TFC Discloses Exit of Near-Prime Auto Lending Business, Impacting $5.2B in Loans
· The NYC Memo
Truist Financial Corporation announced the strategic exit of its near-prime auto lending business, a transaction involving approximately $5.2 billion in loans as of June 30, 2026. The company expects to record a pre-tax charge of $535 million in 3Q26 related to this divestiture and intends to use net proceeds to reduce parent company debt, among other purposes.