Briefs: Insurer's Agents to Market Car Loans from Citicorp

Citicorp and Farmers Insurance Group Inc. have agreed to market auto loans through the insurance company's agents.

Under the arrangement, people who buy insurance from Farmers will be able to finance or refinance a car by contacting their insurance agent. Loan approvals will usually take three hours.

Citibank will act as lender and loan servicer.

The program has been launched in California and four other western states and will eventually be expanded to all 24 states where Farmers has agents, the companies said in a press release.

"Providing competitively priced auto loans is another step toward our business strategy to offer an assortment of companion products and services," said Don Mealer, assistant vice president for regional operations at Farmers.

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