Chicago-based lender Turner Acceptance Corp. plans to reduce its focus on auto finance, in favor of increased personal loan business, President and Chief Executive Jonathon Levin told Auto Finance News.
“Recently, our focus has been to build up our personal loan branches and build out that capacity,” Levin said, and that means less focus on indirect auto. “We’re not dismissing trying to expand our territory, but it’s very competitive out there, so we’re choosing not to compete in the sense of yield,” he said. “We’re sticking to our program, what we feel is right for the risk we’re financing, and with the heavy competition, we’re in a position where we’re not necessarily going to meet the pricing or the structures that the dealers can get from other sources.”
