Sheffield Financial and Tohatsu America Corporation announce a retail financing program agreement

Rhea-AI Summary

Sheffield Financial, a division of Truist Bank, has partnered with Tohatsu America Corporation to establish a multiyear financing services program. This agreement enables Sheffield to provide lending services to Tohatsu customers via its dealer network, focusing on installment financing for Tohatsu outboard motors and associated boat packages. Sheffield Financial has lent over $30 billion since its inception in 1992, supporting more than 15,000 dealers nationwide. This partnership is aimed at delivering reliable financial solutions to Tohatsu's customers and enhancing their boating experience.

Positive

• Partnership with Tohatsu enhances Sheffield's service offerings through a robust dealer network.
• Sheffield Financial has financed over $30 billion, indicating strong market presence and experience.
• The agreement is expected to provide innovative financing solutions that cater to customer needs.

Negative

• None.

WINSTON-SALEM, N.C., Oct. 19, 2021 /PRNewswire/ -- Sheffield Financial, a division of Truist Bank, Member FDIC, and Tohatsu America Corporation (Tohatsu), recently agreed to a multiyear financing services program agreement. Tohatsu offers a full line of four-stroke outboard motors ranging from 2.5 horsepower to 250 horsepower.

The agreement allows Sheffield to provide lending services to Tohatsu customers through the Tohatsu dealer network. The contract covers installment financing for Tohatsu outboard motors and boat packages which include Tohatsu motors.

"We are proud of the opportunity to partner with a reputable and trusted financial institution," said John Adam, General Manager of Tohatsu America Corporation. "Our job begins by understanding our customer's needs, and with the help of Sheffield Financial, we can now provide our dealers and customers with reliable financial solutions."

"We are thrilled to announce our new relationship with Tohatsu, a manufacturer of high-quality outboard motors," said Jeff McKay, Sheffield Financial CEO and head of point-of-sale lending for Truist. "Sheffield is committed to providing outstanding service to support Tohatsu's dealer network and customers with easy and innovative financing options."

About Sheffield Financial
Winston-Salem, N.C.-based Sheffield Financial is a division of Truist Bank, Member FDIC, which is a subsidiary of Truist Corporation (NYSE: TFC). Sheffield, which has financed more than $30 billion in loans since its founding in 1992, currently services more than 15,000 outdoor power equipment, power sports and trailer dealers nationwide. The company provides retail financing options in all 50 states for outdoor power equipment, trailers and power sports equipment, such as snowmobiles, all-terrain vehicles, side by side vehicles, motorcycles and personal watercraft. For more information about Sheffield Financial, visit SheffieldFinancial.com.

About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $530 billion as of September 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.

About Tohatsu
Tohatsu is Japan's oldest outboard manufacturer, producing high quality, durable outboard motors since 1956. Tohatsu is uncompromising in its pursuit of outboard motors that are both durable and as light as possible. Tohatsu pursues the ultimate in quality to deliver an inspirational engine experience. The company's unwavering promise: to deliver a more refined and stimulating boating experience. See it. Hear it. Feel the Wind.

 

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SOURCE Sheffield Financial, Inc.

FAQ

What is the new partnership between Sheffield Financial and Tohatsu?

Sheffield Financial and Tohatsu America Corporation have agreed to a multiyear financing services program that allows Sheffield to provide lending services to Tohatsu customers.

How much has Sheffield Financial financed since its founding?

Sheffield Financial has financed over $30 billion in loans since its establishment in 1992.

What products are covered under the new financing agreement with Tohatsu?

The financing agreement covers installment financing for Tohatsu outboard motors and complete boat packages including Tohatsu motors.

What benefits does this partnership provide to Tohatsu customers?

The partnership allows Tohatsu to offer reliable financial solutions through Sheffield Financial, enhancing customer access to financing options.

When was the partnership agreement between Sheffield Financial and Tohatsu announced?

The partnership agreement was announced on October 19, 2021.