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Saab Introduces Saab Financial Services Corp.

13 May 1999

Saab Introduces Saab Financial Services Corp.

    NORCROSS, Ga., May 12 -- Saab Cars USA Inc., the U.S.
importer and distributor of Saab 9-3 and 9-5 automobiles, has announced
another new product to help dealers satisfy customers -- but this time it's
not a car or even accessories.  Saab has created Saab Financial Services Corp.
(SFSC), a wholly owned subsidiary of Saab Holdings Corp., to provide a single
source of dealer financing -- including leasing and retail financing.
Beginning in June, SFSC will become the primary provider of lease and retail
financing for Saab's 205 dealers in the United States.  Saab has been piloting
the new program at dealers across the country and leased its first vehicle
through Saab of Charlotte on April 21, 1999.
    "SFSC provides Saab dealers with a number of benefits," says Kenneth
Adams, CEO of SFSC and vice president and CFO of Saab Cars USA, Inc.  "Our
dealers will have one competitive source for both retail installment contract
and lease financing.  We'll improve the credit approval process -- which
improves customer satisfaction -- and we'll have much more control over our
vehicles when they come off lease."
    Many of the major benefits of SFSC will be realized as lease vehicles are
ready to be turned in.  "With SFSC, we will have more opportunities to
communicate with and retain our lease customers," says Heather Stewart,
director of marketing and operations of SFSC.  "In addition, we will be able
to provide our dealers with the first opportunity to purchase off-lease
vehicles -- an advantage they currently don't have."  Additionally, SFSC
provides Saab with an enhanced ability to protect its vehicles' residual
values as they come off lease.
    Saab Financial Services Corp. offers a number of lease options including a
standard closed-end lease, a low-mileage lease and a single payment lease.  In
addition, retail financing is available for both new and used Saabs.
    SFSC has selected Nuvell Financial Services Corp. to be their servicing
agent.  Nuvell's responsibilities include making credit decisions (based on
guidelines provided by SFSC), purchasing approved contracts and billing
customers.  They will provide additional services to Saab's dealers and
customers.
    The executive offices of Saab Financial Services Corp. will be in Saab
Cars USA's headquarters in Norcross, Georgia.  Servicing headquarters will be
in Little Rock, Ark., and its three regional offices will be in Westboro,
Mass., Little Rock, Ark., and  Anaheim, Calif.