AUTO-BY-TEL AND GE CAPITAL AUTO FINANCIAL SERVICES ANNOUNCE ONLINE LEASING PROGRAM FOR NEW AND USED
Irvine, CA- August 12, 1997
Updated
Jun 10, 2004 22:39:56
Rating
1490 ( -99 -6.64% )
Description: GE Capital's Auto Financial Services and Auto-By-Tel () have teamed up to bring online car shoppers low-cost automobile leasing for both new and used cars. With the addition of leasing, Auto-By-Tel, the largest automotive purchasing program on the Internet, becomes the only program to give consumers every option and tool they need to make the right vehicle acquisition choice. "By adding GE Capital leasing services to the Auto-By-Tel website, GE is taking its relationship and commitment to this cutting-edge, Internet-based company one step further," said Sandy Derickson, President, GE Capital Auto Financial Services. "We look forward to providing Auto-By-Tel customers the most competitive leasing rates possible," she said. Auto-By-Tel knows both new and used car buyers are keen on avoiding frustrations and delays at the dealership level, and J.D. Power and Associates says that financing concerns are at the top of consumers' list of car-buying frustrations. That's why Auto-By-Tel launched Auto-By-Tel Acceptance Corporation (ABTAC), its financing subsidiary, earlier this year. Pre-approved financing and leasing through ABTAC, combined with the Auto-By-Tel Accredited Dealer's commitment to customer satisfaction, results in a vehicle delivery process that may take less than an hour. At the close of 1997, Auto-By-Tel expects it will have processed more than one million Purchase Requests for new and used cars. Flexible Leasing: New and Used Cars Because of the advantages offered by this technology-driven approach to leasing, Auto-By-Tel and GE Capital Services can offer very competitive lease rates. "GE Capital Services has designed this program to be extremely flexible and able to meet individual consumer demands," said GE Capital's Derickson. The popularity of leasing over the past few years means a tremendous number of quality used cars are coming off lease, creating an extremely strong used car leasing market. Auto-By-Tel plans to take advantage of this by offering GE Capital Service's used car leasing option through its recently launched Certified Used Car CyberStore. "I'm extremely pleased with the timing of this product," said Mark Lorimer, Chief Operating Officer of Auto-By-Tel. "Leasing is not only a very popular option for new car acquisition, but, with today's burgeoning used car market, used car leasing is becoming increasingly viable. By adding leasing to Auto-By-Tel, our Accredited Dealer Network has all the tools they need to finalize transactions with Auto-By-Tel customers." Auto-By-Tel and GE Capital Services Take the Mystery Out of Auto Leasing "There seems to be a significant amount of confusion among consumers when it comes to choosing between leasing and buying a car," said Peter Ellis, President and Chief Executive Officer of Auto-By-Tel. "We want to take the mystery out of this process and show car buyers that leasing may be the best way to get into a new or used car." Auto-By-Tel's site will offer consumers comparison scenarios between buying and leasing, as well as a list of Frequently Asked Questions relating to new and used car leasing. With ABTAC, financing and leasing approvals often come within minutes after an application is submitted--which means consumers can avoid waiting around the dealership for approval. It's free, it's easy, it's private and the rates are very competitive. How ABTAC and GE Capital Services Online Leasing Works After consumers submit a Purchase Request for a new or used vehicle via Auto-By-Tel, they are able to complete a partially pre-filled credit application which will be forwarded to GE Capital Services. To ensure the security of its customer's personal financial information, Auto-By-Tel utilizes a double firewall and state-of-the-art encryption technology. Once approved, the consumer receives notification along with an estimated monthly payment and capitalized cost. Because GE Capital Services is one of the largest leasing companies in the U.S., it is already working with the majority of Auto-By-Tel's Accredited Dealers. This ensures that nearly every Accredited Dealer will be able to facilitate a lease through GE Capital and Auto-By-Tel Acceptance Corporation.
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1490 ( -99 -6.64% )