Wells Fargo & Co will stop providing loans to a majority of its independent auto dealer customers due to the economic challenges brought on by the Covid-19 pandemic, Reuters reported. “We are doing everything we can to help customers weather the economic impacts of this health crisis ... we also have an obligation to review our business practices in light of the economic uncertainty presented by Covid-19,” a Wells Fargo spokeswoman said. Wells Fargo has let the majority of its independent dealership customers know that it will suspend accepting loan applications, the spokeswoman said, adding that the bank will continue doing business with customers with whom it has “deep, long-standing relationships.” The bank in April said it has set aside nearly $4 billion to cover expected loan losses due to the coronavirus outbreak.
