Post the discontinuation of indirect auto loans origination, the centralized servicing operations are likely to provide excellent service to its auto loan customers.Įric J. Nonetheless, the existing auto loans on its balance sheet will be retained and serviced by CFG.Īs of Mar 31, 2023, Citizens had outstanding automobile loans and leases worth $11.5 billion, down 6.2% sequentially and 20.1% from the prior-year quarter.
The company began to reduce the number of active dealer relationships and de-emphasize its auto loan origination volume in third-quarter 2022. The decision was taken as a part of the strategy to optimize its balance sheet and concentration on relationship-based lending.
( CFG Quick Quote CFG - Free Report) announced that it will stop originating indirect auto loans, effective from Jul 1, 2023.
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