New Online Auto Financing Resource Powered by Bank One and CMSI
16 December 1999
New Online Auto Financing Resource Powered by Bank One and CMSI; Auto-decisioning Capability Enables CarsDirect.com Customers to Apply and Get Approved Online - In Seconds
ANNAPOLIS, Md., Dec. 16 -- Bank One Corporation and
CarsDirect.com have joined forces to provide CarsDirect.com customers the
ability to apply for financing online using technology developed by Credit
Management Solutions, Inc. . The online financing service will
be available starting in January, 2000.
Called Auto-decisioning, the new service will allow customers to request
auto financing without having to leave the CarsDirect.com site. After
consumers select the new vehicle they want to purchase from CarsDirect.com,
they will be offered the opportunity to apply for financing directly at the
site. Customers submit their application and, in less than a minute, are
notified of loan approval status, loan amount and interest rate. Applicants
seeking a different rate have the ability to adjust the term of the loan even
after approval.
The completed application form will be transmitted over the Internet and
CMSI's CreditConnection network and delivered directly into Bank One's credit
processing system by CMSI's CreditOnline Internet gateway. At that point, the
application will be analyzed and a decision rendered utilizing Bank One's
version of CreditRevue, a fully automated credit processing system also
developed by CMSI.
"CMSI's technology has helped Bank One streamline our origination
operations over the last six years, and it now helps us offer online financing
solutions for our various Internet business partners," said Keith Kendrick,
President of E-Commerce at Bank One's Finance One unit. "They are the link
through which we will drive the speed and value-added financing features that
online consumers and online auto sellers are looking for."
"The Bank One/CarsDirect.com model is an excellent example of one of the
new and exciting opportunities the Web provides consumers," said Scott
Freiman, CMSI's President and CEO. "We're pleased to work with Bank One to
help consumers get financing quicker and easier."
About Bank One
Bank One Corporation , headquartered in Chicago, is the
nation's fifth largest bank holding company, with assets of more than $260
billion. Bank One offers a full range of financial services to commercial and
business customers and consumers. Information about Bank One can be accessed
on the Internet at http://www.bankone.com.
About CarsDirect.com
CarsDirect.com (http://www.carsdirect.com) is a new Internet company that
lets consumers complete the vehicle purchase transaction. With
CarsDirect.com, shoppers can research, price, customize, order and finance a
new car or truck over the Web -- selecting from among 2,500 makes and models
by every major manufacturer. Unlike referral services, which point people to a
dealer to accomplish the transaction, CarsDirect.com takes the customer from
inquiry through financing right up to delivery. Based in Los Angeles,
CarsDirect.com is an idealab! company. The company is also funded by idealab!
Capital Partners, Primedia Ventures, Foundation Capital, MSD Capital L.P.,
Goldman Sachs, Morgan Stanley Dean Witter, Hambrecht & Quist, E*O Investors,
LLC, Oracle Corp., Liberty Digital, TMCT Ventures, East Peak Partners, L.P.,
Hikari Tsushin and Soros Private Equity Partners LLC.
About CMSI
Since it was founded in 1987, CMSI's credit automation and loan marketing
technology services and software have been the choice of the world's largest
and most demanding lending institutions. Building on its leadership, the
company is rapidly becoming a premier provider of Internet-based online
lending and leasing technology. CMSI licenses credit decisioning and other
automation systems and services for consumer and business credit. CMSI also
offers a portfolio of products through service bureau alliances that are
provided by its alliance partners on a per-transaction fee basis. The
Company's e-commerce products and services are built around its CreditOnline
Internet gateway and its patented CreditConnection technology
(http://www.creditconnection.com), which links credit originators such as
automobile dealers and borrowers with an extensive network of leading prime
and non-prime lenders. CreditConnection, CreditOnline, and CreditRevue are
trademarks or registered trademarks of CMSI.
Press releases and other CMSI information can be found on our Web site:
http://www.cmsinc.com.
This press release contains forward-looking statements. All forward-
looking statements involve risks and uncertainties, including, without
limitation, the risks detailed in CMSI's filings and reports with the
Securities and Exchange Commission. Such statements are only predictions and
actual events or results may differ materially.