Bombardier Capital

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Bombardier Capital was the international financial services arm of global transportation equipment manufacturer Bombardier. The company provided lending, leasing, asset-management services and inventory financing for U.S. and Canadian dealers and manufacturers of marine products, recreational products and vehicles, manufactured housing, aircraft, rail cars, and other industrial equipment.^[1] Bombardier Capital, headquartered in Jacksonville, Florida, at one time employed more than 1,000 people in the United States and Canada and served customers throughout North and South America. The company was closed in December 2006.

[edit] History

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Established in 1973
May, 1997: BC launched consumer finance division and mortgage finance division when it opened an office at Flagler Center.^[2]
December, 2000: Default rate on the MFD portfolio nears 30%.^{[citation needed]}
September, 2001: BC announced decision to close the loan-origination division in its consumer retail financing businesses due to deterioration in target markets. Bombardier continued to service existing consumer loan accounts as part of a plan to liquidate its consumer retail loan portfolios over several years. ^[3]
November, 2001: BC layed off 230 Jacksonville loan origination employees ^[4]
September, 2002: BC vacates one of two buildings it occupied at Flagler Center, consolidating 484 employees into one building on St. Augustine Road.^[5]
October, 2003: The bulk of Bombardier Capital's business aircraft market portfolio was sold to GE Commercial Equipment Financing for $339M.^[6]
November, 2004: Moody's downgrades Bombardier Inc. and Bombardier Capital to junk status.^[7]
February, 2005: BC lays off 123 workers. ^[8]
May, 2005: Inventory Finance Division was sold to GE Commercial Finance for $825M.^[9]
July, 2005: BC sells on-balance sheet manufactured housing operations Vanderbilt Mortgage and Finance, Inc.^[10]
November, 2005: Bombardier announced its exit from the servicing of Bombardier Capital's manufactured housing portfolio with the transfer to Green Tree Servicing LLC of future servicing rights and obligations.^[11]
December, 2006: The group completed a five year wind-down and closed.^[12]