E*TRADE Financial Corp. announced Tuesday (Nov.1) the company has completed the sale of its RV and marine lending business to GE Consumer Finance’s retail sales finance unit for $60 million.
Under the terms of the sale, $3.3 billion in RV and marine assets will remain the property and continue to be serviced by E*TRADE Financial under GE Consumer Finance’s ownership. In addition, E*TRADE Financial will retain all assets originated through the transaction closing.
The acquisition came on the heels of Stamford, Conn.-based GE Commercial Finance’s $2.4 billion June purchase of Bombardier Capital’s Inventory Finance Division. A division of Montreal, Canada-based Bombardier Inc., the 280-employee division provides financing for RVs, all-terrain vehicle, marine, manufactured housing and snowmobiles.