Letter From Key Equipment Finance Dated 7/1/09
As you are well aware, there have been unprecedented disruptive changes in the economy, resulting in increased pressure on the financial sector. These changes have necessitated that we review the markets in which we currently do business with a focus on profitability, risk and the ability to provide a competitive product. As a result of our internal review and these current market conditions, Key Equipment Finance (KEF) has decided to exit the copier segment. This was a difficult decision based on the current market environment, and in no way a reflection on your business or the relationship that we have established.
We would like to make you aware of some important dates and information that may impact your business:
For those dealers not previously deactivated, KEF will continue to accept new lessee credit applications submitted prior to the close of business on July 15, 2009. KEF will honor unexpired approvals under the terms outlined in such approvals. The portfolio of leases for existing customers will continue to be supported until the end of their term.
Your rights and obligations with respect to the portfolio of existing customers will continue as set forth in your agreement with KEF.
We apologize for any inconvenience caused by this decision. We have enjoyed working with you and wish your business continued success.
Sincerely, Scott E. Sullivan Senior Vice President - Technology Key Equipment Finance
No comments:
Post a Comment