Synchrony 1
For an Ashey store, what is the minimum dollar amount that our clients can finance?
$300
When is the first payment due when using any Synchrony term length?
Roughly 30 days after the furniture has been delivered, or roughly 30 days after the first invoice.
What is the first thing you should do after your client receives a Foritva approval and is planning on using that approval?
What is the maximum approval that Progressive will give a client, and do we include tax on our end?
$4000 + 10% automatic increase
ex: $4000 approval = $4400 true amount
You can now call progressive for an additional 10% on top of the automatic increase.
& No
What is the maximum approval that Acima will give a client, and do we include tax on our end?
$5000 + 10% automatic increase
ex: $5000 approval = $5500 true amount
& No
What are the 5 points of pitching finance?
- Right now
-Everyone is approved
- 0% interest
- Couple of Minutes
- Need a Bank account
What are the types of interest that we offer our clients through Synchrony?
Differed Interest, No interest (Equal pay), Interest.
Does the clients billing address and delivery address in Storis need to match the billing address provided through the Synchrony application?
No, the billing address provided through the Synchrony application needs to match our billing address in Storis, but the client is allowed to have a different delivery address in Storis.
What is the maximum Fortiva approval?
$7500
Does Progressive automatically report to the credit bureaus?
No, they do not automatically report to the credit bureaus, however our clients may request to have their payment history reported.
What is the longest-term length that Acima offers?
12 Months (They are working on an 18 and a 24-month term).
For the Outlet, what is the minimum purchase price that a client can finance on a 6-month term?
There is no minimum, but we would like to have at least $300.
What is the percentage of deferred interest that Synchrony charges?
34.99%
On a 36-month term, what percentage of the sale do we require as a down payment?
We no longer require a percentage of the sale to be paid however; we do we require the client to pay the tax and delivery cost upfront.
What is the percentage of interest charged on Fortiva's "Core" program?
35.99%
Once approved, what is the cost of the leasing fee through Progressive?
$49 + tax, the initial payment must be paid via debit card.
Does Acima require the billing address and the delivery address to match?
Yes.
What is the minimum purchase price that a client can finance on a 12 month term?
$499
At what credit score range does Synchrony typically start approving clients?
Approximately 600+
Interest that begins accruing from the day of delivery.
What is Deferred Interest?
Does the clients billing address and delivery address in Storis need to match the billing address provided through the Fortiva application?
Yes, the billing address provided through the Fortiva application needs to match the billing address & the delivery address in Storis.
Can a Mathis rewards membership be included in a lease to own order?
& Explain what a partial delivery is.
Absolutely not! There are no partial deliveries.
Rewards must be on a separate ticket on the original customer number and immediately paid for and invoiced before proceeding with the lease to own order.
Explain the 90-Day buyout option for Acima and how does a client qualify for the 90-Day buyout option?
The 90-Day buyout option is an option that a client can choose to avoid incurring any interest/additional fees.
The client will be required to pay a $25 fee and needs to contact Acima within 24hrs to proceed with said option.
What are the stipulations for a client to utilize an 18-month deferred interest term?
$1499 minimum purchase
ProtectAll + Rewards are required.
where is synchrony bank headquartered?
Synchrony Bank is headquartered at 777 Long Ridge Road, Stamford, Connecticut, USA.
What is the multiplier for the 60-month term @ 9.99% interest that you would use to calculate the monthly payments for our clients?
What is the minimum purchase amount that qualifies our clients for this term and what promo codes are you allowed to use?
Take the entire total of the order and multiply by 2.1242%
Ex: $5000 x 2.1242% = $107/Month
Minimum purchase amount is $1000, and you are allowed to use Member Pricing
What 3 terms does Fortiva offer, who chooses the term, and what is their annual fee?
6 months, 12 months or their "Core" option which is a non-differed interest option with a straight revolving interest. Fortiva decides the term.
$79 annual fee
Does Progressive require the billing address and the delivery address to match?
How many days does a client have to start a lease from the time of their approval?
45 days
What are the stipulations for a client to utilize a 24-month deferred interest term?
$2499 minimum purchase
ProtectAll + Rewards are required.
What are two additional terms that Store 23 can utilize, and what are the stipulations for utilizing those terms? (Not the 12 month, not the 36 month, not the 5% discounted strikethrough term)?
Store 23 can utilize the 18 month 0% deferred interest (Minimum purchase amount of $1499, ProtectAll & Membership required)
Store 23 can utilize the 24-month 0% deferred interest (Minimum purchase amount of $2499, ProtectAll & Membership required)
If a client doesn't quite get the approval amount that they were hoping for with Synchrony on the Ashley side of the complex, what can the client do to attain a higher approval amount?
The client can ask for an increase with the 23 front office, the client can also apply for Synchrony at the Mathis Outlet and we can utilize that approval amount as well!
At what credit score range does Fortiva typically start approving clients?
Approximately starting at 450+
Does Progressive charge a fee to select their 90-day buyout option?
How does a client enroll in the 90-day buyout option with Progressive?
No, and the client needs to call within 24 hours to select the 90-day buyout option.
Explain the 70/30 rule for Acima.
Acima requires 70% of the purchase price to be an attainable item (Furniture), while 30% of the purchase can be an unattainable item (Delivery$/ GBS).
The Mathis Outlet offers two separate finance terms that charge the client interest. Detail the two separate terms and their minimum purchase price.
24 Months @ 9.99% Interest – $3,000 minimum purchase.
36 Months @ 9.99% Interest – $4,000 minimum purchase.