bombardier capital withdraws from consumer retail financing sector
Amsnow
Financial services provider Bombardier Capital Inc. announced today that it will discontinue loan-origination activities in its consumer retail financing business to focus more closely on the inventory financing side of the business. The company will continue to service existing consumer loan accounts as part of a plan to liquidate its consumer retail loan portfolios over several years.
The decision impacts the company's Consumer Finance and Manufactured Housing Finance-Retail business units, which provide consumer retail financing services to U.S. dealers of recreational products and manufactured homes, respectively. The action has no impact on Bombardier Capital's Inventory Finance business.
"We've made a careful analysis of our presence in the recreational products and manufactured housing markets," said President and COO Robert Gillespie. "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."