Consistent with previous guidance, Navistar Financial Corp. announced that as part of its strategy for refinancing its wholesale portfolio, it has signed an agreement for a one-year renewal of a $650 million dealer floor plan funding facility, effective immediately. This conduit-based facility is funded through two of NFC’s major relationship banks.
“This renewal, in conjunction with other initiatives, will fully support our ongoing wholesale business, which helps dealers purchase their floor plan inventory,” says David Johanneson, president and chief executive officer of Navistar Financial, a wholly owned subsidiary of Navistar International Corp., based in Warrenville, Ill.
“The credit quality of our portfolio and the health of our dealer network continue to earn the ongoing confidence of our key relationship banks,” Johanneson says. “The completion of this renewal is another important step in our strategy to renew Navistar Financial’s bank facility by yearend.”
Navistar Financial also says its new Guaranteed Asset Protection (GAP) product will help provide financial protection and peace of mind to customers. GAP is designed to protect customers who suffer a total loss of vehicle by waiving the difference between the amount owed on the vehicle and the proceeds paid by the customer’s physical damage insurance provider.
“We’re committed to providing the financing products and services that our customers need to operate their businesses, and GAP is especially valuable in today’s marketplace, where used trucks are valued at relatively low amounts,” says Trish Reed, vice president of business operations. “GAP coverage helps customers to lower their risk and gain peace of mind in knowing that they are protecting their vehicle investment.”