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Association of Consumer Vehicle Lessors Web Site Provides Comprehensive Consumer Information on Leasing

9 October 2000

    LARKSPUR, Calif. - The Association of Consumer Vehicle Lessors (ACVL) 
announced today the launch of ACVL.com, one of the most informative consumer 
sites on the web comparing vehicle leasing to buying:

"Although most consumers understand vehicle loans, many consumers would
benefit from a greater understanding of vehicle leasing," noted Jim Burzotta,
ACVL President.  "The purpose of this web site is to provide consumers with
comprehensive information on vehicle leasing, including comparisons to buying
and financing a car."

    The ACVL is an association of the nation's largest vehicle lessors.  The
association has been very active in many areas of consumer lease education.
The ACVL has contributed significantly to the Federal Reserve Board web site
on lease education (bog.frb.fed.us/pubs/leasing) and has often been asked to
comment on both federal and state legislation designed to improve consumer
disclosures on leases.  "This site represents a summary of the immense
knowledge gained in the seven years of the association's existence," stated
Burzotta.

    "We have attempted to include a wide range of information that is
educational for those completely new to leasing as well as the experienced
leasing customer," said Bernard de Souza, head of the Customer Satisfaction
committee of the ACVL.  The Leasing versus Buying comparison is a good
example. The site presents a basic summary of the similarities and differences
between leasing and financing, detailing, for instance, the differences in
"gap coverage" and "total costs."  For those who wish to learn more on any of
18 comparison areas, there is a 50-page downloadable comparison that goes into
the most complex aspects of leasing such as early-termination cost
calculations. "This site will be valuable to both consumers and automotive
industry personnel," de Souza continued.

    In addition to the Leasing vs. Buying comparison, the site provides a
"Frequently Asked Questions" section that is broken into questions arising in
the beginning, middle and end of the lease term.  Mr. de Souza predicts "that
customers will re-visit the site at all the stages in the life cycle of their
lease to get information they need when they need it."  Questions such as "Why
doesn't my lease show a lease or interest rate?" and "What is considered
excess wear and tear?" are answered.

    The "Sample Terms Found in Lease Advertising" section is very useful for
consumers starting their search for a new vehicle. Consumers unfamiliar with
leasing can be confused by the various ways vehicle leases are advertised.
This section offers an explanation of many of the terms found in lease ads.

    One of the most powerful tools on the site is the on-line glossary.
Whenever a highlighted word is clicked, a pop-up screen offers a definition of
the word without having to leave the page being read.  Over 120 terms are
defined in the comprehensive glossary.

    Finally, the site details all disclosures mandated by federal Regulation
M. As of January 1, 1998, all lease contracts have been required to disclose
to consumers a number of terms related to the costs and requirements of the
lease.

    James Burzotta summarized:  "This web site is a tremendous resource for a
consumer who feels uncomfortable with leasing to become acquainted with the
terms and issues associated with this very powerful form of financing. Armed
with this knowledge, a consumer can understand the benefits of leasing and
make an informed decision in choosing the form of financing that best suits
his or her needs."

    About ACVL
    The ACVL was founded in 1993. Based in Larkspur, California, the ACVL is a
national trade association for the largest manufacturer and import distributor
captive finance companies, banks and independent leasing companies.  Its
primary goals include increasing consumer understanding of lease benefits and
responsibilities through improved disclosure.  Further information about the
ACVL and consumer vehicle leasing may be found on the Association's web site:
ACVL.COM.