SunTrust expands auto lending westward
SunTrust Banks Inc. is expanding its auto-dealer financial services to Dallas, Chicago and Boston, outside its traditional footprint in the Southeast and Mid-Atlantic regions.
“We are seeing growth in the auto sector in terms of market demands,” Beau Cummins, the executive in charge of commercial and business banking, said in a phone interview Monday, June 16.
That includes both consumer demand for indirect loans at dealerships and also demand from dealers for commercial lending such as floorplanning, he said.
SunTrust, based in Atlanta, already offers consumer loans in 20 states plus the District of Columbia, spokeswoman Sue Mallino said.
SunTrust doesn’t break out its numbers for indirect auto lending. The bank reported its total consumer indirect loans outstanding were $11.3 billion in the first quarter of 2014, up about 3 percent from a year ago. Auto loans make up most of that.
The bank was among the top 20 lenders in both new- and used-vehicle loan market share in the first quarter of 2014, data from Experian Automotive show. SunTrust was No. 18 in new-vehicle loans and No. 20 in used-vehicle loans.
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