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Funding for E-Loan Inc.'s auto lending business, a key part of the Dublinbased company's drive to diversify beyond mortgages, is running near empty.
Bank One NA, on April 1 cut its line of credit to the online lender from $25 million to $10 million, and said it will not renew that he after July 31. The Chicago-based bank is exiting the business of funding auto lenders, said E-Loan Chief Financial Officer Matt Roberts.
E-Loan is speaking with an unspecified number of institutions about funding its auto loans, Roberts said, and Bank One has agreed to be a complimentary reference.
But that...