Truist Sells $5.5 Billion Auto Loan Portfolio to Pursue Higher Profits

Truist Financial , a top 10 commercial bank in the United States in terms of assets, disclosed Tuesday (Sept. 15) that it is selling $5.5 billion worth of auto loans and exiting the near-prime auto lending business. The loans represent substantially all assets of the bank’s national auto finance company affiliate, Regional Acceptance Corporation , and the transaction is expected to close in the third or fourth quarter, subject to customary closing conditions, Truist said in an exhibit included i