Yamaha Motor Finance Corp., USA (YMFUS), part of the Japanese manufacturer's corporate world, has launched an all-new credit card program that is available through all Yamaha dealers starting November 1, 2016. Calling it an ‘important Yamaha-exclusive consumer financing tool’, the new card replaces an outgoing program that had been managed by various banks over the last 20 years.
Stepping up to help potential and existing customers finance Yamaha products is fairly new. Yamaha Motor Finance was launched last year to initially focus on first-time and limited credit buyers, enabling its dealers to expand their business in a segment underserved by traditional banks and lenders. This new credit card program will allow Yamaha Motor Finance to expand its focus to "Prime" consumers and take over a program that has provided financing solutions to more than one million customers.
Yamaha Motor Finance has expanded its staff at its headquarters in Cypress, California, to manage the new program. The credit cards will be issued by WebBank, Member FDIC.
"Yamaha will maintain the key features our dealers and customers value, while providing the program directly through our captive finance company," says Kim Ruiz, Vice-President of Yamaha Motor Corp., USA (YMUS) and President and CEO of YMFUS. "The new credit card moves Yamaha closer to our dealers and customers, allowing us to better understand and fulfill their needs."
The new program provides an easy to use application process and instant approvals to qualifying customers when they are considering a new purchase, and the revolving line of credit provided by the card translates to repeat purchases. YMFUS is supporting the card with low, attractive special financing promotions and expects the new program to serve as the primary financing source for many of Yamaha's products, including motorcycles, ATVs, side-by-side vehicles and PWC.
"Offering a long-term solution for a credit card program was critical to maintaining our leadership position in the powersports lending industry by providing Yamaha dealers and customers the most complete array of financing solutions," says Jeff Young, executive vice president and COO of YMFUS. "This highly innovative solution not only provides program continuity, it also gives our dealers and customers the certainty of a Yamaha-backed program. Yamaha's capital supports it and Yamaha manages it -- that's a very different model than the previous bank-managed program."