Synchrony (SYF), a leading consumer finance company, has announced a multi-year extension of its partnership with Rheem, one of the world's leading manufacturers of water heating and HVACR products. As part of the extended agreement, Rheem will continue to offer Synchrony's seamless application technology, allowing customers to apply for credit safely and securely on their own devices and access credit immediately upon approval, and will now offer a prequalification option, allowing customers to receive an offer of credit in seconds without an impact to their credit score.

The partnership between Rheem and Synchrony, which began in 2004, is among Synchrony's longest-standing financing relationships in the HVAC industry. Rheem Manufacturing's Residential KwikComfort Credit Card, a cornerstone of this collaboration, offers flexible financing options for HVAC replacement, plumbing, electrical services, and service calls, and has played a pivotal role in ensuring customers are able to get the products and services they need. Synchrony will provide Rheem customers and dealers access to financing promotions — including deferred interest, Fixed Pay with Interest (FPWI), and Equal Payment No Interest (EPNI) — ensuring flexibility and choice.

"By extending our partnership with Synchrony, homeowners will continue to have a great selection of financing options for accessing the top-of-the-line, ultra-efficient heating, cooling, and water heating equipment they need," said Randy Roberts, vice president, residential at Rheem. "As our 20-year partner, Synchrony has not only provided innovative financial solutions, but also shared personalized marketing communications, special offers, and a wealth of industry expertise and consumer insights, empowering us to deliver solutions that propel our business."

The renewal comes at an important moment. Findings from Synchrony's ninth annual Major Purchase Study, unveiled in November 2023, underscore the importance of financing, revealing a five-point increase in those that are obtaining financing for large purchases compared with two years ago. Half of those surveyed also said that recent price increases in many items have also led them to seek financing options and 66 percent agreed that financing makes larger purchases more affordable.

"Our extended partnership with Rheem, integrating Synchrony's innovative tools, data analytics, and strategic marketing support, simplifies consumer financing, encouraging greater engagement and loyalty," said Curtis Howse, executive vice president and CEO, Home & Auto at Synchrony. "We look forward to supporting Rheem with the growth of their business and continuing this successful relationship."