Retail truck and bus financing for Navistar (NYSE: NAV) customers and dealers in the U.S. will be expanded under a new alliance with GE Capital (NYSE: GE) announced by the two parties today. Under the agreement, GE Capital will become Navistar’s “preferred provider of retail financing solutions,” according to a press release issued by the two.
The new relationship only involves retail financing currently handled by Navistar Financial Corp., a wholly owned subsidiary of Navistar, according to a company spokesperson. Some 60 NFC employees currently handling retail business will join GE Capital to manage the new program, according to the joint announcement. GE Capital has been providing Navistar’s Canadian dealers with financing since 1986.
“ This new alliance will enable Navistar to better support our dealer network and invest more capital in what we do best, which is to manufacture and sell top-quality products,” said A.J. Cederoth, exec. vp & CFO of Navistar.
