LG Air Conditioning Technologies and Synchrony to Partner on Multi-Year Financing Program

Rhea-AI Summary

Synchrony (NYSE: SYF) has announced a multi-year partnership with LG Electronics USA to offer a financing program for homeowners looking to purchase advanced heating and cooling products. This initiative will provide LG's independent Pro Dealers with a private label credit card featuring competitive financing options such as deferred interest and fixed payments. Installers in the HVAC Pro Dealer program will gain access to reduced rates and promotional opportunities throughout the year. The new program aims to simplify the financing application process, making it easier for customers to make significant investments in HVAC systems. The card program is set to launch later this year, reflecting Synchrony's commitment to enhancing customer experience and dealer sales.

Positive

• New multi-year partnership with LG Electronics provides financing options for HVAC products.
• Private label credit card will feature competitive deferred interest and fixed payment options.
• Installers will have access to reduced rates and frequent dealer promotions.
• Enhancement of customer experience through streamlined digital financing applications.

Negative

• None.

New Program Will Offer Homeowners Cost-Saving Promotions

STAMFORD, Conn. and ALPHARETTA, Ga., April 20, 2023 /PRNewswire/ -- Synchrony (NYSE: SYF), a leading consumer financing company, and LG Electronics USA's Air Conditioning Technologies today announced a new multi-year partnership offering LG's independent Pro Dealers a financing program to help homeowners purchase smart heating and cooling products. The private label credit card program will feature competitive deferred interest, fixed payment and equal monthly payment promotion options. As part of the partnership, installers participating in LG's HVAC Pro Dealer program will have access to reduced rates, plus frequent partnership promotions with dealer fee buydowns throughout the year.

"Choosing to partner with Synchrony for our financing program was an easy decision," said Steve Scarbrough, senior vice president and general manager at LG Air Conditioning Technologies USA. "Synchrony provides us the opportunity to offer our dealers new promotions and solutions to help drive sales and reach new customers with more financing options."

LG's HVAC financing program will feature several Synchrony digital capabilities that enhance the customer experience by streamlining and simplifying the financing application process, including options that allow customers to apply safely and securely via computer, tablet or mobile device.

"Purchasing or upgrading an HVAC system is a necessary but large investment," said Curtis Howse, CEO of Home & Auto, Synchrony. "Our goal at Synchrony is to make the process of that purchase as seamless as possible for customers and dealers alike. We look forward to helping LG Air Conditioning Technologies grow their business and drive loyalty by offering the financing options that customers need."

The new program and card will launch later this year.

About LG Electronics USA

Ten-time ENERGY STAR® Partner of the Year LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. The company's commitment to environmental sustainability and its "Life's Good" marketing theme encompass how LG is dedicated to people's happiness by exceeding expectations today and tomorrow. www.LG.com.

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences.  We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.

Lauren Devilbiss
Synchrony
240-814-5825
lauren.devilbiss@syf.com

Kim Regillio
LG Electronics USA
815-355-0509
kim.regillio@lge.com  

Joslyn Fagan
LG Electronics USA
Joslyn.fagan@lge.com 

 

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SOURCE Synchrony

FAQ

What is the new financing program launched by Synchrony and LG Electronics?

Synchrony has partnered with LG Electronics to offer a financing program for homeowners, featuring competitive options like deferred interest and fixed payments for HVAC products.

When will the LG HVAC financing program be launched?

The financing program and private label credit card are set to launch later this year.

How will the partnership with LG benefit Synchrony?

The partnership allows Synchrony to enhance dealer sales and customer experience through flexible financing options tailored for HVAC purchases.

What benefits do LG's Pro Dealers receive from the financing program?

LG's Pro Dealers will have access to reduced rates and frequent promotional opportunities as part of the financing program.

What are the key features of the financing options offered in this program?

The financing options include competitive deferred interest, fixed payment plans, and equal monthly payment promotions.