Rate Reduction Presents Opportunity for Car Buyers to Refinance Loans

    NAPLES, Fla.--May 17, 2001--The Federal Reserve's announcement of an additional one-half point reduction in the Federal Reserve fund rate presents a golden opportunity for consumers to experience lower vehicle ownership costs.
    Consumers can potentially save several hundred dollars in finance savings on a conventional auto loan. This rate reduction brings the Federal Reserve fund rate down 2 1/2 percent from last year.
    "Consumers always create the most value for themselves by buying and selling person-to-person, and lower interest rates amplify this financial advantage even more," stated Ben Freeland, CEO of StraightAway, a Florida-based vehicle transaction service. "The interest rate reduction by the Federal Reserve translates into lower monthly payments for the buyer and more qualified prospects for the seller. It's a win-win situation, no matter what side of the equation you're on," added Freeland.
    Refinancing auto loans, a concept normally relegated to home mortgages, is now a viable option given today's market conditions. According to Freeland, "With more attractive interest rates, consumers who like their vehicles but have high interest rates on their current loan, can now refinance them and significantly lower their monthly automobile payments."
    Ben Freeland, a second-generation automobile dealer with more than 14 years of experience in the automotive industry, is the founder and chief executive officer of StraightAway. Prior to founding StraightAway, Freeland served as CEO of a $175 million dealership group with 11 franchises and more than 300 employees.