CHARLOTTE, N.C. — Bank of America has discontinued indirect retail lending through marine dealers as of May 17, according to Jefferson George, spokesman for Bank of America. However, George says the company remains committed to the industry.
“We are not exiting retail financing of marine products,” George said. “Although we discontinued indirect retail lending through marine dealers as of May 17, we continue to offer direct consumer financing on marine products through our online eLending channel, bankofamerica.com.”
The company will “continue to offer wholesale, or floor plan, financing to marine dealers,” according to George.
The change does not affect Bank of America’s origination process for auto or RV dealers.