NEW BUSINESS TCF Inventory Finance Inc., a subsidiary of TCF Financial Corp., Wayzata, has reached an agreement with Textron Financial Corp. to assume the right to continue existing programs of originating certain floor-plan financing receivables for retailers of consumer electronics and appliances.
The assumption of those programs by TCF Inventory Financial represents the opportunity to originate future floor-plan financing receivables from 1,200 retailers who acquire products from major suppliers and buying groups and will begin originating receivables under those programs this month. Although TCF Inventory Finance did not acquire any existing floor-plan financing receivables from Textron, those floor-plan finance customer relationships total about $200 million in credit lines.
