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Thor CC Inc., dba Thor Credit Corp., Irvine, Calif., the new retail lender formed by RV manufacturer Thor Industries Inc., intends to make credit available to “prime” and “super-prime” consumers at some 1,600 Thor and MVP RV Inc. dealers beginning this spring.
“We have opened an office and formed a corporation, and we are running a couple of parallel paths,” said Thor CC President Ed Arienti.
Arienti reported that the company is going through the procedures needed to extend credit in the 26 states that require Thor Credit to register, and that front-end systems are being developed to begin offering credit to Thor and MVP RV dealers.
“We are really right now building our specifications,” Arienti said. “We are very confident about the RV industry and confident about our schedule, although we aren’t ready to announce a date.”
Thor and GE Money ended a lending partnership in May 2008 following GE’s decision that it would no longer make retail RV loans, although GE continues wholesale dealer financing with tighter restrictions.
Following the dissolution of the partnership, Thor announced in November that it would create its own stand-alone financing unit for dealers that sold its products.
The company will finance new RVs manufactured by Thor subsidiaries that include Keystone RV Co., Airstream Inc., Damon Motor Coach, Dutchmen Manufacturing Inc., Komfort Corp., Breckenridge, CrossRoads RV, Four Winds International Corp. and Mandalay Luxury Division. In addition, Thor Credit will offer financing for Thor dealers on qualified used products built by other companies.
Thor made a special arrangement with MVP RV, Moreno Valley, Calif., which was formed last July by executives of the former Thor California Inc., who purchased the company’s assets.
Arienti will lead a team of former GE Money executives that include Margaret Gandolfo, senior vice president of finance and operations; Nancy Hartmann, senior vice president of sales; Bob Kennedy, senior vice president of credit; and Mike Rapp, senior vice president of marketing.