With the BB&T Bank–SunTrust Bank merger complete, the combined auto finance business of newly minted Truist Bank creates a $16.7 billion operation that propels the once-regional lenders among the top-20 auto financiers.
Yet, it could take as long as two years to complete the system integration, Truist announced today in a press release. To that end, customers may not experience the transition to the “full Truist experience” until 2021.
With the finalized merger, Truist has a seat at the table with the nation’s largest auto financiers, including TD Auto Finance, USAA Federal Savings Bank and Southeast Toyota Finance. Moving forward, SunTrust and BB&T executives are working to build the Truist leadership team for the auto finance side of the business.
Taking the helm of the prime business is Chief Operating Officer Chuck Jones, who leads the legacy SunTrust Dealer Financial Services and legacy BB&T Dealer Finance teams for Truist Bank, Jones told Auto Finance News. The prime auto finance business consolidates SunTrust Bank’s legacy auto business and BB&T’s prime portfolio, he said.
SunTrust’s prime and super-prime business combined with BB&T’s mostly subprime subsidiary Regional Acceptance Corp. “will operate very successfully to cover the full spectrum,” Jones said.
Truist Bank did not respond to request for comment by press time.
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