Wells Fargo, worried about defaults, stops making loans to most independent car dealerships

[tacobell fan]

• Wells Fargo, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation.
• A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers.
• The bank had “an obligation to review our business practices in light of the economic uncertainty presented by COVID-19 and have let the majority of our independent dealer customers know that we will suspend accepting applications from them,” Natalie Brown, the spokeswoman, said in an email.
• Before the pandemic took hold, Wells Fargo was growing its auto lending business. Auto loan origination at the bank climbed 19% in the first quarter to $6.5 billion.

[veeraveeraleaks]

It's an indication about something serious looming. 

[k2s]

1 minute ago, tacobell fan said:

• Wells Fargo, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation.
• A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers.
• The bank had “an obligation to review our business practices in light of the economic uncertainty presented by COVID-19 and have let the majority of our independent dealer customers know that we will suspend accepting applications from them,” Natalie Brown, the spokeswoman, said in an email.
• Before the pandemic took hold, Wells Fargo was growing its auto lending business. Auto loan origination at the bank climbed 19% in the first quarter to $6.5 billion.

papam car sales already dropped.. inka drop authayi 

[tacobell fan]

2 minutes ago, veeraveeraleaks said:

It's an indication about something serious looming. 

Looting Time

[k2s]

6 minutes ago, tacobell fan said:

Looting Time

[veeraveeraleaks]

1 hour ago, tacobell fan said:

Looting Time

Anna insurance premiums will sky rocket emo inkaaaaa. Esp car and property 

[sri_india]

1 minute ago, veeraveeraleaks said:

Anna insurance premiums will sky rocket emo inkaaaaa. Esp car and property 

why bro???

[veeraveeraleaks]

1 minute ago, sri_india said:

why bro???

Riots and Vandalism across the country and rampant destruction of properties

[karna11]

Naa auto loan veedithoneee

[Deadp0ol2]

Mana accounts lovi 10gipodu kada

[veeraveeraleaks]

4 minutes ago, Deadp0ol2 said:

Mana accounts lovi 10gipodu kada

Possible. Theeseskoni uthi uthi bank lo deposit cheyi

[Tellugodu]

2 hours ago, veeraveeraleaks said:

It's an indication about something serious looming. 

Correct, the company I am working in food and beverage industry (essential products-Production never stopped even during lockdown) terminating around 100 HQ employees today , first time this big numbers since company incorporated, says economy will go into bad phase in next 6 months.

[tom bhayya]

7 minutes ago, Tellugodu said:

Correct, the company I am working in food and beverage industry (essential products-Production never stopped even during lockdown) terminating around 100 HQ employees today , first time this big numbers since company incorporated, says economy will go into bad phase in next 6 months.

adhi andhariki thelisindhey kadha 3rd quarter ayyaka IT lo layoffs start avuthaayi so save as much as you can once elections are done thaatha also will take it easy stock market and economy ni 

[VictoryTDP]

14 minutes ago, tom bhayya said:

adhi andhariki thelisindhey kadha 3rd quarter ayyaka IT lo layoffs start avuthaayi so save as much as you can once elections are done thaatha also will take it easy stock market and economy ni 

Markets are green, it's a wonderful Bull run, the bull is running and it will keep running. Even if it will stop running ,we will make it drink red Bull and make it run. 

Run maathram common

[basha786]

min 3 years recession will ocme just save cash as much as you can . gold will touch 2000, stock market will crash liek anyy thing in nov - dec 2020 .