Bank of America is making a big push into auto lending just as regulators are sending warning signals, losses from auto loans are rising, and rivals are growing more cautious after years of strong returns.The bank tapped mortgage executives Matt Vernon and John Schleck to lead the auto lending business last May, saying they would be able to sell auto loans alongside other products such as checking accounts and home equity loans.
In interviews, the executives and their boss, D. Steve Boland, who oversees a broad swath of consumer lending, said they still see room for growth from borrowers who have good credit. They have hired extensively in recent months, adding dozens of loan officers and salespeople.
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