GE Capital Fleet Services Joins LiveCapital Financing Network to Offer Real-Time Vehicle Leases to Small Business Customers
13 December 2000
GE Capital Fleet Services Joins LiveCapital Financing Network to Offer Real-Time Vehicle Leases to Small Business Customers
SAN MATEO, Calif.--Dec. 13, 2000--LiveCapital, the leading provider of real-time credit and financing solutions for companies serving the business market, announced today that GE Capital Fleet Service, one of the leading fleet management companies in the world, will offer financing through the LiveCapital Financing Network.LiveCapital clients will now be able to provide their small business customers with instant access to customized vehicle lease financing.
"The ability to leverage technology to reach additional small business customers and provide them with customized leasing solutions is a core component of our long-term strategy," said Richard Neff, president of Small Fleet Services, a division of GE Capital Fleet Services. "LiveCapital has facilitated the approval of over $4.0 billion in business credit. This track record, combined with the company's cutting-edge technology, makes LiveCapital an ideal partner."
Through the LiveCapital Financing Network, GE Capital Fleet Services will offer an Open-End TRAC (Terminal Rental Adjustment Clauses) lease. TRAC leases help businesses preserve working capital, decrease costs associated with their company vehicles, and increase profits. Benefits include competitive financing rates, low monthly payments, off-balance-sheet financing, and tax-deductible lease payments. In addition, TRAC leases carry no penalties for mileage and wear and tear. Most new cars, light trucks, medium trucks, and heavy trucks are eligible for TRAC leasing.
"More and more small businesses are realizing the value of leasing vehicles for their companies," said Matt Seaburn, vice president of LiveCapital's Financing Network operations. "GE Capital Fleet Services strengthens our network of lending and leasing partners and gives our clients even more flexible financing solutions to offer their small business customers."
The LiveCapital Financing Network includes more than 70 lenders and lessors who together offer financing products that cover the credit spectrum. These institutions offer lines of credit, leases, loans, trade credit and other credit products through the LiveCapital Finance Platform (LCFP). The LCFP facilitates all aspects of the credit process for all types of business credit, enabling application submission and processing, credit scoring, underwriting, approval, funding, and servicing.
About LiveCapital
LiveCapital is the leading provider of real-time credit and financing solutions for companies serving the business market. Equipment manufacturers, online marketplaces, and other companies active in B2B commerce use the LiveCapital Finance Platform (LCFP) to offer their customers instant access to loans, leases, and trade credit at the point of sale. The LCFP facilitates all aspects of the credit process for all types of business credit, enabling application submission and processing, credit scoring, underwriting, approval, funding, and servicing. To date, LiveCapital has enabled Staples, Microsoft, and others to offer instant online credit services to their business customers and has facilitated the approval of more than $4.0 billion in business financing. LiveCapital is privately held and headquartered in San Mateo, Calif.
About GE Capital Fleet Services
With headquarters in Eden Prairie, Minn., GE Capital Fleet Services is one of the largest fleet management companies in the world with more than 1.2 million commercial cars and trucks under lease and service management. It has operations in the United States, Canada, Mexico, Europe, Japan, Australia and New Zealand. GE Capital, with assets of more than US $345 billion, is a global diversified financial services company with 28 specialized businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Conn., provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a manufacturing, technology and services company with operations worldwide.