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Thor CC, Inc. | 12 Months Ended
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Jul. 31, 2011
Thor CC, Inc. |
Thor CC, Inc. | O. THOR CC, INC. In March 1994, the Company and a financial services company formed a joint venture, Thor Credit Corporation, to finance the sale of recreation vehicles to consumer buyers. This joint venture was dissolved in September 2008 after the joint venture partner informed the Company that it was no longer providing retail financing for recreation vehicles. The Company recovered its investment of $1,578 upon dissolution. In November 2008, the Company announced it would again be providing retail financing for recreation vehicle customers of Thor dealers through the Company's wholly owned subsidiary, Thor CC, Inc. ("Thor CC"). The business was led by employees of the former joint venture and financed new and used Thor recreation vehicle products sold by its dealers. On April 5, 2010, Thor selected GMAC Financial Services ("GMAC") as the preferred retail finance provider for its retail customers. Thor CC continued to offer retail financing to Thor dealers until GMAC launched its program in May 2010, but has since ceased new loan activity. GMAC, now known as Ally, is accepting retail financing applications from Thor dealers for both new and used recreation vehicles, and plans to expand nationwide to all Thor dealers by the end of calendar year 2011. The Company closed Thor CC and recognized $627 of corporate costs in connection therewith as of July 31, 2010.

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