Truist Sells $5.5 Billion Auto Loan Portfolio, Exits Near-Prime Lending

Truist Financial, one of the 10 largest U.S. commercial banks by assets, is reshaping its balance sheet under new CEO Mike Lyons. Regional Acceptance Corporation specializes in near-prime auto finance, a loan-only business offering limited opportunities to deepen customer relationships. Exiting the unit fits Truist’s broader review of lower-return, non-core operations and frees capital for relationship-based businesses such as commercial lending, where management sees stronger profitability.

On Sept. 15, 2026, Truist agreed to sell $5.5 billion of auto loans representing substantially all of Regional Acceptance’s assets, with closing expected in late third quarter or early fourth quarter. The bank expects $5.2 billion in net proceeds, a $535 million loan-loss reserve release and $945 million of additional Common Equity Tier 1 capital. It plans to use the proceeds to repay wholesale borrowings; the transaction should also cut nonperforming loans by more than 10 basis points and annual net charge-offs by about 10 basis points.