GE Security and GE Money offer new financing to homeowners

Sunday, October 1, 2006

ST. PAUL, Minn.--GE Security has launched a new financing program for homeowners who would like to purchase security systems and other additional home electronic equipment.
Announced Aug. 10, the program is designed to help dealers in GE Security's builder program. "Builders are interested in doing business with fewer subcontractors, and security systems dealers can expand their businesses by installing more low-voltage equipment--home theater, home audio and central vac--that all go in during the same phase of building," said Jeff Wilson, manager of GE Security's builder market.
GE Money's Retail Sales Finance Group, a separate unit of GE, provides the financing.
With new construction, the security system is usually built into the mortgage. However, a homeowner may decide that they would like to add home theater or other electronic equipment. "Rather than going back to the mortgage company, here is a great opportunity for the [GE Security] dealers. Not only does the homeowner get the equipment they want, they get it installed professionally" by the GE Security dealer, Wilson said.
If the security system is not built into the mortgage, it may be included in the financing as well.
GE's Security reintroduced its builder program for dealers in February. Nearly 100 dealers and more than 100 builders have signed up for the program. Two weeks after its introduction, 10 dealers had signed up for the financing program, said Wilson. Cristy Williams, spokeswoman for GE Money's retail sales finance unit, said after the program was announced she'd received calls from dealers interested in becoming authorized GE Security dealers.
The GE Money sales team will "work with the dealer network [to set up special programs] that make sense for their business, such as deferred interest, special terms, or seasonal promotional offerings," Williams said.
Both Williams and Wilson said the new program allows the company to leverage the strength of another GE business to offer dealers, builders and consumers a better set of services. "People think of GE as light bulbs and appliances ...We're a whole lot more than that. We have a whole suite of products from financing to security," Williams said.