Bank of America Acquires $990 Million Auto Loan Portfolio

JACKSONVILLE, FL – Bank of America today announced it has signed an agreement with KeyCorp to purchase the KeyCorp prime indirect automobile loan portfolio, consisting of $990 million spread among 89,000 customers. KeyCorp announced in January that it was exiting the indirect automobile lending business.

“This action demonstrates the continued commitment of Bank of America to the auto industry and specifically to the growth of the retail indirect channel,” said Tim Russi, president of Dealer Financial Services at Bank of America. “We continue to achieve growth in both our indirect retail and commercial business through organic growth and portfolio purchases. This purchase expands the depth and breadth of our presence in the Northeast and Midwest, which are both important expansion opportunities for Dealer Financial Services and Bank of America overall.”

KeyCorp will continue servicing the accounts on an interim basis and will notify customers prior to transferring them to Bank of America.

“We are planning a smooth transition for these customers and look forward to welcoming each one of them to Bank of America in the near future,” Russi said.