Financially troubled financial services firm Conseco Inc. has left the RV dealer floorplan lending business, a Conseco spokesman confirmed.
Meanwhile, Conseco will continue to provide revolving credit loans with values under $25,000 to retail buyers of RVs, said Jim Rosensteele, Conseco’s spokesman.
Conseco left the RV wholesale lending market in order “focus our resources where we think we have a competitive advantage and reasonable market share,” Rosensteele added.
Conseco entered RV dealer floorplan lending when it bought the former Green Tree Financial Corp. in 1998. Green Tree had entered RV wholesale finance in 1996.
Green Tree first got involed in RV retail lending in 1993.
The cessation of its RV wholesale lending program is part of Conseco’s restructuring program which involves the effort to sell its lending business in order to concentrate on its core insurance and investments businesses.
Conseco has until Sept. 22 to reach agreements with its creditors to keep its remaining lending operations viable.