The president of Money Store's auto finance division has resigned amid rising delinquencies in the unit.
J. Tom Jones left for personal reasons, the company announced. He was succeeded by William J. Bradley, executive vice president and chief operating officer of the division.
"We remain committed to the ongoing development of our auto finance division, and we are confident that the division will continue to grow and contribute to the company," said Marc Turtletaub, the lender's president and chief executive officer.
The departure followed a 151% rise in auto loan chargeoffs and a 24% rise in delinquencies from the first quarter to the second.