New Financing Program for Dealers

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KANSAS CITY, MO & WAYZATA, MN (June 7, 2017) – Western Equipment Dealers Association (WEDA), TCF Equipment Finance (TCFEF), a division of TCF National Bank which is a subsidiary of TCF Financial Corporation (TCF) (NYSE: TCF) and TCF Inventory Finance, a subsidiary of TCF National Bank and an indirect subsidiary of TCF, today announce a new dealer program designed to provide WEDA equipment dealers new and competitive retail and inventory financing offerings. Under this new program, equipment dealers gain a strategic financing source that will offer competitive pricing, flexible payment structures, and an easy and efficient funding process with dedicated account management.

“We have seen finance companies put together programs that serve the interests of other stakeholders instead of being totally committed to serving dealers,” says John Schmeiser, chief executive officer at WEDA. “Working with TCF gives us the opportunity to design a program with the dealers’ interests first and foremost.”

In addition to oversight provided by the WEDA board of directors, a working group of three dealers was established. These dealers shared their insight into what they wanted from an equipment financing source and helped fine-tune the product offering.

“The committee provided valuable feedback and guidance in development of the inventory and retail finance programs,” added Schmeiser. “Our vision was to have a program that was created by dealers for dealers, and we have accomplished that through the committee’s work.”

“Most dealers need an inventory finance option and we take pride in being the source that dealers count on to manage their cash flow,” added Tony Perelli, senior vice president and director of sales and marketing at TCIF.  “With the retail program firmly established, TCFEF and TCFIF will provide options to dealers to bundle the inventory and retail finance programs together or use them separately.”

“The Western Equipment Dealers Association’s decision to work with TCF is further proof of its dedication to offering high-quality, value-added services to its member dealers,” said Jeff Wertz, senior vice president, chief sales and marketing officer at TCFEF.  “We look forward to developing strong, long-lasting relationships with equipment dealers through this program.” The program is scheduled to launch July 1. More information will be available to WEDA members in the near future.

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