November 7, 2016, 12:02 PM EST
Synchrony Financial to Provide Exclusive Powersports Consumer Financing Program for CFMOTO
Consumers and dealers will now have access to promotional installment financing from Synchrony Financial on all CFMOTO brand powersports products sold in the United States
STAMFORD, Conn. and PLYMOUTH, Minn. – November 7, 2016 – Synchrony Financial (NYSE: SYF), a premier consumer financial services company, today announced a multi-year agreement to be the exclusive provider of consumer financing for all new and used CFMOTO brand ATVs, UTVs and Side-by-Side products sold in the United States.
CFMOTO is a leading global manufacturer of powersports products sold at more than 200 dealerships in the United States. The multi-year agreement will allow qualifying buyers1 to access promotional installment financing offers through CFMOTO dealers.
A survey2 conducted on behalf of Synchrony Financial underscored the importance of financing, with 52% of survey respondents who used dealer financing saying they would not have made the purchase, or gone to another retailer, if financing were not available. Additionally, 82% of survey respondents who used dealer financing said financing allows them to know their monthly payment for budgeting purposes, and 76% said financing helps make large purchases more affordable.
“This exclusive agreement with CFMOTO allows us to provide financing options for its customers wanting to take their dream products home on the same day,” said Glenn Marino, executive vice president and CEO, Payment Solutions, Synchrony Financial. “The ability to provide financing is important for dealers to enhance the shopping experience and to grow their business.”
“Synchrony Financial is a leader in the powersports financing industry, and will be instrumental in providing us the insights and the tools to grow sales for our dealers nationwide,” said Eric Fan, Chief Financial Officer, CFMOTO. “Convenient access to financing will help our dealers close sales and help consumers pursue their powersports passions.”
1Subject to terms and conditions.
2Conducted 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.
CFMOTO is a premier off-road and on-road vehicle manufacturer based in Hangzhou, China. A recognized global leader in powersports for the past 26 years, CFMOTO was first introduced to the North American market in 2008, and CFMOTO USA has quickly become recognized as a manufacturer of premium quality, high-performance vehicles in the ATV and side-by-side markets. More info is available at www.cfmotousa.com
About Synchrony Financial
Synchrony Financial (NYSE: SYF) is one of the nation’s premier consumer financial services companies. 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’ over 350,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Synchrony Financial offers private label and co-branded Dual Card™ credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com, facebook.com/SynchronyFinancial, www.linkedin.com/company/synchrony-financial and twitter.com/SYFNews.
*Source: The Nilson Report (May 2016, Issue # 1087) – based on 2015 data.
For Synchrony Financial – (855) 791-8007 or firstname.lastname@example.org
For CFMOTO – Cecil Zhang (763) 450-7858 or Cecilzhang@cfmoto-us.com
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