Yamaha Motor Finance Company Offers Credit Card Program To Authorized Dealers
Young said the program, which began Sept. 22 in California, Illinois and Florida, has been expanding slowly. He said, as of Oct. 6, the program is available in 17 states to 100 authorized dealers.
Capital One Financial Corp. was the previous provider for Yamaha’s revolving credit line. In August 2015, Capital One informed Capital One and other OEM partners it was pulling out of the Powersports financing investment, allowing the revolving credit arrangements to expire during the first half of the year.
The new card program the company offers includes a simple application, low introductory process, no merchant card processing fees, open credit line for additional purchases and many others.
Yamaha Motor Corp USA began Yamaha Motor Finance Corp in March 2016 with 1,000 dealers being able to offer loans initially.
Young said the application amount increased 30 percent for July and September, with approval rates at around 40 percent.
Yamaha Motor Finance also had a pre-owned vehicle program in the third quarter of 2015 in its non-prime space. According to Vijay Patil, chief risk and strategy officer, the originations for these kinds of loans were slow to take off, but there’s been a steady increase since its inception. He said the company had done well in boosting business in a relatively short timeframe.