Renewing Consumer Financing Program With GE Money

GE Money's Sales Finance unit has renewed its agreement with Lennox International Inc.(LII), a global leader in the air conditioning, heating and refrigeration markets, to provide consumer financing through LII air conditioning and heating dealers and contractors across the United States and Canada.

The original consumer financing agreement between LII and GE Money began in 2005. The new agreement will extend the relationship for multiple years, and cover a range of residential products including: ENERGY STAR® lines; air quality systems; air conditioners; heat pumps; furnaces; boilers; air handlers; packaged units and comfort controls.

"Our relationship with GE is very important to our overall sales strategy," said Diane Bennett, Director, Worldwide Supply Chain Logistics for LII. "Consumer financing is valuable to our customers because replacing an HVAC unit often is a purchase that can't be deferred. However, extended credit terms enable consumers to defer payments, so having a strong financing partner helps our business."

The HVAC industry in North America is estimated at $25-$30 billion annually. There are approximately 80,000 licensed heating and air conditioning contractors in the U.S. Energy efficiency, technology innovations, sustainability (units made with recyclable parts) and environmental impact are all factors affecting the HVAC industry.

"It's a confirmation of our program when a partner such as LII chooses to renew and extend their agreement with us," said Gary Slagle, vice president and general manager of the home utility industry of GE Money - Sales Finance. "The growth of their company and brand over the past two years is an indication that our consumer financing partnership works" - General Electric.