New Installment Lending Plan Will Increase Payment Options for Consumers
KETTERING, OHIO and WENDELL, N.C. -- Nov. 22, 2011 -- GE Capital's Retail Finance business, a consumer lending unit of General Electric Company (NYSE:GE - News), has announced an agreement with Kioti Tractor to provide installment lending to customers at Kioti's 250 independent retailers across the country.
Under the multi-year agreement, Kioti dealers will be able to offer an installment lending plan to their customers for equipment purchases, even non-agriculture related purchases. Kioti makes a wide variety of compact tractors, utility terrain vehicles, attachments, implements and accessories.
"Kioti is quickly becoming one of the most recognized brands of small tractors in the United States," said Gary Slagle, vice president and general manager, Outdoor Power Equipment for GE Capital's Retail Finance business. "We're excited to collaborate on their growth and look forward to a long relationship with Kioti."
A division of Daedong Industrial Company of South Korea, Kioti Tractors recently celebrated 25 years in the U.S. market.
"Our products have developed a very loyal following in the United States and around the world," said Yung Ki Park, CFO of Daedong-USA. "Associating our brand with GE Capital will make it easier to expand our sales by providing a valuable financing service through our retail partners."
For more than 75 years, GE Capital's Retail Finance business has provided billions of dollars in consumer financing through more than 200,000 small- and mid-sized businesses throughout the United States. GE Money is a leading provider of consumer credit in the Outdoor Power Equipment industry and supports its retail clients with online technology such as Business Center, which includes service, training, marketing and sales tools.
About Kioti and Daedong-USA
Kioti specializes in the manufacture of compact tractors, utility vehicles and related attachments and accessories. A division of Daedong-USA, the brand was introduced to the American market in 1986 and is now sold at 250 independent retailers across the country. The U.S. headquarters for the company is in Wendell, South Carolina. Daedong-USA is a division of Daedong Industrial Company, Ltd., based in Deagu, South Korea. For more information about Kioti and Daedong-USA, visit the company's website at www.kioti.com.
About GE Capital's Retail Finance business
GE Capital's Retail Finance business is among the country's most successful retail lenders, with more than 75 years of experience in consumer financing. The business, which originates loans as a unit of GE Capital Retail Bank, provides customized credit programs to retailers and consumers in the United States and Canada that help drive sales. This includes private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers across nearly 20 industries. More information can be found at www.gogecapital.com and twitter.com/GoGECapital.
GE Capital is one of the world's largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance. For more information, visit www.gecapital.com or follow company news via Twitter @GECapital.
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