Citizens Bank is working with Vivint Smart Home to offer qualifying customers zero-percent interest rate financing on smart home products and services through the Vivint Flex Pay payment plan.
“We are excited to partner with Vivint to bring this unique payment option to consumers,” said MK Fiorille, head of unsecured lending, Citizens Bank. “This partnership marks the next chapter of Citizens’ strategy to create innovative financing solutions that offer customers simplicity, flexibility, and help them manage their finances.”
Citizens Bank, with $147 billion in assets, has a dedicated team of Security Finance Group bankers. It is one of the leading lenders to companies in the security service and smart home industry in the country.
Through the partnership, customers get zero-percent APR installment loan from Citizens Bank when purchasing a smart home package, including installation, from Vivint. After paying off their zero-percent interest rate loan, customers pay only the monthly service agreement, which is $39.99 per month for smart security and $49.99 per month for smart home. Vivint and Citizens will roll out the plan in the first quarter of 2017.
“By separating the purchase of products and services, we’re introducing a model similar to the one used in the cell phone industry to provide greater flexibility for consumers as their needs evolve,” said Alex Dunn, president at Vivint Smart Home. “This new payment plan will make it easier for Vivint customers to continue to add the latest innovations to their smart homes.”