MENLO PARK, Calif. -- E*TRADE FINANCIAL Corp.’s affiliate, Ganis Credit Corp., and boatbuilder Genmar Holdings Inc., have launched the Anchors Away program, a special retail marine finance program that allows consumers to take advantage of today’s low loan interest rates when they buy a new boat and then transfer that low rate to the next boat they purchase, E*TRADE reported in a statement today.
The new program was rolled out under the alliance known as Genmar Retail Financial Services (GRFS). Anchors Away is modeled after E*TRADE FINANCIAL's portable mortgage product.The initial offering, which is available for a limited time only, is being made exclusively through Four Winns dealerships, one of Genmar’s leading boat brands, according to the company.
"GRFS' portable rate program encourages customers to act quickly and take advantage of the lower interest rate environment, while also giving them the ability to extend the benefit of those rates into the future, potentially saving them significant dollars in the long-run," said Ed Arienti, vice president, recreational product loans, E*TRADE FINANCIAL Corp.
"In keeping with the mission of E*TRADE FINANCIAL and working closely with Genmar dealers, we will continue to deliver value-added programs like Anchors Away for customers," added Arienti.
"The Anchors Away program is already proving successful, and is another innovative tool our dealers can use to fulfill the needs of our customers. This program offers the potential for significant savings to the consumer while encouraging brand loyalty when they make their next boat purchase. It's a tremendous opportunity for the consumer and an excellent closing tool for our dealers," said Genmar Chairman Irwin Jacobs.
E*TRADE FINANCIAL first launched its Mortgage on the Move offering last June, allowing consumers to lock in today's low portable mortgage rates on a new home loan and then transfer the rate to the next home they purchase. Mortgage on the Move is available for a limited time to borrowers across the United States, said the company.
The Federal Reserve decided Tuesday to leave interest rates unchanged, which means lenders left their benchmark prime interest rates at 4 percent, the lowest level since 1958.
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