Truist Financial to sell $5.5 billion auto loan portfolio

Truist Financial has announced the sale of a $5.5 billion auto loan portfolio as part of a strategic move to exit the near-prime auto lending business. The sale includes substantially all assets of the bank’s national auto finance affiliate, Regional Acceptance Corporation.

The transaction is expected to close in the third or fourth quarter of 2026, subject to customary conditions. Truist stated that the divestment aims to sharpen its strategic focus by exiting non-core, less profitable segments, following its previous discontinuation of marine and recreational vehicle loan businesses. The bank intends to use the proceeds to repay wholesale borrowings and will redirect capital toward commercial borrowers.

In related financial activity, Winton Group Ltd reduced its stake in Truist Financial Corporation by 70.2% during the second quarter, leaving the fund with 25,300 shares.