PHH Arval and First Fleet Corporation Create Dedicated Truck Group

PHH FirstFleet to offer one-stop service to commercial truck fleets

SPARKS, Md., May 24 -- PHH Arval and First Fleet Corporation, subsidiaries of PHH Corporation , have announced the formation of a new dedicated truck group to serve the comprehensive needs of companies with private fleets of light, medium, and heavy trucks and equipment. The new organization, called PHH FirstFleet, brings together the resources of PHH Arval and First Fleet Corporation, a leading truck asset management company acquired by PHH in 2004.

  PHH FirstFleet provides a complete solution for truck fleets, including:

   Consulting expertise to help maximize truck and equipment investments
   Innovative financing options, including Logic Lease(SM), a flexible type
    of lease available only through PHH FirstFleet
   Expert engineering and specifications, ordering, upfitting, and delivery
   Truck services, including fuel, maintenance, and accident management
   PHH InterActive(R), an award-winning online information management system

PHH FirstFleet will be expanding its current services in the coming months in several key areas, such as fuel and maintenance. PHH Arval clients whose fleets include trucks will continue to be serviced by their existing account teams, and will be able to utilize the combined resources of PHH Arval and PHH FirstFleet to enhance the capabilities available to their truck fleets.

PHH FirstFleet is headed by Michael C. Lewis, president and general manager of First Fleet Corporation. Based in Ft. Lauderdale, Florida, PHH FirstFleet has additional operations in Sparks, Maryland, and Mississauga, Canada. The new group will operate a dedicated sales force and combine the operational and technology infrastructure of PHH Arval and First Fleet Corporation.

According to George J. Kilroy, president and CEO of PHH Arval, "PHH FirstFleet brings something new to the commercial truck marketplace: a one- stop North American solution that includes unique capabilities, 60 years of fleet management and truck experience, and an outstanding reputation for customer service."

For more information about PHH FirstFleet, please visit http://www.phhfirstfleet.com/.

About PHH Arval

PHH Arval is the second largest fleet management services provider(1) in the United States and Canada. PHH Arval provides outsourced fleet management solutions to corporate clients, including nearly one-third of the Fortune 500 companies, and government agencies. Through consultative expertise, flexible customer service, and award-winning Internet technology, PHH Arval helps clients reduce costs and increase productivity. For more information, visit http://www.phharval.com/, or call 800 ONLY PHH.

PHH FirstFleet is a dedicated truck group that combines the truck expertise and capabilities of PHH Arval and its subsidiary, First Fleet Corporation, a national provider of asset management, financial services, and high technology operational support to the trucking and transportation industry throughout North America. PHH FirstFleet is headquartered at 350 East Las Olas Boulevard, Fort Lauderdale, FL 33301. For more information about PHH FirstFleet, call 800 ONLY PHH or visit http://www.phhfirstfleet.com/.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary PHH Mortgage is one of the top ten retail originators of residential mortgages in the United States(2), and its subsidiary PHH Arval is the second largest fleet management services provider in the United States and Canada(1). For additional information on the company and its subsidiaries, please visit http://www.phh.com/.