Triad Financial Services Group, which includes the bank and its insurance arm, will have a majority stake in Triad, according to a regulatory filing by Triad.
The filing, which has not been made public, says Triad has the right to buy and sell shares.
Investors in Triade can invest in Triads securities at the same time.
It says Triade has “an active and growing investment base that has demonstrated the ability to deliver high quality and cost-effective investments.”
Triad said it will not take any positions on the sale.
The announcement was first reported by Reuters.
Lexus Financial Services, which operates Triad’s insurance and other financial products, said it is not part of the deal and is not involved.
Triad shares were up 1.7 percent in early trading in New York on Thursday.
Investors are worried about the health of the auto industry.
Earlier this month, a federal judge in California struck down California’s ban on insurance companies buying into self-insured vehicles, saying the state’s ban violated the federal Motor Vehicle Act.