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Lenders Ramp Up Auto Financing Via The Super Highway

11 February 1999

Lenders Ramp Up Auto Financing Via The Super Highway

  e-Fin Electronic Financial Marketplace Signs Six New Lending Institutions

    HICKORY, N.C., Feb. 11 -- What does it take to increase
marketing efforts, decrease paperwork, and reduce the overall cost of indirect
lending in automobile credit transactions?  Six lending institutions across
the country now have the ability to realize these benefits by utilizing
powerful Internet communication technology managed through e-Fin, Electronic
Financial Marketplace.  As the name implies, e-Fin offers lending institutions
and automobile dealers an electronic method by which they can process, review
and finalize automobile credit transactions with each other in a quick, easy
and totally risk-free electronic environment.
    The following lending institutions signed an agreement to use e-Fin for
the electronic transmittal of automobile credit transactions and related
information to the service's population of auto dealers:  Asta Funding, Inc.,
Englewood Cliffs, NJ; Banc Financial, Inc., a wholly owned subsidiary of Bank
of Illinois, Bloomington, IL; ITI Financial, Pompano Beach, FL; National Auto
Finance Co., Jacksonville, FL; Summit Acceptance, a subsidiary of Capital One
Bank, Dallas TX; and Western Fidelity Funding, Denver, CO.
    "We've created a highly advantageous deal for everyone, as witnessed by
the number and quality of organizations who are signing up every day.  The
gamut of lenders is represented in our service, from subprime to prime, with
new financial organizations interested on a daily basis in the benefits of
electronic auto credit transactions.  Currently, 85 dealerships are using e-
Fin as well," states e-Fin Vice President of Marketing Michael W. Hucks.
    To demo the service, visit the e-fin website at http://www.e-fin.com.  To find
out more about e-Fin, contact:  Michael W. Hucks, Vice President of Marketing,
e-Fin., Electronic Financial Marketplace, P.O. Box 1823, Hickory, NC, 28603;
Tel: 828-267-0001/Fax: 828-267-0211; Email: mwh@e-fin.com.