GE, Xerox Agree to 7-Year Financing Arrangement in Canada
Monday, August 04, 2003
STAMFORD, Conn.--Aug. 1, 2003-- Xerox Corporation today announced a seven-year agreement for GE VFS Canada Limited Partnership, a unit of GE Commercial Finance, to become the primary equipment financing provider for Xerox customers in Canada, through monthly prepayments against Xerox's customer contract originations. The arrangement takes effect immediately and calls for GE VFS Canada Limited Partnership to initially provide Xerox with funding of up to $850 million Cdn. In October 2002, Xerox Corporation announced an eight-year agreement for GE Vendor Financial Services to become the primary equipment financing provider for Xerox customers in the United States through monthly advances against Xerox's new U.S. lease originations.