Wells Fargo Caps Subprime Auto Loans

Wells Fargo Caps Subprime Auto Loans

Wells Fargo Caps Subprime Auto Loans 1000 667 Strawberry Insurance

Wells Fargo announced on Monday that it has put a cap on the amount of money it will loan to subprime borrowers.

As reported by CNBC, according to execs, the San Francisco-based banking giant “is limiting the dollar volume of its subprime auto originations to 10 percent of its overall auto loan originations.”

Last year, that number was $29.9 billion. The new ruling will affect borrowers with credit scores of 640 or lower.

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