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Bank of America takes a hit

SAN FRANCISCO - Bank of America, one of the biggest banks in auto finance, took a one-time charge of $1.3 billion in the third quarter, stemming from the bank's decision to quit buying auto leases from dealers and to exit subprime real estate lending. Those decisions took effect Aug. 15. The one-time charges included $400 million for losses on the value of off-lease vehicles.

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