Wells Fargo Caps Subprime Auto Loans

Wells Fargo Caps Subprime Auto Loans themetestcroca themetestcroca https://secure.gravatar.com/avatar/1ce75481a2ae0ca70f9f95b99b8005a2?s=96&d=mm&r=g March 3, 2015 March 3, 2015

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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