The financial institution selected March 29 to exit the enterprise this yr, a spokesperson stated in an interview, citing the “more difficult financial atmosphere.” The financial institution stated the choice has “no impression” on its shopper auto-finance enterprise, and that the so-called floor-plan lending operation was “a non-material part of our business banking enterprise.”
A buyer makes use of an ATM inside a Capital One cafe department in San Francisco
Photographer: David Paul Morris/Bloomberg
The lending pullback is one other impediment automotive dealerships should grapple with as the price of auto financing soars,
