ROCKLEIGH, N.J. -- Volvo Cars of North America Inc. said it will form a venture with General Electric Capital Corp. to provide financial services to Volvo customers and dealers.
An effort to expand the resources of Volvo Finance North America, the venture will offer floor-plan financing, commercial and realty loans to dealers, leasing for fleets and individuals, and retail financing.
Volvo Finance, with a $2.8 billion loan and lease portfolio, services 134,000 customers.
The companies signed a letter of intent July 31 and plan to begin operations by yearend. The Volvo Finance office in Montvale, N.J., will be the headquarters, and there will be regional operations in Irvine, Calif.; Charlotte, N.C., and Dallas.