Wells Fargo Taps Brakes on Auto Loans
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.
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