Bombardier Capital

Bombardier Capital was the international financial services arm of global transportation equipment manufacturer Bombardier. The company provided lending, leasing, asset-management services and inventory financing for U.S. and Canadian dealers and manufacturers of marine products, recreational products and vehicles, manufactured housing, aircraft, rail cars, and other industrial equipment. [ [http://www.informationbuilders.com/applications/bomb_bar.html Information Builders.com: Bombardier Capital Drives ERP Efficiency] ] Bombardier Capital, headquartered in Jacksonville, Florida, at one time employed more than 1,000 people in the United States and Canada and served customers throughout North and South America. The company was closed in December 2006.

History

* Established in 1973
* May, 1997: BC launched consumer finance division and mortgage finance division when it opened an office at Flagler Center. [ [http://www.jacksonville.com/tu-online/stories/053001/bum_6298772.html Florida Times-Union: May 30, 2001-Bombardier headquarters now tangible] ]
* December, 2000: Default rate on the MFD portfolio nears 30%. Fact|date=February 2008
* September, 2001: BC announced decision to close the loan-origination division in its consumer retail financing businesses due to deterioration in target markets. Bombardier continued to service existing consumer loan accounts as part of a plan to liquidate its consumer retail loan portfolios over several years. [ [http://www.jacksonville.com/tu-online/stories/092701/bus_bombardier.htmlFlorida Times-Union: Sep 27, 2001-Jacksonville's Bombardier Capital cuts hundreds of jobs] ]
* November, 2001: BC laid off 230 Jacksonville loan origination employees [ [http://jacksonville.bizjournals.com/jacksonville/stories/2001/09/24/daily18.html Jacksonville Biz Journal: Sep 27, 2001-Bombardier Capital laying off 230 in Jacksonville] ]
* September, 2002: BC vacates one of two buildings it occupied at Flagler Center, consolidating 484 employees into one building on St. Augustine Road. [ [http://jacksonville.bizjournals.com/jacksonville/stories/2002/10/07/story5.html Jacksonville Business Journal: Oct 4, 2002-Bombardier reduces space] ]
* October, 2003: The bulk of Bombardier Capital's business aircraft market portfolio was sold to GE Commercial Equipment Financing for $339M. [ [http://www.bombardier.com/index.jsp?id=0_0&lang=en&file=/en/0_0/0_0_1_6_2.html Bombardier website: History-timeline August 2003] ]
* November, 2004: Moody's downgrades Bombardier Inc. and Bombardier Capital to junk status. [ [http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B00F70BA2-2211-4C92-8C0E-0DEEF0241D26%7D Market Watch: Nov 11, 2004-Moody's downgrades Bombardier] ]
* February, 2005: BC lays off 123 workers. [ [http://www.jacksonville.com/tu-online/stories/121605/bus_20578068.shtml Florida Times-Union: Dec 16, 2005-Bombardier to lay off 123 at Mandarin location] ]
* May, 2005: Inventory Finance Division was sold to GE Commercial Finance for $825M. [ [http://www.progressiverailroading.com/news/article.asp?id=8260 Progressive Railroading.com: Bombardier to sell Capital subsidiary’s inventory financing division] ]
* July, 2005: BC sells on-balance sheet manufactured housing operations Vanderbilt Mortgage and Finance, Inc. [ [http://www.bombardier.com/index.jsp?id=0_0&lang=en&file=/en/0_0/0_0_1_6_2.html Bombardier website: History-timeline July 2005] ]
* November, 2005: Bombardier announced its exit from the servicing of Bombardier Capital's manufactured housing portfolio with the transfer to Green Tree Servicing LLC of future servicing rights and obligations. [ [http://www.bombardier.com/index.jsp?id=0_0&lang=en&file=/en/0_0/0_0_1_6_2.htmlBombardier website: History-timeline November 2005] ]
* December, 2006: The group completed a five year wind-down and closed. [ [http://www.bombardier.com/index.jsp?id=0_0&lang=en&file=/en/0_0/0_0_1_10.html Bombardier website: Bombardier Capital wind-down & discontinued notice] ]

References

External links