U.S. Bank, through its recreation finance division, now offers special consumer financing to members of the Recreational Dealers Exchange Co. (REDEX), the buying group of RV dealers that includes 45 members operating 84 locations.
Through its partnership with REDEX, the Minneapolis-based bank now can provide REDEX-member dealerships with a custom, indirect lending program that allows the dealers to offer more affordable and convenient financing to their RV-buying customers.
“Of the many national and regional banks, REDEX has endorsed only two financial institutions for retail financing programs,” said Paul Skogebo, president of REDEX and of the Robert Crist and Co. dealership in Mesa, Ariz. “We are proud to have U.S. Bank as one of our two preferred lenders. The rates are great and so are the people and the service.”
“U.S. Bank is continually looking for ways to make owning an RV affordable to more consumers, in this case by providing indirect financing that dealers can then pass on to their customers,” said Jere Gilbert, the bank’s regional sales and marketing manager of recreation finance.
The REDEX buying group, formed in 1996, is a coalition of RV dealers that accounts for more than $1.6 billion in annual sales revenue, which represents about 18% of the total RV retail market in the U.S.
The size of REDEX provides it with buying power that individual dealerships cannot match when negotiating terms for buying goods and services, Skogebo said.