Truist to Sell $5.5 Billion in Auto Loans, Exiting Near-Prime Lending Tied to Broward Operations

Truist plans to net $5.2 billion from sale of auto loan portfolio; at least 453 jobs affected

Regional Acceptance Corp. specializes in indirect sub-prime and near-prime automotive financing, including acquiring prime-to-near-prime automobile portfolios from other lenders.

Truist to Sell $5.5 Billion in Auto Loans, Exiting Near-Prime Lending Tied to Broward Operations

CHARLOTTE, N.C. (VINnews) — Truist Financial Corp. has agreed to sell about $5.5 billion of auto loans and leave the near-prime auto finance business, a move that covers substantially all assets of its Regional Acceptance Corp. unit.​ The Charlotte-based bank said Tuesday the sale is expected to generate about $5.2 billion in net proceeds and […]

Truist to cut more than 200 jobs in Arlington as it exits near-prime auto lender

As Truist sells a North Carolina-based near-prime lending subsidiary, it is laying off 205 employees at an Arlington office tied to the out-of-state lender. Read on to find out more.

Truist Reshapes Lending Strategy with $5.5B Auto-Loan Sale

Truist Financial Corporation (NYSE:TFC) is selling $5.5 billion of auto loans as part of CEO Mike Lyons' broader effort to reshape the bank around businesses that generate stronger and more consistent returns. The move follows Truist's decision to reduce auto lending and exit certain other…

Truist Auto Loan Sale Cuts 205 Arlington, Texas Jobs

Truist's exit from near-prime auto lending will close Regional Acceptance's Arlington office, cutting 205 jobs starting late November 2026.