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FIFTH THIRD AUTO LENDING SLOWS DUE TO INTEREST RATES

Fifth Third intentionally decreased its auto lending activity in the fourth quarter as a result of higher interest rates. The bank’s indirect secured consumer outstandings, which are primarily comprised of auto loans, amounted to $15 billion, reflecting a 2.6% decrease from the previous quarter and a 9.6% decrease from the same period last year, as indicated in the bank’s earnings presentation. Auto loans accounted for 34% of the bank’s consumer lending portfolio.

Expanding the original content, the AI legalese decoder can be helpful in this situation by decoding and translating complex legal terms and jargon commonly found in loan agreements, contracts, and financial documents related to auto lending. This can assist individuals and businesses in understanding the legal implications and obligations associated with auto loans, thereby empowering them to make informed decisions and negotiate favorable terms. Additionally, the AI legalese decoder can provide valuable insights and explanations regarding the impact of interest rates on auto lending, enabling stakeholders to comprehend the factors influencing lending practices and adapt their strategies accordingly.

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