GE Capital Provides $85 Million to U-Haul

GE Capital’s Corporate Finance unit announced Monday that it served as sole lender for an $85 million asset-backed term loan to U-Haul, North America's largest do-it-yourself moving and storage operator. The loan will be used to refinance an existing securitization facility.

“With the recent uncertainty in the credit markets, we value and are very appreciative of GE’s responsiveness in developing an excellent financing solution which met all of our financing needs,” said Gary Horton, corporate treasurer of U-Haul.

"In today's environment, finding the right lender who understands your business has never been more important," said Tom Quindlen, president and CEO of GE Capital’s Corporate Finance unit. "We strive to work with borrowers to find the right financing solution so clients benefit from smarter liquidity.”

Funding was provided through GE Capital Corporate Finance's bank affiliate, GE Capital Financial Inc.

Founded in 1945, Phoenix, AZ-based U-Haul rents trucks and trailers, and offers self-storage rooms through a network of nearly 1,450 company-operated moving centers and approximately 14,500 independent U-Haul dealers. The company has the largest consumer rental fleet in the world, with over 101,000 trucks, 76,000 trailers and 34,000 towing devices.

Comment On This Story

Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Why Do We Visit Capitol Hill?

Members of the American Car Rental Association met with U.S. senators, representatives, and their aides last week. Here’s why bringing the message to this forum matters.

The Customer Isn’t Always Right

Not caving to a customer with a blatant agenda may have consequences, especially for a small rental company that relies on stellar Yelp ratings to advertise. But business integrity must prevail.

The Truth Behind Compact Van Depreciation

Why are large van values holding up better than their compact counterparts, and will it last?

Job Finder: Access Top Talent. Fill Key Positions.