Citibank is closing its one of its key auto-loan financing branches -- the latest in a round of industry cutbacks that could affect the consumer's ability to get an auto loan.
"The company will decrease the number of auto dealers with which it conducts business, and it has raised pricing in line with credit risk in the current environment," a bank spokesperson said. Citibank previously provided financing for auto loans to consumers via dealerships.
Consumers -- particularly subprime auto-loan seekers -- would be wise to net-search the many sites out there that provide financing, such as autoloanhelpers.com. An increasingly tightening credit market means more financial companies could be cutting back on future loans granted.
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Friday, May 16, 2008
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