General Electric Sells GE Capital s Last Big Business To Wells Fargo #finance #resume


#ge capital finance

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Last big chunk of GE Capital sold to Wells Fargo

Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

Time Inc. All rights reserved.

Fortune.com is a part of the Time.com network of sites.

2016 Time Inc. All rights reserved.

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Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses #mba #finance


#ge finance

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Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses

SAN FRANCISCO, March 1, 2016

Wells Fargo Company (NYSE: WFC) announced today that it has completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets, including approximately $24 billion of loans. The remaining international segment of the transaction is expected to close later this year. The total acquisition includes assets of approximately $31 billion as well as businesses employing approximately 2,800 team members.

“The completion of this transaction strengthens our capabilities and deepens our customer relationships in key commercial lending markets across the U.S. and Canada,” said Tim Sloan, Wells Fargo’s president and chief operating officer. “The businesses acquired from GE Capital are industry leaders with proven business models and capabilities. As a result of this acquisition, we are adding a set of complementary businesses, long-term customer relationships and exceptionally talented and experienced teams that position Wells Fargo as a market leader in these important product areas.”

As previously announced, the businesses acquired from GE Capital include:

Commercial Distribution Finance

GE Capital’s Commercial Distribution Finance (CDF) business is a market leader in providing customized inventory financing to fund the flow of finished durable goods from manufacturers to dealers. Through industry expertise and integrated technologies, CDF helps manufacturers and dealers across the U.S. and Canada improve cash flow, reduce risk and grow sales. CDF’s inventory finance products and deep customer relationships greatly complement and expand the existing asset-based lending product offerings in Wells Fargo’s Capital Finance division. Effective March 1, Commercial Distribution Finance will adopt the tradename Wells Fargo Commercial Distribution Finance.

Vendor Finance

GE Capital’s Vendor Finance business provides vendor and dealer financing programs for manufacturers and dealers of all sizes, and their customers, across the U.S. and Canada, from Fortune 500 companies looking to offer private label financing to independent operations looking to manage cash flow. The business drives vendor sales growth by supporting dealers with inventory financing and by providing leases and loans to commercial end-user customers. As a leading provider of technology-enabled white label captive program and channel financing solutions, GE Capital’s Vendor Finance business will significantly expand Wells Fargo’s current capabilities within its Equipment Finance business. Effective March 1, Vendor Finance will adopt the tradename Wells Fargo Vendor Financial Services.

Corporate Finance

GE Capital’s Corporate Finance business (also known as Direct Lending and Leasing) provides senior secured asset-based loans as well as equipment leases and loans to middle-market customers. Wells Fargo purchased a portion of the business, which is being integrated into its existing Capital Finance and Equipment Finance businesses.

About Wells Fargo Capital Finance

Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. Wells Fargo Commercial Distribution Finance is the trade name for certain inventory financing (floor planning) services of Wells Fargo Company and its subsidiaries. For more information, visit wellsfargocapitalfinance.com.

About Wells Fargo Equipment Finance

Wells Fargo Equipment Finance provides competitive fixed- and floating-rate loans and leases covering a full range of commercial equipment for businesses nationwide as well as floor planning and inventory financing, and vendor programs in selected industries in the United States and Canada. Wells Fargo Equipment Finance is a leading bank affiliated equipment leasing and finance business in the United States by asset portfolio and annual originations, with more than 130,000 customers, and 1,100 team members. Wells Fargo Equipment Finance is the trade name of the equipment finance businesses of Wells Fargo Bank, N.A. and its subsidiaries. Canadian business is transacted by Wells Fargo Equipment Finance Company.

About Wells Fargo

Wells Fargo Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories .

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

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We build Texas Trailers in Gainesville, Florida with a 5-Year Structural Warranty! FREE paint upgrade on new orders to New Cat Yellow and Indigo Blue!

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Welcome to Texas Trailers | Gainesville, Florida!

For over 40 years, Texas Trailers has offered the highest quality enclosed cargo, car hauler, equipment, flatbed, lawn maintenance, horse/livestock and utility trailers to customers across the state of Florida and the southeastern United States. We can assist you in designing a custom trailer to help fulfill your specific trailer needs or you may choose from one of the many trailers we have in stock. We are conveniently located on North Highway 441 (NW 13th Street) in Gainesville, Florida and we offer domestic and international delivery. Your complete satisfaction is unconditionally guaranteed on all of our sales and services.

Texas Trailers manufactures a complete line of high quality steel trailers at our location, so there is no middle man. We specialize in fabricating trailers that are custom designed for your specific purposes. We use only the highest quality components, materials, and parts, so that you can be sure your trailer is ready to perform and that it is built to last. Our trailers are hand-prepped with a rust-inhibitive primer and painted with the highest quality acrylic enamel paint. We are behind you all the way with a 5-Year Structural Warranty on Texas Trailers.

We are the manufacturer and only dealer for Texas Trailers and we offer other high quality brands such as Wells Cargo, Haulmark,Big Tex. Cargo Mate, CM Trailers, and CM Truck Beds . We carry a large selection in stock and we can order other products when necessary. At Texas Trailers, our goal is to provide the best trailers, trailer parts, and vehicle accessories with the best combination of price and quality in the market.

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Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses #finance #degree #online


#ge finance

#

Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses

SAN FRANCISCO, March 1, 2016

Wells Fargo Company (NYSE: WFC) announced today that it has completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets, including approximately $24 billion of loans. The remaining international segment of the transaction is expected to close later this year. The total acquisition includes assets of approximately $31 billion as well as businesses employing approximately 2,800 team members.

“The completion of this transaction strengthens our capabilities and deepens our customer relationships in key commercial lending markets across the U.S. and Canada,” said Tim Sloan, Wells Fargo’s president and chief operating officer. “The businesses acquired from GE Capital are industry leaders with proven business models and capabilities. As a result of this acquisition, we are adding a set of complementary businesses, long-term customer relationships and exceptionally talented and experienced teams that position Wells Fargo as a market leader in these important product areas.”

As previously announced, the businesses acquired from GE Capital include:

Commercial Distribution Finance

GE Capital’s Commercial Distribution Finance (CDF) business is a market leader in providing customized inventory financing to fund the flow of finished durable goods from manufacturers to dealers. Through industry expertise and integrated technologies, CDF helps manufacturers and dealers across the U.S. and Canada improve cash flow, reduce risk and grow sales. CDF’s inventory finance products and deep customer relationships greatly complement and expand the existing asset-based lending product offerings in Wells Fargo’s Capital Finance division. Effective March 1, Commercial Distribution Finance will adopt the tradename Wells Fargo Commercial Distribution Finance.

Vendor Finance

GE Capital’s Vendor Finance business provides vendor and dealer financing programs for manufacturers and dealers of all sizes, and their customers, across the U.S. and Canada, from Fortune 500 companies looking to offer private label financing to independent operations looking to manage cash flow. The business drives vendor sales growth by supporting dealers with inventory financing and by providing leases and loans to commercial end-user customers. As a leading provider of technology-enabled white label captive program and channel financing solutions, GE Capital’s Vendor Finance business will significantly expand Wells Fargo’s current capabilities within its Equipment Finance business. Effective March 1, Vendor Finance will adopt the tradename Wells Fargo Vendor Financial Services.

Corporate Finance

GE Capital’s Corporate Finance business (also known as Direct Lending and Leasing) provides senior secured asset-based loans as well as equipment leases and loans to middle-market customers. Wells Fargo purchased a portion of the business, which is being integrated into its existing Capital Finance and Equipment Finance businesses.

About Wells Fargo Capital Finance

Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. Wells Fargo Commercial Distribution Finance is the trade name for certain inventory financing (floor planning) services of Wells Fargo Company and its subsidiaries. For more information, visit wellsfargocapitalfinance.com.

About Wells Fargo Equipment Finance

Wells Fargo Equipment Finance provides competitive fixed- and floating-rate loans and leases covering a full range of commercial equipment for businesses nationwide as well as floor planning and inventory financing, and vendor programs in selected industries in the United States and Canada. Wells Fargo Equipment Finance is a leading bank affiliated equipment leasing and finance business in the United States by asset portfolio and annual originations, with more than 130,000 customers, and 1,100 team members. Wells Fargo Equipment Finance is the trade name of the equipment finance businesses of Wells Fargo Bank, N.A. and its subsidiaries. Canadian business is transacted by Wells Fargo Equipment Finance Company.

About Wells Fargo

Wells Fargo Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories .

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

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Investors


GE Completes Sale of Commercial Lending and Leasing Businesses in North America to Wells Fargo #cheap #car #finance


#ge commercial finance

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GE Completes Sale of Commercial Lending and Leasing Businesses in North America to Wells Fargo

  • Closing Represents $26 Billion of Ending Net Investment
  • GE Capital Dispositions Signed Total $157 Billion; Closings Total $136 Billion
  • GE Capital On Track to Apply for SIFI De-Designation

March 01, 2016 09:55 AM Eastern Standard Time

FAIRFIELD, Conn.–( BUSINESS WIRE )–GE (NYSE: GE) has completed the previously announced sale of the majority of its North American commercial lending and leasing businesses to Wells Fargo Co. (NYSE: WFC). The sale to Wells Fargo includes GE Capital’s Global Commercial Distribution Finance (CDF), Vendor Finance and Corporate Finance platforms, representing ending net investment (ENI) of approximately $29 billion ($31 billion of assets). The portion that closed today represents approximately $26 billion of ENI ($27 billion of assets) and does not include the sale to Wells Fargo of the CDF business outside North America which is expected to be completed later this year.

With this transaction, GE has closed $136 billion of GE Capital dispositions as it reduces the size of its financial business and transforms to a digital industrial company. Today’s transaction releases approximately $4 billion of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.

“We are pleased to complete the sale of these businesses to Wells Fargo,” said Keith Sherin, GE Capital chairman and CEO. “This was our largest business sale to date in our effort to sell most of the assets of GE Capital. Wells Fargo has been a fantastic partner throughout the process and we are certain our customers, employees and partners will benefit from joining this industry leader,” added Sherin.

As previously announced, GE is focusing on its high-value industrial businesses and is selling most GE Capital assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses. Since the announcement in April 2015, GE Capital has signed agreements for more than $157 billion of the $200 billion it plans to sell. In addition to today’s transaction, in recent weeks GE Capital has closed a variety of smaller sales globally, bringing the total amount of closed transactions to approximately $136 billion.

“We continue to execute quickly and ahead of plan on our asset sales and have worked hard to seamlessly transition our employees and customers to our buyers, a testament to the commitment of our teams,” said Sherin. “GE Capital continues to target the end of the first quarter to file an application for de-designation as a Systemically Important Financial Institution as our footprint in the U.S. has been significantly reduced. Globally, GE Capital expects to be substantially done with the sale process by the end of 2016,” he concluded.

GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com.

Caution Concerning Forward-Looking Statements:

This document contains “forward-looking statements” – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

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Auto Loan Rates – Wells Fargo #gmac #auto #finance


#finance rates

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Auto Loan and Refinance Rates

Looking to purchase a car or refinance an existing loan? Wells Fargo can help with competitive rates, flexible loan terms, and outstanding service. We offer a range of loan terms from 12 to 72 months. Check out our current rates and model your loan terms, including monthly payment, using our auto loan calculator. Customers who qualified for our lowest APRs have an excellent credit history and a loan amount that’s greater than $22,000 and less than 85% of the car’s value. The APR includes a relationship discount of 0.25%.

Customer Discount

You may be eligible for a rate discount with a qualifying Wells Fargo consumer checking account while maintaining automatic payments.

To qualify for a customer relationship discount, you must maintain a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account. Only 1 relationship discount may be applied per application. Auto loans obtained from a dealership (where the dealer is the lender) do not qualify for the relationship discount. To learn which accounts qualify for the discount, please consult a Wells Fargo banker. If automatic payments are not selected, or are canceled for any reason at any time after account opening, the interest rate and the corresponding monthly payment may increase.

Rates as of 04/25/2016 are subject to change without notice. Wells Fargo reserves the right to change rates, terms and fees anytime. Auto loans are not available in Louisiana. For questions, please contact us at 877-590-7776 .

  • Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

© 1999 – 2016 Wells Fargo. All rights reserved. NMLSR ID 399801


General Electric Sells GE Capital s Last Big Business To Wells Fargo #laptop #finance


#ge capital finance

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Last big chunk of GE Capital sold to Wells Fargo

Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

Time Inc. All rights reserved.

Fortune.com is a part of the Time.com network of sites.

2016 Time Inc. All rights reserved.

Fortune.com is a part of the Time.com network of sites.

2016 Time Inc. All rights reserved.

Fortune.com is a part of the Time.com network of sites.

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Transportation Financing – Wells Fargo Commercial #car #finance #company


#truck finance

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Commercial Transportation Financing

Get financing for the commercial trucks, trailers and specialty vehicles your business needs. Select one of the tabs below to get started.

Loan and lease options to meet your commercial vehicle needs

We can help you determine the right equipment finance strategy for your business. Choose from a variety of loan and lease options to build or expand your fleet. We can provide:

  • Financing and refinancing of new and used equipment
  • Terms from 12 to 84 months
  • Competitive fixed or floating interest rates
  • Seasonal payment structures
  • Interim financing
  • Term loans
  • Standard and modified TRAC leases
  • Equipment lines of credit
  • Lease purchase agreements
  • Dealer retail finance programs

Our customers

We work with wholesalers, distributors, retailers, and manufacturers that use Class 6, 7, and 8 vehicles. Our customers include owner/operators, highway fleets (including private fleets), leasing companies, and commercial vehicle dealers.

New and used trailers for lease

We maintain an extensive inventory of semi-trailers for lease to fleet owners across the U.S. We have more than 150 new trailers for lease slotted for production each month through December 2014, including:

  • 2015 Great Dane composite 53-foot air ride dry vans
  • 2015 Wabash composite 53-foot air ride dry vans
  • 2015 Utility 53-foot air ride refrigerated vans
  • New 23’ 6” SL and 40’ Gooseneck tandem axle chassis available for lease now
  • Custom orders based on trailer type and quantity are also possible

Also choose from our current inventory of used trailers, including: composite plate vans (53-foot air ride dry vans), refrigerated trailers, flatbeds, dumps, steps, and low boys.

Our customers

We serve companies with small, medium or large trailer fleets as well as leasing companies. We can offer a variety of transaction structures, including TRAC leases, lease purchase agreements, and operating leases with terms from one to eight years.

Financing and leasing for refuse, recycling, and other specialty vehicles

We work with businesses and corporations of all sizes that need capital equipment and with vocational equipment manufacturers and distributors to provide financing for your customers’ equipment acquisitions.

We finance and lease a variety of vocational equipment including:

  • Refuse and recycling haulers
  • Vacuum, pumper, and tanker trucks
  • Tow, utility, and tire service trucks
  • Scrap industry equipment
  • Emergency vehicles
  • Transfer stations and sorting lines
  • Balers and compactors
  • Medium duty service and work trucks
  • Tanker, refuse, and vocational trailers
  • Boom and crane trucks
  • Document shredder trucks
  • Compressed natural gas-equipped trucks

Our equipment specialists can offer a financing or leasing option that fits the nature of your work and business structure.

Our products and services include:

  • Financing and refinancing for new and used vocational equipment
  • Terms from 36 to 84 months
  • Competitive fixed or floating interest rates
  • Up to 100 percent financing
  • Seasonal and skip payment structures
  • Interim financing
  • Application-only programs
  • Term loans
  • Standard and modified TRAC leases
  • Lease purchase agreements
  • Operating leases
  • Dealer retail finance programs
  • Manufacturer subsidy programs

Comprehensive finance and lease strategies for the transit industry

We offer financing designed specifically for businesses in the transit industry, including charter and tour service providers, transit contractors, schools, municipalities, and bus and motorcoach manufacturers and distributors.

  • Financing and refinancing of new and used equipment
  • Seasonal and skip payment structures
  • Competitive fixed or floating interest rates
  • Lease purchase agreements
  • Standard and modified TRAC leases
  • Operating leases
  • Municipal leases
  • Application-only programs
  • Dealer retail finance programs
  • Interim financing
  • Manufacturer subsidy programs

Capital for truck and trailer dealerships and leasing companies

We offer capital, underwriting guidelines, and portfolio management to truck and trailer leasing companies who underwrite and service their own leases.

Our products and services include:

  • Flexible financing terms from 12 to 84 months (balloon financing available)
  • Up to 100% financing available
  • Credit lines from $5 million to $40+ million
  • Fixed or floating rates; lock for up to 90 days
  • Timely documentation and funding
  • Refinancing available
  • Portfolio purchases

All transactions are subject to credit approval. Some restrictions may apply. Wells Fargo Equipment Finance is the trade name for certain equipment leasing and finance businesses of Wells Fargo Bank, N.A. and its subsidiaries.


Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses #home #finance


#ge finance

#

Wells Fargo Completes Acquisition of GE Capital’s North American Commercial Distribution Finance and Vendor Finance Businesses

SAN FRANCISCO, March 1, 2016

Wells Fargo Company (NYSE: WFC) announced today that it has completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets, including approximately $24 billion of loans. The remaining international segment of the transaction is expected to close later this year. The total acquisition includes assets of approximately $31 billion as well as businesses employing approximately 2,800 team members.

“The completion of this transaction strengthens our capabilities and deepens our customer relationships in key commercial lending markets across the U.S. and Canada,” said Tim Sloan, Wells Fargo’s president and chief operating officer. “The businesses acquired from GE Capital are industry leaders with proven business models and capabilities. As a result of this acquisition, we are adding a set of complementary businesses, long-term customer relationships and exceptionally talented and experienced teams that position Wells Fargo as a market leader in these important product areas.”

As previously announced, the businesses acquired from GE Capital include:

Commercial Distribution Finance

GE Capital’s Commercial Distribution Finance (CDF) business is a market leader in providing customized inventory financing to fund the flow of finished durable goods from manufacturers to dealers. Through industry expertise and integrated technologies, CDF helps manufacturers and dealers across the U.S. and Canada improve cash flow, reduce risk and grow sales. CDF’s inventory finance products and deep customer relationships greatly complement and expand the existing asset-based lending product offerings in Wells Fargo’s Capital Finance division. Effective March 1, Commercial Distribution Finance will adopt the tradename Wells Fargo Commercial Distribution Finance.

Vendor Finance

GE Capital’s Vendor Finance business provides vendor and dealer financing programs for manufacturers and dealers of all sizes, and their customers, across the U.S. and Canada, from Fortune 500 companies looking to offer private label financing to independent operations looking to manage cash flow. The business drives vendor sales growth by supporting dealers with inventory financing and by providing leases and loans to commercial end-user customers. As a leading provider of technology-enabled white label captive program and channel financing solutions, GE Capital’s Vendor Finance business will significantly expand Wells Fargo’s current capabilities within its Equipment Finance business. Effective March 1, Vendor Finance will adopt the tradename Wells Fargo Vendor Financial Services.

Corporate Finance

GE Capital’s Corporate Finance business (also known as Direct Lending and Leasing) provides senior secured asset-based loans as well as equipment leases and loans to middle-market customers. Wells Fargo purchased a portion of the business, which is being integrated into its existing Capital Finance and Equipment Finance businesses.

About Wells Fargo Capital Finance

Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. Wells Fargo Commercial Distribution Finance is the trade name for certain inventory financing (floor planning) services of Wells Fargo Company and its subsidiaries. For more information, visit wellsfargocapitalfinance.com.

About Wells Fargo Equipment Finance

Wells Fargo Equipment Finance provides competitive fixed- and floating-rate loans and leases covering a full range of commercial equipment for businesses nationwide as well as floor planning and inventory financing, and vendor programs in selected industries in the United States and Canada. Wells Fargo Equipment Finance is a leading bank affiliated equipment leasing and finance business in the United States by asset portfolio and annual originations, with more than 130,000 customers, and 1,100 team members. Wells Fargo Equipment Finance is the trade name of the equipment finance businesses of Wells Fargo Bank, N.A. and its subsidiaries. Canadian business is transacted by Wells Fargo Equipment Finance Company.

About Wells Fargo

Wells Fargo Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories .

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

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GE Completes Sale of Commercial Lending and Leasing Businesses in North America to Wells Fargo #online #personal #finance


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GE Completes Sale of Commercial Lending and Leasing Businesses in North America to Wells Fargo

  • Closing Represents $26 Billion of Ending Net Investment
  • GE Capital Dispositions Signed Total $157 Billion; Closings Total $136 Billion
  • GE Capital On Track to Apply for SIFI De-Designation

March 01, 2016 09:55 AM Eastern Standard Time

FAIRFIELD, Conn.–( BUSINESS WIRE )–GE (NYSE: GE) has completed the previously announced sale of the majority of its North American commercial lending and leasing businesses to Wells Fargo Co. (NYSE: WFC). The sale to Wells Fargo includes GE Capital’s Global Commercial Distribution Finance (CDF), Vendor Finance and Corporate Finance platforms, representing ending net investment (ENI) of approximately $29 billion ($31 billion of assets). The portion that closed today represents approximately $26 billion of ENI ($27 billion of assets) and does not include the sale to Wells Fargo of the CDF business outside North America which is expected to be completed later this year.

With this transaction, GE has closed $136 billion of GE Capital dispositions as it reduces the size of its financial business and transforms to a digital industrial company. Today’s transaction releases approximately $4 billion of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.

“We are pleased to complete the sale of these businesses to Wells Fargo,” said Keith Sherin, GE Capital chairman and CEO. “This was our largest business sale to date in our effort to sell most of the assets of GE Capital. Wells Fargo has been a fantastic partner throughout the process and we are certain our customers, employees and partners will benefit from joining this industry leader,” added Sherin.

As previously announced, GE is focusing on its high-value industrial businesses and is selling most GE Capital assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses. Since the announcement in April 2015, GE Capital has signed agreements for more than $157 billion of the $200 billion it plans to sell. In addition to today’s transaction, in recent weeks GE Capital has closed a variety of smaller sales globally, bringing the total amount of closed transactions to approximately $136 billion.

“We continue to execute quickly and ahead of plan on our asset sales and have worked hard to seamlessly transition our employees and customers to our buyers, a testament to the commitment of our teams,” said Sherin. “GE Capital continues to target the end of the first quarter to file an application for de-designation as a Systemically Important Financial Institution as our footprint in the U.S. has been significantly reduced. Globally, GE Capital expects to be substantially done with the sale process by the end of 2016,” he concluded.

GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com.

Caution Concerning Forward-Looking Statements:

This document contains “forward-looking statements” – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

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