Synchrony extends powersports credit card financing

Powersports lender Synchrony is now allowing more products to qualify for financing with its Synchrony Outdoors credit card, after receiving feedback from dealers. As of Aug. 1, consumers can now use the credit card to finance “small-ticket units” priced below $5,000, Susan Medrano , senior vice president and general manager at Synchrony , told Auto Finance News . . Purchases on products with vehicle identification numbers were ineligible for financing with the credit card before the changes, she said. “D ealers gave us feedback and said, ‘Hey, it would be nice to be able to offer the customer 18 months with no interest to purchase the $1,500 bike for their kid,’ so we’ve made those changes,” Medrano said. "Dealers can now offer customers six, 12 or 18 months’ worth of promotional financing for the customer to use the card to buy those smaller units.” The changes come as the financier continues to keep a finger on the pulse of dealer needs in the current powersports market , Medrano said. Dealers are “our customers, and at the end of the day, if you don't listen to your customers, you probably aren't going to continue to be competitive,” she said. "It's important that we listen to and act upon their feedback. . Without them, we don't exist.” Aftermarket financing Prior to Aug. 1, Synchrony’s Outdoors credit card was limited to aftermarket powersports product purchases, offering approved consumers access to six months of promotional financing on aftermarket purchases greater than $199, according to the financier’s website. Synchrony introduced the program in March 2023 after dealers expressed interest in aftermarket financing programs, Darrell Owens , senior vice president of Synchrony’s lifestyle platform at the time, told AFN . According to Synchrony, consumers can use the card for: Services and repairs; Warranties; Tires and wheels; Parts, gears and accessories; and Fuel. The credit program currently allows consumers to schedule up to 12 future payments, including a desired amount, date for the payment to post and payment source, according to the financier. And there may be further changes to what the credit card can be used for in the future. “We're looking forward to seeing the results of the changes that we made and continuing to offer options to our dealers to be able to finance other things in the dealership that we wouldn't have otherwise financed, like the kid’s bike,” Medrano said. The PowerSports Finance Achievement Awards recognize leadership and performance in the powersports industry. . Nominations for the 2024 awards can be submitted here .

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