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GE Capital set exit retail lending

Established Member

GE possibly leaving the retail financing markets....???

I was reading a report that GE is considering pulling out of retail financing as early as next year. I don't know how accurate that is, but if it is true I think that would affect a great deal of people here who use GE to help rebuild their credit and for their nice CLI's and credit limits.

Message 11 of 18
Valued Contributor

Re: GE possibly leaving the retail financing markets....???

I only read that they will stop financing to gun retailers..

As of 2017, rebuilding...
Message 12 of 18
Contributor

Re: GE possibly leaving the retail financing markets....???

Looks like they are spinning off the retail lending segment according to an article in the Wall Street Journal. Are links allowed?

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Message 13 of 18
Established Contributor

Re: GE possibly leaving the retail financing markets....???

http://finance.yahoo.com/news/ge-set-exit-retail-lending-050400395.html

 

 

GE Set to Exit Retail Lending

 

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Message 14 of 18
Senior Contributor

Re: GE possibly leaving the retail financing markets....???

I dont think this woud apply to gas cards since just last month 76 gas cards were sold to GE from CITI.

Message 15 of 18
Established Contributor

Re: GE Capital set exit retail lending


Mike1inTX wrote:

Asked for an increase on my Walmart store card.  Denied.    6th statement from last increase

 

[...]

 

Seems like GE is tightening the belt quick.

 


<incident that happened to one person>

<broad generalization of that incident to everyone>

 

Not really sound logic.

 

The recent reporting of 90-day freezes and account audits holds a little more water, but as far as I can tell there have been 4 forum members who reported that out of the entire forum membership.  And GE cards are very popular amongst the membership, so it feels too soon to call this a trend.

 

Nor are these 90 day audits something new:

http://ficoforums.myfico.com/t5/Credit-Cards/All-GE-Lovers-Check-this-out/m-p/2389411#M675793

 

I'm not saying that some of the recent activity on GE credit accounts can't eventually turn out to be related to this planned spin-off/IPO of the lending division. Just that it's highly speculative to assume the sky is falling when all we've got is a handful of raindrops at this point.

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Message 16 of 18
Established Contributor

Re: GE Capital set exit retail lending

Aparently GE has been up to this for a while now, just found an article dating back to May of this year....

 

http://www.americanbanker.com/issues/178_100/ge-consumer-unit-more-likely-to-buy-a-bank-than-sell-to...

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Message 17 of 18
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