Wells Fargo Ends Providing Loans to Most Independent Car Dealerships

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Wells Fargo & Co will put an end to providing loans to a larger part of its private auto dealer customers. This decision was made based upon the current economic challenges faced due to the Covid-19 pandemic. The company’s spokesperson said in a recent interview that they will continue to do business with customers who have seniority, but unfortunately will no longer be accepting any new loan applications. On the upside, the bank has been working proactively and has set aside $4 billion to cover the loan losses affected by the coronavirus outbreak.

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