His successor is to be announced shortly.
Stones – one of the highest profile figures in UK F&I - had led the development of the Black Horse Motor and Leisure business into the market leader.
He started his career in the motor industry with Forward Trust Group as a new business representative in Lincoln, becoming regional manager for the Midlands in 1986.
Stones joined United Dominions Trust (UDT) in 1988 as regional director for the north, Scotland and Northern Ireland.
He was appointed to the board of UDT as operations director for business finance in 1992, before becoming the director of sales operations.
In 1998, he joined Chartered Trust as executive director of the Motor and Leisure division, before taking on his present role in 2000.
John Davies, managing director Lloyds TSB Asset Finance Division said: “While I’m pleased Phil has made a very good recovery and is very much on the mend, he has decided to enjoy an early retirement with his wife Christine.”