Synchrony Financial 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.”
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.
“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.”