donn0128
Pronounced Ore-gun
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KeyBank locks out the RV industry
By Greg Gerber @ 6:07 PM :: :: 0 Comments :: [Article Rating] :: Dealer News, Manufacturing News [Click to print]
CLEVELAND, Ohio -- KeyBank has pulled out of the RV industry, RV Industry News learned today.
The company which provided wholesale financing to RV dealers suddenly pulled out of the RV market ironically while their staff members were reassuring dealers of the bank's long-term commitment to the industry at the RV Dealers Association convention/expo in Las Vegas.
Apparently, 100 employees of the RVs and boat dealers were told this morning that their jobs were being eliminated. Only 16 employees will be retained for six months to clean up the mess.
Tuesday evening, KeyBank representatives took several REDEX dealers out to dinner to reassure them that they were committed to the industry for the long run, said one REDEX dealer. "They assured the dealers the bank wouldn't jump out it was a rah-rah-rah speech, that's for sure," said one dealer.
KeyBank employees also met with FreedomRoads officials last night with a similar story, RV Industry News has learned.
Depending upon the amount of floorplan loans outstanding dealers are being given up to 90 days to sell their units before the manufacturers will be required to buy them back, said one dealer who had already been in contact with KeyBank.
KeyBank officials were staffing a booth at the RVDA convention, but the booth was abandoned this morning when dealers arrived at the show.
Donn
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Dave in TN
Middle Tennessee
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Banks are fighting for their lives and pulling back on credit to retain as much liquidity as possible for survival. Car dealers will be facing the same situation, and builders have already been facing it. Even consumers are seeing lines of credit reduced or eliminated and fees and rates raised. I guess with the pace of RV sales, Key doesn't see the returns outpacing the risk any longer.
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fla-gypsy
North Florida
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So sad, and our Lawmakers can do nothing but pontificate and fight and position themselves to blame somebody else when they are at the root of the problem. Just sad.
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The Weekenders
Harvey, North Dakota
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Interesting story from here in North Dakota!
State-owned back not hit by industry woes
BISMARCK, N.D. (AP) - The president of the state-owned Bank of North Dakota says the bank expects a record 57 million dollar profit this year.
Eric Hardmeyer says the banking industry's financial woes around the country have bypassed the Bank of North Dakota.
Hardmeyer says North Dakota banks in general have avoided home mortgage loans to people with poor credit and have managed conservatively.
He says the bank doesn't have money in exotic financial derivatives or another complex investments that have hit banks across the country.
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PapPappy
Wilmington, NC
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The Weekenders wrote:
State-owned bank not hit by industry woes.
BISMARCK, N.D. (AP) - .....banking industry's financial woes around the country have bypassed the Bank of North Dakota.
...North Dakota banks in general have avoided home mortgage loans to people with poor credit and have managed conservatively.... the bank doesn't have money in exotic financial derivatives or another complex investments that have hit banks across the country.
Yup...that's the reason that these other banks are going under...they don't seem to realize that not everyone or every business should have a mortgage or loan.
It's a shame that the industry didn't understand this, and now WE have to bail them out for their ignorance!
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havedreamwilltravel
Southern California
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The Weekenders wrote:Interesting story from here in North Dakota!
State-owned back not hit by industry woes
BISMARCK, N.D. (AP) - The president of the state-owned Bank of North Dakota says the bank expects a record 57 million dollar profit this year.
Eric Hardmeyer says the banking industry's financial woes around the country have bypassed the Bank of North Dakota.
Hardmeyer says North Dakota banks in general have avoided home mortgage loans to people with poor credit and have managed conservatively.
He says the bank doesn't have money in exotic financial derivatives or another complex investments that have hit banks across the country.
Smart bank manager! Maybe HE should run for President 
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stickdog
longitude W88.1, latitude N41.6
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Building at a 1,000.000+and staffing a branch on every street corner cuts into margins as well. Who they think they are Micky D's.
9-11 WE WILL NEVER FORGET!
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Hoops
Indiana
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It wasn't their ignorance that got them where they are now, it was their GREED.
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outdoorsman2007
In the Woods - Somewhere!
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Joined: 04/12/2007
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fla-gypsy wrote:So sad, and our Lawmakers can do nothing but pontificate and fight and position themselves to blame somebody else when they are at the root of the problem. Just sad. They are more interested in pointing the finger at someone else so they can get re-elected. It's not about what's good for the country, it's about keeping power.
What is really sad is that we put them into power. Now we are reaping what we have sewn.
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Gooseneck
Waynesville, NC, USA
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fla-gypsy wrote:So sad, and our Lawmakers can do nothing but pontificate and fight and position themselves to blame somebody else when they are at the root of the problem. Just sad.
I would submit more than SAD! Criminal!! Regardless of which side of the aisle, Party comes first, re-election second, lobbyists next and somewhere down the line, the American public. There are no more "statesmen" - only politicians. To me, that's what's sad.
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