Synchrony and Rheem Manufacturing Extend Consumer Financing Program

Synchrony, a consumer-finance company, announced a multi-year extension of its partnership with Rheem in January.

As part of the extended agreement, Rheem will continue to offer Synchrony’s account application technology, allowing customers to apply for credit on their own devices and access credit immediately upon approval.

The program also offers a prequalification option, allowing customers to receive an offer of credit in seconds without an impact to their credit score.

The partnership began in 2004 and is among Synchrony’s longest-standing financing relationships in the HVAC industry.

Rheem’s Residential KwikComfort credit card is key to the collaboration. It offers flexible financing options for HVAC replacement, plumbing, electrical services, and service calls. Synchrony will provide Rheem customers and dealers access to financing promotions — including deferred interest, fixed pay with interest (FPWI), and equal payment no interest (EPNI) — to offer flexibility and choice.

Findings from Synchrony’s ninth-annual Major Purchase Study in November underscore the importance of financing, revealing a five-point increase in those who finance for large purchases compared with two years ago. Half of those surveyed also said that recent price increases in many items also led them to seek financing options and 66 percent agreed that financing makes larger purchases more affordable.