Bombardier Capital to Exit RV Retail Lending
Bombardier Capital will leave the RV retail finance sector effective at the end of the business day on Nov. 26, but it will continue to provide inventory financing to RV dealers, the company announced.
Bombardier Capital, the finance subsidiary of Canadian aircraft manufacturer Bombardier Inc., will exit all consumer products and manufactured home financing because the slowdown in the U.S. economy.
“We’ve made a careful analysis of our presence in the recreational products and manufactured housing markets,” said Robert Gillespie, president and COO. “It’s clear that our inherent strengths lie on the inventory financing side of the business, and that is where we can best serve our customers.”
Bombardier Capital will continue accepting consumer credit applications from RV dealers in the U.S. until the close of business on Nov. 26. Applications received and approved before the deadline, together with the associated rate, will be honored according to applicable terms, Gillespie said.
Bombardier Capital, which left the RV retail finance sector in Canada about 18 months ago, is “a niche player” in RV retail finance in the U.S., said David Salck, a Bombardier spokesman.
In addition to the Challenger and Learjet brands of business aircraft and the Canadair and de Havilland brands of commuter aircraft, Bombardier also manufactures commuter rail equipment, Sea-Doo personal watercraft, Ski-Doo snowmobiles and Johnson and Evinrude outboard engines.