Synchrony to power Toro Retail Financing with New Credit Card Program
MINNEAPOLIS – December 4, 2024 – Toro has partnered with Synchrony to launch a new retail credit card program, offering customers a range of financing options for outdoor power equipment purchases. The program, which began rolling out this fall, features no-interest and deferred-interest financing, alongside long-term, fixed-rate options. synchrony also plans to expand the partnership in 2026 with the introduction of a commercial financing product and full integration with Toro’s website.
This collaboration marks a return for Synchrony to the Toro business, having previously held a credit card partnership with the OEM over 25 years ago before Toro moved to Citi. The new program aims to streamline the application process, allowing consumers to complete their portion on their phones or have the dealer handle the entire application.
Toro recently transitioned away from other retail credit partners. Its partnership with Citi ended on October 31, 2021, followed by an agreement with TD Bank which concludes on December 15. Toro also currently offers equipment financing thru Sheffield Financial.
“We’re launching consumer first, followed by commercial,” said Synchrony’s Eileen Medrano. “Most of those customers are individuals applying for a commercial loan, and so you could still evaluate the consumer that’s sitting there, but commercial programs are not new to Synchrony. We have commercial programs across the Synchrony network.”