Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from Greg.
Richard Edwards
Go on to the next one Jackie.
Operator
Your next question comes from Edward Aaron – RBC Capital Markets.
Operator
Mr. Aaron? Ed Aaron?
Edward Aaron – RBC Capital Markets
So I just – I missed part of the call so I apologize, but I wanted to just follow up a little bit on the financing environment. So, the fact that the penetration rate came down but the approval rate didn't, is that only because they – or mainly because the customer's weren't qualifying for, you know, the more promotional deals that you had out there?
Michael Malone
Well Ed, this is Mike. I think, I don't really know how exactly to interpret the data other than to say that the trends weakened somewhat in the fourth quarter from what we had experienced certainly in the year.
But that the approval rate's still over 50%, to me is very encouraging. That means over half of the people are still finding a way to get approved even though the credit criteria are tightening and stuff. But since the penetration rate being a little bit weaker at 31% could be attributed to there are higher down payment requirements and the deals aren't quite as attractive as they were before.
So people might, not as many people might be looking for financing to be able to purchase a product because the deals aren't quite as good as they were because it costs more to provide it in a more challenging environment. But yes, even at 31%, to me that certainly remains acceptable in a pretty volatile and uncertain environment.
Edward Aaron – RBC Capital Markets
Okay. And then I saw you're kind of bringing in Sheffield just as another source, which makes sense. Have you considered any potential alternatives for the commercial floor plan as a contingency or are you less concerned about any future changes to your relationship there?
Michael Malone
Well, our wholesale flooring relationship is with GE. We've had a joint-venture relationship, as you know, called Polar Acceptance with them for, I don't know, 12 or 13 years now. That's a strong relationship. That's a long-term arrangement. I think our deal goes to like 2012 with our contractual relationship, so I don't really worry too much about that. I think that's a pretty solid and stable relationship.
Operator
The next question comes from Craig Kennison – Robert W. Baird & Co..
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