Wachovia pulling out of marine finance business

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Wachovia Dealer Services announced to dealers it was pulling out of the RV and marine financing business in a statement released this week.

Wachovia spokespeople did not return calls seeking comment, but a letter distributed to dealers on Wachovia Dealer Services letterhead was obtained by Soundings Trade Only today.

The letter said Wachovia officials decided to stop accepting marine applications after Aug. 15.

“We will exit both the broker and the indirect dealer financial channels,” said the statement, which was signed by Bill Katafias, national production manager of Wachovia Dealer Services. “However, we will continue to service existing customers through our customer service and collections area.”

Katafias went on to say the “difficult decision” was prompted by expected shareholder return needed to sustain the line of business, the current economic cycle and the industry outlook for the near future.

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