Downey S&L;’s Auto Loan Unit Is Sold

Downey Savings & Loan Assn. said Tuesday it completed the sale if its auto finance unit to a unit of California Federal Bank. Financial terms weren’t disclosed.

Newport Beach-based Downey said proceeds from the sale of its Downey Auto Finance Corp. unit to Auto One Acceptance Corp. in Dallas will be used to increase the thrift’s residential lending business.