Elmira Savings Bank Changes Auto Lending Focus
ELMIRA, N.Y. - The Elmira Savings Bank announced August 1 that it will no longer originate auto loans through dealerships, but will continue to offer auto, boat, and recreational vehicle loans directly to consumers through its six offices in Chemung County, N.Y. and Tioga County, Penn., according to a statement released by Elmira Savings Bank.
The change relates to the company's initiative to refocus its business priorities and concentrate on providing service to its customers directly rather than through third parties.
"Many auto dealers act as third party originators for as many as 15 to 20 lenders from all over the country. Our customers would prefer to deal with us directly and we know that we can offer them better service and value than a growing list of lenders who have never heard of the Twin Tiers," said John C. Brugler, president and CEO of Elmira Savings.
The Elmira Savings Bank has provided dealership financing since 1983. Loans originated by auto dealers will continue to be accepted until September 1, 2001. Elmira Savings Bank customers will be able to arrange for auto loans through the bank's offices.
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