ST. PAUL, Minn.--(BUSINESS WIRE)--Oct. 26, 2005--Yamaha, the world's largest maker of musical instruments, has signed an agreement with GE Consumer Finance's Retail Sales Finance unit, to provide a new installment credit program for Yamaha piano customers across the country. The Yamaha Retail Finance program will be offered through nearly 300 Yamaha piano dealers in North America.
Yamaha is a leading manufacturer of grand and vertical pianos, as well as the renowned Clavinova Digital Piano and the Disklavier Piano. Financing is essential in the retail music business, and we want to offer our customers the best financing options possible, stated Paul Calvin, general manager of Yamaha's Piano Division. GE has the resources and capabilities we were looking for in a financing partner.
The new partnership will offer a variety of benefits to Yamaha piano dealers and customers, including experienced underwriters empowered by some of the most aggressive underwriting strategies in the industry; flexible financing terms up to 144 months and $100,000; a dedicated field support team; marketing support and free in-store, point-of-sale materials; a participation schedule paid up front with funding; and dealer and customer service available seven days a week.
To support the Yamaha Retail Finance program, GE Consumer Finance has formed a dedicated team of relationship managers, risk managers, dealer sales representatives, loan underwriters and customer service managers experienced in the music industry. In addition, GE Consumer Finance enjoys many long-term relationships with Yamaha retailers via GE Commercial Finance; these dealers can be automatically enrolled in the Yamaha Retail Finance Program.
Music sales for Yamaha Corporation topped $700 million in 2004. The company, which was founded in Japan in 1887, opened its American distribution in 1960. Yamaha Corporation of America is the parent company's largest subsidiary. We are thrilled that Yamaha selected GE as the financing services resource, said Mike Friguletto, Senior Vice President of GE Consumer Finance, Retail Sales Finance. The Yamaha name is well-established in the music industry. We expect this to be a long and productive relationship.
About Yamaha Since 1887, when it began producing reed organs, the Yamaha Corporation in Japan (then Nippon Gakki Co., Ltd.) has grown to become the world's largest manufacturer of a full line of musical instruments, and a leading producer of audio/visual products, semiconductors and other computer related products, sporting goods, home appliances and furniture, specialty metals, machine tools, and industrial robots.
Yamaha now owns 59 subsidiaries and affiliates in overseas markets in addition to numerous related companies in Japan. About Retail Sales Finance and GE Consumer Finance Retail Sales Finance, based in Kettering, Ohio, is part of GE Consumer Finance and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries: home improvement, powersports, outdoor equipment, automotive/recreational vehicles, consumer electronics and appliances, furniture, floor covering, jewelry and health care.
With $150 billion in assets, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at http://www.geconsumerfinance.com. GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit http://www.ge.com. (C) 2005 General Electric Company, All rights reserved.
Contacts
GECristy Williams, 678/518-2596 [email protected] orLisa Cesarano, 914/798-7134 [email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340