Advertisement

Wells Fargo Taps Brakes on Auto Loans

Some branches in our area are part of the temporary closures, according to the Wells Fargo website. (Mike Mozart / CC BY 2.0)
Some branches in our area are part of the temporary closures, according to the Wells Fargo website. (Mike Mozart / CC BY 2.0)(WJHG)
Published: Jun. 3, 2020 at 10:37 AM EDT
Email this link
Share on Pinterest
Share on LinkedIn

Wells Fargo is tapping the brakes on auto loans.

That's according to an exclusive report from CNBC.

The bank is one of the largest lenders for new and used cars in the U.S..

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.

Copyright 2020 NBC News. All rights reserved.

Latest News

Latest News