New Online Auto Financing Resource Powered by Bank One and CMSI; Auto-decisioning Capability Enables CarsDirect.com Customers to Apply and Get Approved Online In Seconds
ANNAPOLIS, Md., Dec. 16 /PRNewswire/ -- Bank One Corporation and CarsDirect.com have joined forces to provide CarsDirect.com customers the ability to apply for financing online using technology developed by Credit Management Solutions, Inc. (Nasdaq: CMSS). The online financing service will be available starting in January, 2000.
Called Auto-decisioning, the new service will allow customers to request auto financing without having to leave the CarsDirect.com site. After consumers select the new vehicle they want to purchase from CarsDirect.com, they will be offered the opportunity to apply for financing directly at the site. Customers submit their application and, in less than a minute, are notified of loan approval status, loan amount and interest rate. Applicants seeking a different rate have the ability to adjust the term of the loan even after approval.
The completed application form will be transmitted over the Internet and CMSI's CreditConnection network and delivered directly into Bank One's credit processing system by CMSI's CreditOnline Internet gateway. At that point, the application will be analyzed and a decision rendered utilizing Bank One's version of CreditRevue, a fully automated credit processing system also developed by CMSI.
"CMSI's technology has helped Bank One streamline our origination operations over the last six years, and it now helps us offer online financing solutions for our various Internet business partners," said Keith Kendrick, President of E-Commerce at Bank One's Finance One unit. "They are the link through which we will drive the speed and value-added financing features that online consumers and online auto sellers are looking for."
"The Bank One/CarsDirect.com model is an excellent example of one of the new and exciting opportunities the Web provides consumers," said Scott Freiman, CMSI's President and CEO. "We're pleased to work with Bank One to help consumers get financing quicker and easier."
About Bank One
Bank One Corporation (NYSE: ONE), headquartered in Chicago, is the nation's fifth largest bank holding company, with assets of more than $260 billion. Bank One offers a full range of financial services to commercial and business customers and consumers. Information about Bank One can be accessed on the Internet at www.bankone.com.
About CarsDirect.com
CarsDirect.com (http://www.carsdirect.com) is a new Internet company that lets consumers complete the vehicle purchase transaction. With CarsDirect.com, shoppers can research, price, customize, order and finance a new car or truck over the Web -- selecting from among 2,500 makes and models by every major manufacturer. Unlike referral services, which point people to a dealer to accomplish the transaction, CarsDirect.com takes the customer from inquiry through financing right up to delivery. Based in Los Angeles, CarsDirect.com is an idealab! company. The company is also funded by idealab! Capital Partners, Primedia Ventures, Foundation Capital, MSD Capital L.P., Goldman Sachs, Morgan Stanley Dean Witter, Hambrecht & Quist, E*O Investors, LLC, Oracle Corp., Liberty Digital, TMCT Ventures, East Peak Partners, L.P., Hikari Tsushin and Soros Private Equity Partners LLC. |
