Money Store Inc. said Thursday that it would shutter its nonprime auto lending division. The move will result in a $42 million charge to 1997 earnings and the elimination of 400 jobs.

"We did not see a way in this environment for us to turn this around quickly," said Marc Turtletaub, chief executive of the finance company. "Our plan is to focus on our core business."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.