Leading Captive Worldwide Will Make Electronic Credit Processing
Available To Over 8,300 U.S. and Canadian Dealerships
COLUMBIA, Md., Sept. 9 /PRNewswire/ -- Credit Management Solutions, Inc.
(CMSI) (Nasdaq:CMSS - news) announced today that CMSI's Credit
Connection subsidiary has entered into an agreement with General Motors
Acceptance Corporation (GMAC) to make GMAC financing available to
dealerships through the Credit Connection(R).
Under the terms of the agreement, the roughly 8,300 U.S. and Canadian GM
dealers will have the opportunity to use Credit Connection -- either
integrated with dealer systems from the Dealer Services Group of
Automatic Data Processing (ADP) or Universal Computer Systems (UCS) or
independently -- to electronically submit consumer credit applications
to GMAC and receive decisions back. ADP and UCS will handle the sales,
installation, and support of the Credit Connection solution for their
respective clients. GMAC is the largest automobile manufacturer finance
company -- sometimes called a ``captive'' finance company -- to sign up
for Credit Connection.
``Credit Connection keeps us in step with the latest technology movement
and will help us to offer quicker efficient response time to our dealers
and ultimately to consumers,'' said David Jones, Vice President, Plans,
GMAC, Detroit. Jones pointed out that the changing marketplace, with its
gowing range of information and buying options available to the
consumer, makes customer service a number one priority for GMAC's dealer
customers.
``Credit Connection is the future of fast and efficient credit,'' said
James DeFrancesco, CMSI President and CEO. ``It connects the dealers'
sales system to the creditors' internal credit decisioning systems 24
hours a day, seven days a week. The result is the kind of instantaneous
access to credit approvals that is necessary today to meet customers'
expectations.''
Credit Connection provides high-speed electronic links between dealers
and lenders via CMSI's central host computer in Columbia, Maryland.
Using Credit Connection, GM dealers can send credit application
information to GMAC's credit evaluation system on-line. Submitting the
credit applications electronically, at the point-of-sale, should
significantly reduce the time to process the applications and get
decisions back to dealers.
``We were impressed with Credit Connection's technology and experience,
and are confident that CMSI will help us improve our already excellent
turnaround time,'' said GMAC's David Jones.
Furthermore, using Credit Connection, GM dealers will be able to access
credit bureau information, as well as process and forward credit
application information to participating Credit Connection creditors.
Dealers can also monitor pending transactions either online, through
Credit Connection, or via dealership systems from ADP or UCS, depending
on whether they have an integrated or stand-alone type of installation.
Dealerships already using the system have experienced significant
improvements in productivity over previous manual processing methods,
with some dealers reporting processing time reduced from two to three
hours down to consistently under fifteen minutes. GMAC joins the growing
group of major vehicle creditors who have chosen Credit Connection to
provide high-speed electronic links with their dealers.
General Motors Acceptance Corporation, a wholly owned subsidiary of
General Motors, is one of the world's largest financial services
companies. Since its founding in 1919, GMAC has extended $879 billion in
credit to help finance more than 138 million cars and trucks in 33
countries around the world.
Founded in 1987 and headquartered in Columbia, Maryland, Credit
Management Solutions, Inc., provides consumer credit automation and loan
marketing software and services to major financial institutions and
non-bank financial companies. Its flagship product, CreditRevue(R), is a
credit origination and processing system used by financial institutions
to automate and speed the processing and decisioning of all types of
consumer loan products. CreditRevue clients include NationsBank, Banc
One, Wells Fargo, The Associates, Comerica, Wachovia, and WFS Financial.
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