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Yamaha announces Retail Finance Piano financing program

Yamaha announced the launch of Yamaha Retail Finance, a piano financing program that promises to help make piano ownership accessible to more consumers than ever before. This new partnership with Piano Credit Company of Dublin, OH, will create a convenient, one-stop shop for a wide range of dealer and customer financing needs.
Yamaha Retail Finance offers a variety of benefits to piano dealers and customers alike, including high levels of loan acceptance; quick approvals via Internet or fax transmission; streamlined, seven-day a week Web-based processing during most retail hours; competitive, fixed interest rates; and the ability to finance both new and used products. Wide-ranging financing options include no cash down, terms up to 10 years and fixed-term installment programs.
“Before this program, financing options varied from dealer to dealer, and customers weren’t always aware of the financing options available to them,” says Paul Calvin, general manager of Yamaha Piano Division. “Yamaha Retail Finance is truly structured with the dealer in mind,” he continued. “This program promises to open up the piano market to a whole new customer base by offering attractive financing options to consumers who thought they were limited to paying with credit cards or cash.”
Cornerstone Consumer Financial Services Company, LLC, which owns Piano Credit Company, LLC, is a subsidiary of Cornerstone Capital Corporation, a privately held investment banking firm.
“Piano Credit Company actively helps keyboard dealerships nationwide to find affordable and simple financing solutions for their customers,” says Greg Haidet, chief executive officer of Piano Credit Company. “With its range of promotions, training and support services, Yamaha Retail Finance will help retailers close more deals, faster than ever before.”
Yamaha Retail Finance stands to transform retail sales practices with its rapid, online service. Seventy five percent of all credit approvals come back in less than a minute of submission. The system also offers standardized loan forms via the Web, which enables dealers to quickly and automatically generate paperwork, greatly reducing the possibility of error and leading to greater efficiency in the closings of sales.
Yamaha Retail Finance also offers a wide range of leasing programs, making it a unique single-source financing facility for businesses, institutions, churches and piano teachers to both purchase and lease pianos.
Backed by the financial strength of Cornerstone Capital Corporation, Yamaha Retail Finance also has the unique ability to approve prime and subprime credit from one source. This means that retailers with customers having less-than-ideal credit can avoid awkward situations that can lead to lost sales. In many cases of subprime credit, financing is still approved, but the approval simply comes back with revised contract terms. Customers with good credit scores are typically approved immediately, while other cases may take 15 to 20 minutes.
Yamaha Retail Finance also runs special promotions to help retailers stimulate customer interest in specific products, such as special interest rates on specific models or 12-month same-as-cash programs. They also provide field staff for retail training and support for special events, such as school sales.

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