Qualified Remodeler Magazine

AUG 2013

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

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corpor ate notes GE Capital Builds Business GE Capital's REtail FinanCE businEss has pRovidEd ConsumER FinanCinG FoR 80 yEaRs, and has nEaRly thREE dECadEs ExpERiEnCE in homE impRovEmEnt lEndinG. Just as thERE aRE diFFEREnt typEs oF homE pRoJECts, whEn it ComEs to oFFERinG ConsumERs FinanCinG, thERE aRE diFFEREnt options to Fit thE nEEds oF thE homEownER. with many budGEts stREtChEd, thERE aRE numERous bEnEFits oF usinG ConsumER CREdit pRoGRams. For consumers, a credit card for home improvements can provide access to special financing and enable homeowners to get the products or services they need or want without using savings or other credit cards they need for day-to-day purchases. When financing is offered to everyone and integrated into all touch points, contractors are able to optimize their sales opportunities; better satisfy their customers, leading to more referrals and future business; and be more competitive. Add to this the fact that financing is an important factor in a consumer's choice of a home improvement contractor, according to the Major Purchase Shopper Study* commissioned by GE Capital – Retail Finance. The study found that some homeowners spend an average of 115 days researching products and services to update their home. In other cases, a home repair or purchase is unplanned, accelerating the decision cycle and requiring consumers to balance their current financial situation with the best solution to fit their immediate needs. The study's findings confirm that availability of financing drove the final choice of a contractor for 60 percent of all home improvement cardholders surveyed. Offering financing and making the consumer aware of available special financing while they are in the research phase is critical, as our research indicates that 67 percent of consumers determine how they want to pay for the purchase prior to meeting with contractors. GE Capital, along with its lending entity GE Capital Retail Bank, provides authorized contractors a menu of set financing options that is easy for businesses to manage and to train their sales representatives to offer. At the same time, these special financing options enable contractors to satisfy consumer needs and preferences with consistent promotions** across all types of projects and repairs including: • Deferred Interest/No Monthly Interest If Paid In Full within 6, 12, or 18 months. These promotions charge no interest if the cardholder pays the promotional balance in full within the promotional period. If not, interest is charged from the original transaction date.  • Reduced Monthly Interest with Fixed Payments for periods of 28 to 132 months. These promotions carry a competitive interest rate and feature fixed monthly payments designed to pay the promotional balance in full within the promotional period. To learn more, visit gogecapital.com/ homeimprovement or contact 1-866-8380655. *The Major Purchase Shopper Study surveyed 3,000+ shoppers nationwide: 2,000 GE Capital Retail Bank (GECRB) accountholders and 1,000 random shoppers who recently made a purchase of $500 or more in seven categories, including home improvement. **Subject to approval. Not all special financing options are available at all participating Home Improvement professionals. A minimum purchase amount may be required and minimum monthly payments must be made. GE Capital is an equal housing lender. For more information circle 43

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