Driving the news: Prestige Financial Services will cease originations activity on November 20 and transition to a servicing-only business, according to an email the company sent to dealerships that was obtained by CDG News.
For context: Prestige, owned by Larry H. Miller Company, stated it will stop accepting credit applications as of Thursday and plans to fund any contracts already in house or in transit until the end of the month.
Unconfirmed online speculation alleges Prestige also carried out a large layoff on November 3, affecting close to 100 people across most departments, including many long-term employees with over 10 years at the company.
CDG News attempted to reach representatives for Prestige Financial, but requests for comment have gone unanswered.
From the memo:
“For more than 30 years, Prestige Financial has had the privilege of partnering with dealers across the country and serving customers with integrity and dedication. We are deeply grateful for your trust and support.
After careful consideration, Prestige has made the decision to stop new originations and will transition into a servicing-only business. Beginning Thursday, November 20, 2025, we will not accept credit applications. We plan to fund any contracts already in house or in transit until the end of the month.
While we will no longer be originating new contracts, our commitment to our existing customers remains unchanged.”
Bottom line: The shutdown adds to growing concerns about regional lender stability, following operational suspensions at lenders like Automotive Credit Corporation and bankruptcies at First Brands and Tricolor—raising red flags about dealer exposure to private-sector lending.
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