Blackstone and other private-equity firms have reportedly held informal talks about buying CitiFinancial Auto, the nonprime auto unit of Citigroup.
Potential buyers are looking to buy the $16 billion loan portfolio at a steep discount, according to a report in today’s New York Post. CitiFinancial Auto originates mainly indirect loans via 6,000 dealers nationwide. Its portfolio has shrunk from $21 billion in early 2008.