TCF Exits Indirect Auto Finance Featured
29 November 2017
TCF Financial Corp. will discontinue all indirect auto finance originations, effective Dec. 1. TCF will continue to service existing auto loans on its balance sheet and auto loans serviced for others. Concurrent with the discontinuation of indirect auto originations, TCF’s board of directors has approved the replacement of its previous share repurchase program with a new authorization to repurchase up to $150 million of TCF common stock. As a result of the decision to discontinue all indirect auto finance originations, TCF expects to recognize a one-time, after-tax charge in the fourth quarter of 2017. Actions to wind down operations that support indirect auto originations will begin immediately and the servicing operations will be adjusted over time to support business requirements, including the retention of the necessary staff.