NEW YORK -

A Reuters report posted late last week indicated OneMain Financial might be sold to a subprime finance company that currently does not operate in the auto space.

The report citing anonymous sources said Citigroup is in “advanced talks” to sell its consumer finance unit that originates vehicle installment contracts to subprime finance company Springleaf Holdings.

People familiar with the matter told Reuters on Friday that the deal could be for more than $4 billion.

The sources went on to tell Reuters that Springleaf has prevailed over other bidders, including private equity firms, in an auction for OneMain Financial.

The report went on to mention the negotiations have not been finalized, and Citigroup may still decide to pursue an initial public offering of OneMain Financial as an alternative to an outright sale.

Reuters added the sources asked not to be identified because the negotiations are private.

Springleaf is a consumer finance company that provides loan products to customers through its nationwide branch network and through its Internet lending division. The company has been in business for nearly 100 years originating, underwriting and servicing personal loans primarily to nonprime consumers. The company operates one of the largest consumer finance branch networks in the United States, serving its customers through nearly 830 branches in 26 states.

According to OneMain Financial’s IPO prospectus filed on Feb. 11 with the Securities and Exchange Commission, about 20 percent of $8.3 billion portfolio as of Sept. 30 was secured with a vehicle. The company has 1.3 million customer accounts connected to a base the company described as “geographically diverse” with an average FICO score of 629.

However, with so much in flux, OneMain Financial made a significant disclaimer at the top of its latest SEC submission.

“The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective,” company officials said. “This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any state where the offer or sale is not permitted.”