corporate partner spotlight
ACCA Corporate Partner Is An “Ally” for Contractor Lending
ACCA’s Corporate Partner Program allows manufacturers and service pro- viders to invest in its contractor mem- bers all year at the highest possible level. In 2023, Ally joined the program
and has worked with ACCA to educate contractors on the values of fi nancing and how fi nancing works in the HVACR industry. ACCA Now spoke with Ally about how their part- nership with ACCA benefi ts contractors.
Tell us a little bit about Ally's history in home improvement fi nancing.
At Ally, we’re driven by the mission to “do it right” for our customers and we’ve been doing just that for over 100 years.We believe people should have the option to pay for high-cost products and services they need over time versus up front in one large sum. We rolled out our home improvement fi nancing division via Ally Lending in May 2020. We’ve built a great front-end experience for our partners in the fi eld and have collaborated with some of the best companies in the home improvement industry throughout the past three years.
There have been a lot of changes in the HVACR industry in the past few years that have increased the cost of replacing heating and cooling systems. How does Ally help contractors show homeowners that replacement doesn't have to be a fi nancial burden?
Buying a new HVAC unit is usually an unexpected expense for the homeowner. Through Ally Lending, we off er many diff erent types of plans to help the owner and the contractor. These include low monthly payment options, interest promotion options, and no payment/ no interest options to help contractors market their services and homeowners to aff ord what is typically a costly repair or replacement. The low monthly payment options have become the most popular in recent years with the average sale price of an HVAC unit rising.
Interest rates have gone up in recent years and are slowly starting to stabilize, how does Ally stay competitive?
Competitive rates that are aff ordable for both the cus- tomer and the dealer are table stakes. At Ally Lend- ing, we continually adjust pricing to work well for both important customer groups. We use a product that is typically more preferred during times of higher inter- est – an unsecured personal installment loan. This is preferred over other products, such as a credit card, because credit cards usually have revolving rates of well over 20% and in some cases up to 29% (or even higher!). Also, with the credit card monthly payment requirement, the lifetime cost of a credit card product is often much higher than a fi xed rate long-term install- ment loan. This ends up saving the customer money overall. In addition to helping our customers save money, we
also off er an easy-to-use application experience for the borrower, white glove onboarding, client management and superior client care.
Ally is part of ACCA's Corporate Partner Program; what value do you see in supporting HVACR contractors through ACCA?
Ally Lending and ACCA share a similar goal. The success of Ally Lending and the HVACR contractors we work with is mutually benefi cial. At Ally, we strive to make fi nancing for HVACR improvements more accessible, so that HVACR contractors can capture more demand and grow their businesses. Through resources, education, and networking opportunities widely available to con- tractors, ACCA is giving contractors the tools they need to scale and grow their businesses for the future. ACCA helps Ally Lending remain highly visible to the contrac- tor audience, so we stay top of mind. Through this part- nership, we want contractors to know we off er fi nancing options for a wide range of fi nancial situations that are easy to understand, and we move homeowners through the fi nancing process quickly.
Why does Ally believe contractors should be a member of ACCA?
We believe that we’re all better off with an ally. By taking advantage of the resources, education, networking opportunities, and advocacy off ered by ACCA, contractors are aligning their businesses with an ally for success.
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SEPTEMBER/OCTOBER 2023
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