Synchrony Financial and Yamaha Motor Corporation USA Extend Consumer Financing Agreement
STAMFORD, Conn. & CYPRESS, Calif.--(BUSINESS WIRE)-- Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, today announced a multi-year renewal of its installment lending program with Yamaha Motor Corporation, U.S.A. Under the agreement, Synchrony Financial will continue providing consumer financing solutions through Yamaha’s 1,700 dealers nationwide.
The program offers consumers promotional financing options for the purchase of Yamaha’s motorsports, watercraft and marine products. Since its inception in 2004, the program has provided financing for more than $2 billion in new and pre-owned Yamaha products.
“Yamaha’s strong support of financing promotions for this program has given consumers great value and broad choices in how to finance their purchase from the exciting Yamaha product line,” said Stephen Motta, senior vice president and general manager, power products, Synchrony Financial. “Our extensive research looks at the powersport consumer’s path to purchase and confirms that the availability of financing is a key factor in the decision process, driving manufacturer sales by enabling the consumer to consider upgraded models and accessory packages while benefiting from low monthly payments.”
Synchrony Financial’s 2014 Powersports Purchase Study*, conducted by a third party, shows that powersports customers carefully evaluate their purchase and can spend an average of 123 days on research, both online and in the dealership. Financing is a primary consideration in the process, with survey respondents stating, “it allows them to better afford and properly budget for a large purchase.”
“Synchrony Financial has been an important partner for Yamaha and we’re pleased to continue working with the team,” said Cliff Franzen, division manager, Financial Services – Yamaha Motor Corporation, U.S.A. “They understand the needs of our dealers and customers, and work closely with us to develop promotional financing options to help drive our product sales.”
About Yamaha Motor Corporation, U.S.A.
The Yamaha Motor Corporation, Ltd., was established in Japan in 1955, and is the second largest manufacturer of motorcycles in the world. Its wholly-owned subsidiary, Yamaha Motor Corporation, U.S.A., was established in 1977, and distributes motorcycles, all-terrain vehicles, side by side vehicles, and snowmobiles in the United States. Additionally, Yamaha is one of the country’s largest manufacturers of sport boats, outboard engines, and personal watercraft.
About Synchrony Financial
Synchrony Financial (NYSE: SYF), formerly GE Capital Retail Finance, is one of the premier consumer financial services companies in the United States. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables. We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ more than 300,000 locations across the United States, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Our offerings include private label and co-branded credit cards, promotional financing and installment lending, loyalty programs and Optimizer+plus branded FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com and twitter.com/SYFNews.
*Conducted by a third party, the Synchrony Financial 2014 Powersports Consumer Study explores the customer path to purchase and surveyed consumers who had either made, or planned to make, a $500+ purchase of a motorcycle, all-terrain or utility terrain vehicle, or personal watercraft within six months.
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For Synchrony Financial
Cristy Williams, (855) 791-8007
Source: Synchrony Financial
Released January 22, 2015