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Chrome Capital to Shut Down Amid Investor Pullout

  • Natalie Mattila
  • October 3, 2016
  • 23

canstockphoto2076464Motorcycle leasing provider Chrome Capital stopped accepting lease applications on Sept. 15, and is expected to close its doors amid a halt in investment funding from Leucadia National Corp., according to Leucadia’s third-quarter earnings report.

“This is really a shift dictated by our major investors who — for their own reasons — are exiting the business,” Peter Wasmer, the company’s president and chief executiv, told Powersports Finance. “This really has little to do with Chrome Capital’s business so much as it has to do with how we fit into their overall portfolio of much larger companies.”

chrome-capital-logoChrome Capital, by comparison, is a “very small component” of Leucadia’s multi-billion dollar enterprise, he said. Even with Chrome Capital doubling originations every year since its founding in 2012, “Chrome’s footprint was not as large as that which would have met their portfolio company size requirements at this time,” he added.

Leucadia owns 85% of Chrome Capital, which is in the process of “winding down,” according to the earnings report.

Peter Wasmer, President and Chief Executive, Chrome Capital

Peter Wasmer, President and CEO, Chrome Capital

Chrome Capital will continue to support its dealers to fund outstanding leases, Wasmer said. “Our portfolio performs exceptionally well, and resulting cash flows allow us to fund all outstanding bike leases,” he said.

Additionally, Chrome Capital is “hopeful for a return” with a new platform sometime in the next 12 months, Wasmer said. Under a new platform, Chrome Capital might even be able to expand its offerings, he said. “We have had an excellent, raw market success rate with preowned Harley-Davidsons, and we believe other OEM companies would benefit from leasing to improve sales and customer retention.”

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23 thoughts on “Chrome Capital to Shut Down Amid Investor Pullout

  1. I have a lease with you, will I be able to resign the lease at the end of it?

  2. Ron and Troy, I have a lease as well with them and my terms are up in Feb 2017. I am kind of in “panic-mode” because with all I’ve paid into this bike I certainly don’t want to just give it back and walk away.(I originally did the lease as a “credit rebuild” method and my score is still not quite high enough yet, at least to get a conventional loan at my bank. I agree, we’re all in the same boat 🙁

  3. Can I get out of my lease and return my bike

  4. i am stuck in this lease as and until 2018.. the company supposedly which names but I can not find them anywhere on the internet.. You will not be able to buy out as of now. all you can do is change your bank account information to keep them from farther withdrawing your money.. When I call the place I originally got the Harley, they dont deal with Chrome Capital and has no clue where you can turn the bike in at..Beginning to see the rip off now. Im in process of contacting BBB to see if this company exist

  5. I would never lease a bike again from anyone. They charge like $14,000 in leasing fees, It is ridiculous.

  6. We are in the same boat as all these other people. We have made 46 of last 48 payments on time and are rising these last two. We were promised the moon by the dealer and chrome and now it’s time to give up the bike which is the end of feb 2017 they are treating us like dog crap and even telling us that we have to return the bike to Fl and we live in Tn. Don’t think so! They said they would come and get it and even at one point told us they could help us get refi or lease again as we don’t want to buy another bike right now . What a crappy immature company! Baby’s are running this place and don’t know anything but how to be rude to good customers!!!

  7. We are sorry for the confusion – please contact our Customer Service team at 1-800-406-1430. We would be happy to address any questions or concerns you may have about your lease contract with us at Chrome Capital.

  8. I have been calling customer service for 2 days straight with no answer. It seems like there’s no one working there anymore. I had an unknown number called me today and asked me if I wanted to join a class action lawsuit against them because they say when I pay off my bike I will not be able to keep it due to the company holding the titles is going to park Chrome Capital. I’m just trying to find out if this is true or what is going on but I cannot get all too many want to customer service. Does anybody know anything?

  9. This company is the biggest scam I have ever seen, I was told that I would be buying a motorcycle and not leasing it now I’ve played well over the value to keep the motorcycle. Chrome Capital is a bunch of crooks and I will never NEVER go thru them again

  10. Heck I paid off my bike after a year off leasing it and they reported to the Credit Bureau that it was a early termination instead of a early payoff so now instead of having ” good credit ” for it it is now ” bad credit ” thanks a lot Chrome Capital you freakin idiots now it’s time to contact all 3 credit bureaus and get this mess straightened out and if not I will hire a lawyer to straighten it out for me

  11. Worst company ever overpaid them and they can’t get their stuff together still say I owe a payment and more but have paid over 1200 in a month and half now I’m gonna file a suit against them they have a bunch of people talking but don’t know what they are talking about say money got returned to my account and never did I show money being sent out to them no money returned or credited it shows I made payments but still owe a payment when I overpaid really

  12. My husband and i have a motorcycle leased through chrome capital, have tried to call nothing, asked for a payoff so we could trade this weekend through the dealership no reply, still paying and on time, and want to trade up and now, what are our options can we turn the bike in without damaging our credit? Can we trade up? Or are we needing to talk with a lawyer ourselfs?

  13. Did they go under. Nobody answer the phones

  14. I pay more that my payment is every month and the keep telling me I’m behind they are a bunch of ripp offs never again would I deal with these fools

  15. I’m not happy with what’s going on either. I have talk to them and it sounds to me there not hold there end of the bargain thinking about talking to a lawyer and just getting away from it all to gather. They sent me a certified letter and it had my tags in it I’ve always had to pay for them but not this time. So chrome lets do a better deal than what your giving me or stop taking my money and come get your bike ” point blank ” or I will have a lawyer contect you

  16. Let’s work this out like adults

  17. If Chrome went under then flat out sell me the bike. Start taking my payments as just that: Payments!!!! We spend a lot of Money to be behind your company so you should find some way to sell us these bikes!!! Sell the the bikes to us and take your tax write-off.

  18. This company has my family and I in a serious bind. Long story short I was injured in Afghanistan, and forced to retire early. I am now disabled and my only income is maybe a quarter of what I was making when I was approved for the bike. So now I’m stuck and these people don’t have any options that even sound fair.

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