Downey Savings to Sell Auto Finance Unit
Dow Jones
Downey Savings & Loan Assn. said Monday it agreed to sell its auto finance unit to a unit of California Federal Bank. Financial terms weren’t disclosed.
Downey said the sale of its Downey Auto Finance Corp. unit to Auto One Acceptance Corp. in Dallas will provide additional capital that the Newport Beach-based thrift can use to increase its residential lending business.
The sale is expected to close this quarter, Downey said.
