CNH Industrial Capital is now financing Steelwrist attachments for CASE Construction equipment as the OEM looks to lean on its captive to boost sales profits.
CASE Construction turned to the captive financier to facilitate transactions that include Steelwrist attachments, Diego Butzke, CNH Industrial product manager of excavators and motor graders told Equipment Finance News last week at the Utility Expo in Louisville, Ky.
Historically, equipment attachments are difficult to finance because the lender is unable to take a security interest in the attachment.
CASE Construction, a subsidiary of multinational equipment manufacturer CNH Industrial, offers financing through CNH Industrial Capital, which also finances equipment for the company’s CASE IH, New Holland and Streyr brands.
“When you buy the two-wheeled excavator and you add these Steelwrist [attachments], you can finance the entire package with us,” he said. “That’s the level of partnership we have with Steelwrist and CNH Industrial Capital.”
The cost of Steelwrist tiltrotators ranges from $30,000 to $50,000.
CASE Construction in May began offering a leasing program through CNH Industrial Capital as part of the brand’s re-entry into the wheeled excavator market. The decision to re-enter the North American wheeled excavator market follows an overall North American market stagnation, furthering the need for sales efforts, Butzke said.
CNH Industrial Capital’s managed portfolio grew 23% year over year, coming in at $26 billion in the second quarter of 2023, according to the company’s earnings release. CNH Industrial Capital’s retail originations were up 14% year over year, landing at $2.8 billion in Q2 2023.