Wells Fargo exits powersports industry
July 13, 2007
Filed under Features
Wells Fargo Specialty Finance alerted its dealers that it would discontinue offering indirect financing to RV, motorcycle, marine and powersports dealers, the company said in a statement July 13.
The statement included the text of a letter it sent to affected dealers, in which it announced it was terminating its dealer agreements as of Oct. 3. Wells Fargo will stop processing applications Aug. 4. Contracts approved as of Aug. 3 will be processed and funded in the ordinary course through Oct. 3.
“We regret that we will not be able to provide our financing services to you after these dates,” the letter stated. “What’s most important is that you have sufficient time to identify alternative lending sources, and please keep in mind that Wells Fargo will continue to provide all our existing business banking services.”