Performing a Coup on founder John Creen was the start. In the late 90’s they panicked when chb began buying up some of their retailers. They went on a buying spree also where both overpaid for retailers during a time when there was four years of inventor on the ground. They basically took a debt free company and levaraged every asset as the industry imploded.
For a while the RV side was keeping them ok but I think the price of gas and product factors are really killing them now. Really sad as it was an extremely well run company.
There are only two national lenders right now and some regional banks, credit unions, etc. The lending standards are so tough on the chattel side (w/o foundaition) that it is easier for our customers to get a real estate loan with twice the payment.
I guess yes it could pick up since now is the time they should be lending (as far as being able to pick the cream of the crop in customers) but I’m very doom and gloom on the economy as a whole that I’m very biased against it.
