Wednesday, May 07, 2008

GE To Stop Providing Consumer Loans For RVs, Most Boats

General Electric Co.'s (GE) consumer finance unit plans to stop providing loans for the purchase of recreational vehicles and most watercraft, the latest effort by the conglomerate to exit what it considers low-margin businesses.

"It's a challenging time for RV and marine financing," said Cristy Williams, a spokesperson for GE Money, the company's consumer finance arm. "We just didn't see the returns that we wanted to see."

GE notified manufacturers late last week that it intends to stop providing new consumer loans for such purchases on Aug. 1.

Williams said GE Money will continue servicing its existing RV and marine loan portfolio, which it values at $3.6 billion. In addition, GE's commercial finance unit will continue to provide financing for dealers to stock inventory.
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