TCF Bank’s powersports floorplan operation has been unaffected by the company’s decision to stop originating indirect auto loans, a TCF spokesman told Powersports Finance.
“Floorplan lending is handled through TCF Inventory Finance, a completely separate business unit,” he said. “[TCF Inventory Finance’s] operations and lending remain unchanged.”
The bank stopped originating auto loans through indirect finance arm Gateway One Lending and Finance on Dec. 1, and will instead reinvest the capital into other divisions of the bank. TCF Inventory Finance has been growing in the space, as dealers and manufacturers welcome the competition to drive down rates, Powersports Finance previously reported.Like This Post