Appliance, electronics retailer in deal with Aaron’s

Conn’s has found a new third-party lease-to-own partner.



The retailer said it has formed a partnership with Progressive Leasing, a subsidiary of Aaron’s, to provide lease-to-own payment solutions to customers who do not qualify for Conn’s proprietary credit offering.



Conn’s has entered into an exclusive three-year agreement with Progressive Leasing to offer Conn’s customers Progressive’s lease-to-own program.



In February 2017, Conn’s notified Rent-A-Center’s Acceptance Now that it was terminating the offering of the Acceptance Now option in certain Conn’s locations to allow Conn’s to test and integrate Progressive’s offering.



“We expect to have the Progressive Leasing program available in certain stores starting in May with a full rollout in early June 2017,” said Norm Miller, chairman and CEO of Conn’s, which operates more than 110 stores. “After an extensive review of our lease-to-own options, we decided Progressive’s growth-oriented culture, advanced decisioning capabilities and robust balance sheet provides Conn’s with a strong and committed partner.“



Miller noted that Conn’s in-house credit segment declined approximately 41% of the more than 1.3 million applicants for credit it received this past year, but has historically had a limited conversion to lease-to-own sales.



“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,” he said.