Just received an email from TIAA Bank today re: financing for office products. Looks like they've dropped the program moving forward. Any recommendations on other financing solutions? We haven't been very satisfied with Wells Fargo.
Earlier this year, TIAA Bank made several important changes to our Commercial lending businesses. We made these changes to ensure we continue serving our clients and safeguard our bank throughout the global COVID-19 pandemic and the resultant economic disruption.
One key decision we made was to pause new originations in our Office Products platform. Today, we're writing to let you know that we are transitioning out of the office products segment. We will no longer originate new Office Products business, but we will continue to service our portfolio of leases and loans for our mutual customers through the remaining life of those contracts, including meter management and pass-through payments, as applicable. Also, we will not authorize financing of trade-ups or add-ons; however, we will continue to provide buy-out quotes similar to what we have been doing since new originations were paused. Decisions like this are never easy, but we are confident this is the best course of action for TIAA Bank.
We are committed to being a prominent vendor financing source in the equipment leasing and finance industry. We will pursue an active growth strategy in our other Vendor Equipment Finance platforms, including Healthcare, Industrial and Capital Markets. TIAA Bank and our parent company, TIAA, remain financially strong, well-capitalized, and we're continuing to serve individual, commercial and institutional clients through the crisis.
It has been our pleasure to meet your business needs. Thank you for the opportunity.
Sincerely,
Steven Fischer
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