CenterOne Financial Services Signs Charter One Auto Finance for Pro-Active Vehicle Remarketing

    DEERFIELD BEACH, Fla.--April 1, 2003--CenterOne Financial Services(SM) (CenterOne) is pleased to announce that it has secured a service agreement to manage the pro-active and vehicle remarketing of the lease portfolio for Charter One Auto Finance, (Charter One), an auto finance subsidiary of Charter One Bank, N.A. Charter One currently serves the financing needs of nearly 3,000 dealerships and its customers in the Northeast, Mid-Atlantic, and Midwest regions of the United States.
    "With its 20 years of proven servicing experience, CenterOne has the ability and flexibility to understand and manage client portfolios," said Joe Skundrick, national lease manager with Charter One. "Our business relationship with CenterOne will allow us to accomplish our business objectives."
    Brent Sergot, CenterOne's executive director of Sales and Client Services, added: "We are excited about bringing on Charter One as a client. In this mutually beneficial relationship we look forward to developing flexible solutions that meet and exceed the performance expectations of Charter One."
    Twelve months prior to lease maturity, CenterOne's pro-active management procedures will be implemented. CenterOne will execute both telemarketing and direct mail campaigns aimed at the lessee and designed to reduce the number of off-lease vehicles returned to Charter One Auto Finance. In addition to pro-active and vehicle remarketing, CenterOne will also collect excess wear and tear obligations from the lessee. With service centers located in St. Louis, Missouri, and Mobile, Alabama, CenterOne offers third-party servicing solutions for consumer vehicle retail contracts and leases, managing over 650,000 accounts valued at nearly $11.6 billion.

    About CenterOne Financial Services(SM)

    CenterOne, http://www.centeronefinancial.com, is a subsidiary of World Omni Financial Corp. and a part of JM Family Enterprises, Inc., http://www.jmfamily.com, a $7.8 billion diversified automotive company headquartered in Deerfield Beach, Fla. and ranked by Forbes as the 13th largest privately held company in the United States. Its principal businesses focus on vehicle distribution and processing, finance and warranty services, insurance products and services and third-party servicing. With roots grounded in the automotive industry, CenterOne brings a wealth of knowledge and expertise to its clients. Its servicing solutions include originations, loan and lease servicing, collections, pro-active remarketing and vehicle remarketing. From start to finish, its services are designed to provide value-added solutions.

    About Charter One

    Charter One has $42 billion in total assets, making it one of the 25 largest bank holding companies in the country. The bank has 471 banking center locations in Ohio, Michigan, New York, Illinois, Massachusetts, and Vermont. The company's diverse product set includes: consumer banking, indirect auto finance, commercial leasing, business lending, commercial real estate lending, mortgage banking, and retail investment products. For additional information, including press releases and investor presentations, investors are directed to Charter One's web site: http://www.charterone.com.