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BMO to shutter indirect retail auto finance business as bad debt mounts

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BMO Financial Group plans to close its indirect retail auto finance business in order to reroute resources, as borrowers dig deep to stay on top of recent interest rate hikes.

The decision will also trigger an unspecified number of layoffs in Canada and the U.S., the Bank of Montreal said.

The higher borrowing costs have begun to slow some lending demand and deal-making amid heavy competition among Canadian banks on mortgage rates and wider concerns about a general economic slowdown. “By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest,” BMO Financial Group spokesman Jeff Roman said in a statement to The Canadian Press.

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