cross section of customers in the new year.
“Consumer confidence is climbing and Americans are buying cars at rates we haven’t seen in a number of years,” Brendan Coughlin, president of automobile finance, said. “As dealers see more volume, our strategy is to be their primary lending partner, offering great service to their customers and strong underwriting, sales and dealer support.”
Last year, Citizens announced plans to anchor all of its brands under a unified strategy, which will include a rebrand of more than 200 Charter One branches in Michigan and Ohio as Citizens Bank branches by mid-year.
