Posted on 06/02/2020 4:05:59 PM PDT by dynachrome
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 $6.5 billion.
(Excerpt) Read more at cnbc.com ...
First the phony “impeachment” then the shamdemic, and now the riots. The Democrat Party is punishing America for not electing Hillary.
Peeps need to learn to buy clunkers with ca$h.
“The move comes just as prices of used cars, which has crashed in late March and early April, had staged a modest rebound. However, with the fleet of 500,000 Hertz rental cars hitting the liquidation block after the company’s bankruptcy, and expect to send used-car prices plunging even more in the coming weeks, it’s not difficult to see why Wells is suddenly getting out of Dodge.”
[With Hertz’s bankruptcy re-organization, a lot of used vehicles will come on the market]
Franchise dealers may snap up a lot of 500,000 going on the market. WF will still finance them.
Remember obama having perfectly good cars crushed to raise the prices for the car companies?
Now we can get the used car prices down.
They are too dang high!
[Franchise dealers may snap up a lot of 500,000 going on the market. WF will still finance them.]
Does Hertz have any manual transmission cars for sale?
Just another disgusting action of the wun.
These riots will finish the job Covid-19 started, if some
dumb ass leaders don’t get with the program.
Have the police actually fired a single shot yet?
Have they deputized the citizenry?
The other side has. How about we learn to play the game.
they have to do everything possible to try to get blank-stare Biden elected.
Covid is over.
Riots are the new normal.
We have been had. big time.
That is easier said than done for a lot of “peeps” where I am-I paid cash for my 1994 4x4 a few years ago, but I certainly couldn’t do it now, with the Wuhan virus lockdown loss of business, tourists-most of us are cash poor...
Wells Fargo has never been that interested in us common, ordinary people with one-and-two person businesses and no interest in new and nearly new trucks or SUVs...
Evidently...
Wheels are paid for at least.
Only one set is roadworthy or even sort of complete.
I’ve always bought my clunkers for ca$h. 50 years. It’s a proper way to live.
Have the police actually fired a single shot yet?
= = =
Yeah, and they just reacted into a crowd when supposedly fired upon.
Killed a beloved BBQ owner and good citizen in Louisville, KY
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