We’ve been carefully measuring the impact of the payment plan updates introduced in November and are happy to report that we’re seeing the intended results.
Based on these results and the feedback you’ve shared with us, we’re making some additional changes. We'll be retaining the elements shown most effective in allowing us to continue to grow a healthy and sustainable business while re-introducing some of the flexibility the program offered in the past that has proven so valuable to many of our long term customers.
The changes we've made this week affect how new purchases can be combined with existing payment plans.
When adding a new purchase to an existing payment plan:
Pay 25% down at the point of sale, and consolidate the purchase balance with the existing payment plan balance into a payment plan that meets the following criteria:
- The plan length may not exceed the greater of:
- The number of months remaining on the longest existing payment plan
- The number of months the new purchase qualifies for
- The maximum term allowed will be 20 months.
To combine multiple existing payment plans and a new purchase:
Pay 25% down at the point of sale, and consolidate the purchase balance and existing payment plan balances into one payment plan that meets the following criteria:
- The resulting monthly payment may not be less than the combined existing monthly payments.
- The plan length may not exceed the greater of:
- The number of months remaining on the longest existing payment plan
- The number of months the new purchase qualifies for
- The maximum term allowed will be 20 months.