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August 22, 2013

Selling A Car On Craigslist With A Loan

By Andrea

Gateway One Lending & Finance, which casework car loans for consumers, is closing its Anaheim appointment and laying off all 137 of its workers, according to a apprehension filed with the state.

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The aggregation abreast the accompaniment Employment Development Department in a letter accustomed Feb. 3 that the aftermost day for the workers will be April 3. The layoffs will affect the absolute workforce at the Riverview Drive office.

Gateway One casework subprime car loans, with best of its business advancing from borrowers referred by dealerships. It is endemic by Detroit-based TCF Banking Corp., a cyberbanking aggregation that has added than 300 locations, mostly in the Midwest. TCF purchased Gateway One in 2011.

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At one point, Gateway One had relationships with added than 3,200 car dealers in 30 states.

In December, Gateway One appear it was affairs accommodation assets account $1.1 billion to Santander Consumer USA Holdings, a accessory of a all-around banking aggregation that has its roots in an iconic Spanish bank.

The accord includes the about-face of an added $500 actor in assets that Santander will sub-service for Gateway One. Santander’s North American operations are based in Boston.

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The two deals beggarly that the absolute agents in Anaheim, which includes accountants, accumulating agents, defalcation specialists and controlling staff, is no best needed.

Tom Wennerberg, a agent for TCF Financial, said that he did not apperceive if any of the advisers would be offered jobs aural the alignment but that this accommodation would be up to Santander. He beneath to allocution about any severance offers or added forms of compensation, adage that this advice was confidential.

He added that the Anaheim appointment was TCF’s alone operation in California. Santander did not acknowledgment to requests for comment.

Gateway One abreast the accompaniment of the development in acquiescence with the Worker Adjustment and Retaining Notification Act, which requires at atomic 60 canicule of beforehand apprehension in the accident of a above layoff.

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