The Recreation Vehicle Industry Association (RVIA), Recreation Vehicle Dealers Association (RVDA) and the National Marine Manufacturers Association (NMMA) are working together with the American Recreation Coalition (ARC) to present a unified message to federal officials and Congress on the critical need to make financing available for RV and other recreation product purchases.
The associations sent the attached joint letters to President-elect Barack Obama and Secretary of the Treasury Henry Paulson on Nov. 26 with the following messages:
We support efforts to promote the availability of consumer financing for qualified borrowers, expanding upon Treasury’s Nov. 25 announcement of a Term Asset-Backed Securities Loan Facility. We are encouraged that new classes of asset-backed consumer lending may be considered and believe that lending for boats, RVs and other recreational items should be on an equal basis with loans for automobiles, educational expenses and purchases with credit cards targeted by the new Treasury facility.
We request assistance in urging both banks and non-bank financial concerns receiving federal assistance under TARP to make consumer loans available for all traditional uses. Economic recovery depends heavily on a rebound in consumer confidence, and consumers who are credit-worthy and encounter barriers to financing purchases will make this rebound more difficult. We note the special importance of this provision to employment in the United States associated with the recreational boating and RV industries, where an overwhelming majority of the new units are U.S.-manufactured.
We seek government attention to problems faced by recreation companies and many other small businesses in commercial lending – often referred to as dealer floor-plan financing – which have exacerbated the challenges faced as sales have slowed. Credit must become available to these businesses to support economic recovery and growth.
RVDA and RVIA will continue to update members on progress.