GE Money and Conn-Selmer, one of the largest manufacturers of band and orchestral instruments and accessories in the U.S., today announced a new multi-year relationship to provide consumer financing through the GE Money Music credit program.
The new program, managed by GE Money’s Sales Finance unit, provides music lovers with revolving credit that can be used to purchase Conn-Selmer’s line of musical instruments for professional, amateur and student use at participating music retail locations nationwide. The GE Money Music program offers no annual fee, low minimum monthly payments and online account management. In addition, Conn-Selmer will sponsor promotions throughout the year enabling retailers to offer attractive longer-term promotions to buyers.
“Selecting a musical instrument can be an overwhelming experience, and we are committed to helping people select one that fits their needs and talents,” said John Stoner, president and CEO of Conn-Selmer. “The addition of the GE Money Music credit program will further help individuals invest in one of life’s most rewarding hobbies – learning and making music.”
According to a U.S. Gallop Poll conducted as part of the 2006 Music USA: NAMM Global Report, 52 percent of U.S. households has at least one person, age 5 or older, who currently plays a musical instrument. Guitars are presently the highest selling musical instruments in the U.S., with more than 3.4 million sold in 2005 alone, while playing the piano remains the most prevalent musical skill, representing 31 percent of household musicians.
“The GE Money Music financing program is a great option for musicians of all caliber and new students looking to purchase musical instruments and accessories while staying within their monthly budget,” said Dave Luster, vice president of sales for GE Money - Sales Finance.
Conn-Selmer, Inc., the largest manufacturer of band and orchestral instruments and accessories in the United States, is a subsidiary of Steinway Musical Instruments, Inc. (NYSE:LVB).
About GE Money
With more than $200 billion in assets, GE Money, a unit of General Electric Company, (gemoney.com) is a leading provider of retail banking and credit services to consumers and retailers in more than 50 countries around the world. With more than 130 million global customers, GE Money, based in London, UK, offers a range of financial products, including private label credit cards, personal loans, bank cards, mortgages, debt consolidation and home equity loans and credit insurance. GE Money’s Sales Finance unit, based in Kettering, Ohio, provides private label credit card programs and financial services for consumers through dealers; national, regional and independent retailers; associations; contractors; manufacturers; healthcare practices and service providers in more than 20 industries including: automotive, consumer electronics and appliances, elective health care, floor covering, home design and improvement, home furnishings, jewelry, music, powersports, outdoor power equipment, sporting goods and travel.
GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work.