Truist Financial has agreed to sell approximately $5.5 billion in auto loans as the regional bank makes a strategic decision to exit the near-prime auto lending business.
The transaction marks a significant step in Truist's efforts to reshape its operations and focus on core areas of its business. The near-prime auto lending sector, which typically involves borrowers with moderate credit histories, has become a focus of divestment for the company.
Details regarding the buyer or the specific terms of the sale were not immediately available. Truist Financial, a major U.S. regional bank, has been undergoing strategic reviews and adjustments to its business lines.