BankLiberty Exits Auto Loan Space
After three years in the auto sector, BankLiberty is winding down its indirect lending business.
“The competition in the market was such that they thought it was in the best interest of the bank to discontinue operations,” Senior Vice President Dan Gutshall told Auto Finance News.
BankLiberty has a less-than-$20-million portfolio, and did business with about 25 dealers. The Kansas City, Mo.-based bank wrote its last indirect auto loan at the end of September, Gutshall said. It had five employees working in the space, two of whom were absorbed and three of whom were let go.
Gutshall said the bank will let the book of loans run off, a process he expects to take about four years. It will continue to operate in the direct loan space.
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