Ally Financial Begins Wholesale Financing for Recreation Vehicles

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Nov 23, 2010, 08:45 ET

DETROIT, Nov. 23, 2010 /PRNewswire/ -- Ally Financial today announced the company will offer a national program for wholesale financing of RV dealer inventory, expanding upon its preferred provider relationship with Thor Industries.

Thor is the world's largest manufacturer of recreation vehicles, with a U.S. network of approximately 1,200 dealers selling brands such as Airstream, Breckenridge, CrossRoads, Dutchmen, Heartland, Komfort, Keystone RV and Thor Motor Coach.

"We benchmarked current options and needs in the industry and will offer a very competitive wholesale financing product for RV dealers," said Tim Russi, Ally Financial executive vice president for North American Operations. "Our program is tailored to the recreation vehicle business with attractive terms and flexible credit lines that will accommodate the seasonal fluctuations in RV inventory. We view our retail and wholesale financing, along with remarketing tools, as a full-service offering for dealers."

Thor RV Group President Ron Fenech said, "Dealer wholesale financing is a critical part of the RV business. We are thrilled to have a strong national lender like Ally stepping in to provide Thor dealers with competitive financing for their inventory."

Qualified dealers may obtain wholesale financing from Ally Financial for all or a portion of their inventory. Ally Financial has a dedicated sales team devoted to the RV business. Representatives will be on hand next week at the annual Recreation Vehicle Industry Association trade show in Louisville, Ky., to introduce the wholesale financing program.

Ally Financial became the preferred retail finance provider for Thor Industries RVs in April 2010. Ally currently extends retail financing in about 40 states, with plans to expand its RV retail financing nationwide by the end of the year.

Ally Financial is diversifying its business as an independent bank holding company devoted to the broad automotive industry.

About Ally Financial Inc.

Ally Financial Inc. (formerly GMAC Inc.) is one of the world's largest automotive financial services companies. The company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. With more than $173 billion in assets as of Sept. 30, 2010, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com .