Skip to main content

E*Trade Strikes RV Pact With GE

GE Consumer Finance will buy one of the company's businesses for $60 million.
  • Author:
  • Publish date:


(ET) - Get Energy Transfer, L.P. Report

agreed to sell the origination and servicing business of its RV and marine lending operation to

GE Consumer Finance

for $60 million in cash.

Scroll to Continue

TheStreet Recommends

The New York-based broker said Tuesday that it expects to record a pretax gain of around $45 million after closing the deal with the


(GE) - Get General Electric Company Report


Under the terms of the sale, $3.3 billion in RV and marine assets will remain the property of E*Trade and will continue to be serviced by E*Trade Consumer Finance, under GE Consumer Finance's ownership. E*Trade will retain any assets originated through the closing of the transaction.

E*Trade recently set plans to acquire Harrisdirect and Kobren Insight Management, and said the sale of the consumer finance business "allows us to further streamline our business and allows us greater focus in generating the value that is inherent in our business model."