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National City Bank Quits Auto Leasing

December 15, 2000

National City Bank on Dec. 15 became the latest of a growing number of banks and independent finance companies to abandon the troubled auto leasing market.

The bank has leases for about 90,000 cars and light trucks, representing just under $2 billion, according to company officials, who said that auto leasing did not measure up to company models for profitability and growth.

According to Peter Raskind, executive vice president and head of consumer finance, the bank will keep its indirect auto loan and dealer floorplanning business. The bank does business with about 1,500 dealers, mostly in the Midwest.

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