The Michigan Credit Union League announced a marketing agreement with Thor Inc., the largest producer of recreational vehicles, to aid CUs offering secured RV loans through Thor's captive finance firm.
Under the marketing pact, CUcorp, the league's marketing subsidiary, will promote "high-quality consumer RV loans" and "broaden the complement of lending products we provide to credit unions," according to the league.
"High-quality RV loans can help credit unions diversify their portfolio in a safe and profitable manner and also provides an additional avenue to attain new members," said David Adams, president/CEO of the league.
The captive, Thor CC, originates secured RV loans and sells those loans to both banks and CUs. Thor has 1,300 dealers nationwide.
In a press statement, the league noted that RV loans have outperformed mortgage and home equity portfolios, and the new agreement will allow CUs "cross sell other products and services to this desirable demographic."
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