GE Capital Launches Program with Fleetwood
GE Capital, Commercial Distribution Finance today (Aug. 24) announced it has been selected as the exclusive wholesale lender for Fleetwood RV’s new inventory stock program designed to promote high turnover of new inventory.
This program will provide a competitive interest rate on financed inventory for 120 days and will allow dealers to be reimbursed by Fleetwood for 100% of interest charges on new inventory financed through GE Capital and sold in 60 days or less, according to a news release. A second tier will provide for 50% interest reimbursement for inventory sold between 61-90 days. All Fleetwood RV products invoiced on or after Monday, August 23, 2010, are eligible under the program.
“At Fleetwood RV, we are focused on retail and creating additional margin opportunities for our dealers,” said John Draheim, CEO/resident of Fleetwood RV Inc. “This new program reinforces that ideology by lowering costs and adding more value into our products, which helps our dealer partners turn their inventory more quickly. We are excited about the opportunity it creates for our dealer body and appreciate the creativity from GE Capital in its design and implementation.”
“The Fleetwood RV interest reimbursement programs provide a strong incentive for dealers to sell through at retail in today’s market,” said Peter Lannon, managing director – RV, for GE Capital’s CDF business. “We have worked closely with Fleetwood on this program and we are pleased to be able to help them deliver this reimbursement program to their dealers.”
GE Capital’s Commercial Distribution Finance business provides financing options that include inventory financing, purchase order financing, accounts-receivable working capital loans and other programs for recreational vehicles and other industries.
The Fleetwood RV interest reimbursement program is an exclusive program for dealers in the U.S. GE Capital finances all purchases under the program. Dealers pay interest charges to GE Capital and then apply to Fleetwood for the interest refund. Fleetwood RV determines the dealer’s eligibility for the program and administers all payments.