Conn’s has formed a partnership with Progressive Leasing, a subsidiary of Aaron’s, Inc., to provide lease-to-own payment solutions to customers who do not qualify for Conn’s proprietary credit offering.
The home electronics retailer has entered into an exclusive three-year agreement with Progressive Leasing to offer its customers Progressive’s lease-to-own program.
Conn’s previously worked with Acceptance Now to offer its customers a lease-to-own strategy. In February, Conn’s notified Acceptance Now that it was terminating its agreement, giving Conn’s the option to test and integrate Progressive’s offering.
Officials with Conn’s expect to have the Progressive Leasing program available in certain stores starting in May with a full rollout in early June.
“Conn’s in-house credit segment declined approximately 41% of the more than 1.3 million applicants for credit we received this past year, but has historically had a limited conversion to lease-to-own sales,” said Norm Miller, chairman and CEO of Conn’s. “We believe there is a significant opportunity to grow our lease-to-own sales and look forward to partnering with Progressive to help us achieve this goal.”
