Yamaha Motor Finance Corp., USA (YMFUS) has launched a new credit card program yesterday and it is now available in all Yamaha dealerships.
Initially, the YMFUS was created to focus on first time buyers or those with limited credit that banks and lenders would have rejected. By expanding their focus with this new program, they have the potential to provide financing to more than one million customers and replace the outgoing one that is 20 years old and managed by banks. Credit card financing will be in house and the financing process should be simplified for dealers when a potential customer wants to buy any model from Yamaha.
“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.
They’re even throwing in attractive financing promotions to draw in new Yamaha Motorcycle, ATV, Side-by-Side and Personal Watercraft buyers. Yamaha is offering low introductory payment, no minimum amount financed, no merchant card processing fees, and an open credit line for repeat purchases. The application for this program is easy to use and approvals can be instantaneous for qualifying customers.
A driving force behind this program could be Capital One Financial Corp, the company that was providing Yamaha’s revolving credit product. Last year, Capital One told Yamaha that they’re going to slowly phase out the product and allow existing revolving credit agreements to expire.
The actual cards will be issued by WebBank, Member FDIC and those interested can read more about it at Ultimate Motorcycling.