Wells Fargo announced on Monday that it has put a cap on the amount of money it will loan to subprime borrowers.
As reported by CNBC, according to execs, the San Francisco-based banking giant “is limiting the dollar volume of its subprime auto originations to 10 percent of its overall auto loan originations.”
Last year, that number was $29.9 billion. The new ruling will affect borrowers with credit scores of 640 or lower.
Image via flickr/Mike Mozart