Charlotte bank’s auto loan pivot leads to more than 200 layoffs in Arlington

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  "company": {
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  "data": {
    "url": "https://www.dallasnews.com/business/jobs/article/truist-auto-loan-exit-triggers-205-arlington-22434850.php",
    "title": "Charlotte bank’s auto loan pivot leads to more than 200 layoffs in Arlington - Dallas News",
    "assets": "loan portfolio",
    "excerpt": "A customer uses an automated teller machine (ATM) at a Truist Bank branch in Washington, U.S., December 13, 2024. On Tuesday Charlotte, N.C.-based Truist Financial Corporation disclosed it was exiting the near-prime auto loan business after reaching a deal to sell its $5.5 billion loan portfolio. That business decision also reverberated in North Texas: The same day, Truist’s auto loan subsidiary, Regional Acceptance Corporation, informed the Texas Workforce Commission it’s closing its office in southeast Arlington and laying off 205 full-time employees. “As part of Truist’s previously announced agreement to sell substantially all assets of Regional Acceptance Corporation (RAC), teammates at the RAC location at 1351 East Bardin Road in Arlington, Texas, are affected,” Brian Davis, a Truist representative, wrote in an email to The Dallas Morning News . “We’re committed to supporting them through this transition including consideration for other roles at Truist, severance benefits, and job search assistance.” Advertisement Article continues below this ad RAC, a company that’s based in Greenville, N.C. and has a presence around the country, including a business center in Plano, will end its operations at the Arlington site when the loan deal is finalized, according to the company’s WARN letter. It was unclear how many RAC employees around the country received layoff notices. The...",
    "summary": "Truist Financial Corporation has sold its $5.5 billion near-prime auto loan portfolio to Apollo Global Management as it exits the business.",
    "location": "Charlotte, North Carolina, USA",
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    "image_url": "https://s.hdnux.com/photos/01/67/27/24/31290625/3/rawImage.jpg",
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    "published_at": "2026-09-16T21:39:09Z",
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        "state": "North Carolina",
        "region": "Northern America",
        "country": "United States",
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    "article_sentence": "On Tuesday Charlotte, N.C.-based Truist Financial Corporation disclosed it was exiting the near-prime auto loan business after reaching a deal to sell its $5.5 billion loan portfolio.",
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    "related_company_name": "Apollo Global Management",
    "related_company_domain": "apollo.com"
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