– that rank as market leaders in indirect car loans, according to a survey published in May by J.D. Power, a consumer insight service.
TD Bank had $19.2-billion in auto loans when it reported financial results last month, while Scotiabank’s auto financing totalled $16.5-billion. BMO sent dealers a letter on Friday stating its loan agreements would be terminated effective Sept. 15, but that the bank would fund all contracts submitted and approved prior to the date, according to a report published on Sunday by Reuters.
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Bank of Montreal to close retail auto finance business, flags job lossesThe move comes after BMO’s bad debt provisions in retail trade surged to $81 million in the quarter and is a sign of growing stress consumers face from a rapid rise in borrowing costs
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Bank of Montreal to close retail auto finance business, flags job lossesBy Nivedita Balu TORONTO (Reuters) -Bank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a move ...
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Bank of Montreal to Close Retail Auto Finance Unit Amid RefocusBank of Montreal is shutting its retail auto finance business, which will result in job losses, as the bank shifts its resources to other areas.
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BMO to shutter retail auto finance business as bad debt mountsMONTREAL — BMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt. The Bank of Montreal also says the decision will trigger an unspecified number of layoffs in Canada and the U.S. It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier. In its retail line, the bank's provisions for credit losses rose 800 per cent to $81 million last quarte
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