Wells Fargo & Co. is expanding loans to customers of General Motors Co., threatening to take business from Ally Financial Inc. as the bailed-out auto lender seeks a turnaround.
GM, the biggest U.S. automaker, already had chosen Wells Fargo, the bank with the biggest branch network, to provide financing to Chevrolet, Buick, GMC and Cadillac dealers and customers in its U.S. west marketing region. The agreement has since broadened to include the south central region, and San Francisco-based Wells Fargo wants more, said Tom Wolfe, who heads the unit that oversees auto and credit-card loans.
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