Tricolor Auto Acceptance filed for bankruptcy today following reports that the subprime auto lender had closed locations and was preparing to lay off employees. The Irving, Texas-based subprime auto lender filed for Chapter 7 bankruptcy with the U.S. Bankruptcy Court for the Northern District of Texas, according to court documents. The filing states that Tricolor […] The post Tricolor Auto Acceptance files for Chapter 7 bankruptcy appeared first on Auto Finance News.| Auto Finance News
Fifth Third Bancorp, which said it was the victim of fraud on a loan with a $200 million balance, believes the situation was an isolated incident in the company’s warehouse-lending business, according to Chief Executive Officer Tim Spence. The Cincinnati-based bank expects to lose substantially all of the loan’s balance, and for the “one-off” incident […] The post Fifth Third CEO says $200 Million loan fraud is ‘one-off’ issue appeared first on Auto Finance News.| Auto Finance News