Aven and Forest River Inc. introduced the industry’s first co-branded home equity line of credit, along with two additional co-branded financial products for Forest River customers.
The Forest River Homeline Card combines a HELOC with a credit card. It gives qualified homeowners a new way to finance larger RV purchases while earning rewards at Forest River dealerships and on everyday purchases, Aven said in a recent release. The partnership is Aven’s first co-branded financial relationship and expands the company’s ability to reach consumers through established brands and their existing customer relationships. Aven plans to expand this model to other consumer brands and distribution networks, the company said.
More than 80% of RV owners are homeowners, according to the RV Industry Association, meaning many RV customers may also have home equity available to finance a purchase.
Some RV buyers already use home equity to finance their purchases, but it has not been a common source of RV financing. Traditional HELOCs can take weeks to originate and fund, and that timing can make a HELOC difficult to use when an RV buyer needs financing at the dealership. Aven can provide a pre-qualification offer in as little as three minutes and enable qualified customers to access a HELOC in as little as three days. Customers can then use their line through an Aven credit card. For qualified homeowners, using home equity to finance an RV may reduce the cash needed at purchase and allow repayment over a longer period, potentially lowering monthly payments.
Aven provides the technology and financial infrastructure for the Forest River products as part of Forest River Financial Services, a new Forest River subsidiary designed to give its dealer network additional tools and support, Aven said. The products are available through participating Forest River RV and marine dealerships in the United States.
The three Forest River products powered by Aven are:
Forest River Homeline Card
- Home equity financing and rewards for qualified homeowners making larger RV purchases
- Lines of credit of up to $400,000
- 3% cash back at Forest River dealerships on up to $50,000 in annual purchases
- Unlimited 1% cash back on all other purchases
- No annual fee and no prepayment fee
Forest River Journey Rewards Card
- Rewards and financing for RV owners, including smaller RV purchases, service and accessory purchases
- 3% cash back at Forest River dealerships on up to $10,000 in annual purchases
- Unlimited 1% cash back on all other purchases
- No annual fee
Forest River Trailhead Deposit Card
- Everyday banking, debit spending and rewards for RV owners and other customers, with no homeownership requirement
- Debit card linked to a high-yield rewards checking account
- 2% cash back at Forest River dealerships on up to $5,000 in annual purchases
- Unlimited 1% cash back on all other purchases
- No monthly account fee
The combination gives Forest River dealers multiple financial products they can offer at different points in the customer relationship, from financing a major RV purchase to rewards and everyday banking, Aven said.
“The technology is what makes this model possible,” said Sadi Khan, Aven co-founder and CEO. “We automate the work behind financial services, from income verification to HELOC origination and funding. This lets us combine faster access to home equity with the convenience of a credit card. With Forest River, we are putting that technology behind multiple financial products through one platform.”
The Forest River Homeline Card, Forest River Journey Rewards Card and Forest River Trailhead Deposit Card are being introduced at Forest River Expo in Elkhart, Indiana. Forest River dealers can learn about the programs and begin enrollment this week at the event.
“Many Forest River customers are homeowners making a significant purchase, so home equity financing is a natural fit,” said Alexandra Atlas, Aven head of strategic partnerships. “Pairing home equity financing with dealer rewards helps Forest River strengthen brand loyalty while giving dealers more ways to support customers at the initial purchase and throughout ownership. We see this as a model we can expand to other consumer brands and distribution networks.”
“We wanted to give our dealers another way to help qualified customers finance an RV and drive more service, parts and accessory sales,” said Doug Gaeddert, Forest River president and CEO. “Putting home equity financing, rewards and banking under the Forest River brand gives dealers new tools to grow their business and stay connected with customers throughout their time with a Forest River RV.”
Learn more about Aven’s Forest River financing and rewards at aven.com/forestriver.
