Household Auto Finance Previews HAFCsuperhwy.comsm 2002 at NADA Booth #4008
San Diego, CA - January 25, 2002 - Household International (NYSE: HI), the 124-year old consumer lender, announced today that its auto finance business will launch an enhanced HAFCsuperhwy.comSM 2002 with access to more credit sources and other new benefits for dealers in February 2002.
HAFCsuperhwy.comSM is a Web-based tool that allows franchised auto dealers to submit customer credit applications and in most cases, receive responses within seconds. Household's auto finance group currently has more than 5,000 franchised dealerships processing credit applications via HAFCsuperhwy.comSM each month.
In February, Household will expand the tool to provide financing for even more car buyers by adding lenders that provide financing outside the nonprime market served by Household. Participating lenders will be able to provide prime rate auto financing and other services through HAFCsuperhwy.com SM free of charge.
In addition, HAFCsuperhwy.comSM will feature financing tools that will help dealers obtain decisions on applications faster, manage deals more efficiently and deliver cars to more customers. New enhanced features include:
- Multi-lender electronic/fax submission with one application
- Real-time multi-lender application and funding status reporting
- One-page scrollable credit application with Print & Save capabilities
- Ability to submit a "3-line" or "5-line" credit application structure
- Deal Manager - review and compare decisions from multiple lenders
- Deal Calculator - electronically pencil the deal
- Online credit application comments
- Electronic rehash / resubmission
- Printable Retail Installment Contracts - customized for each deal
- Electronic signature capabilities for participating dealers
Tom Reddick, director of E-Commerce for Household's auto finance business, said: "Dealers want to know how Household can help them improve their bottom-line profits. With the HAFCsuperhwy.comSM 2002 multi-lender auto financing platform, we will continue to provide franchised dealerships with exceptional customer service through the best auto finance solution in the industry today. This tool greatly reduces processing time, and improves dealers' cash flow and overall profitability."
Frank Mercer, group director of sales for Household's auto finance business, added, "Household continues to deliver value to its franchised dealerships. Our service, solutions and speed differentiate us from our competitors in the marketplace. The enhanced multi-lender capabilities of HAFCsuperhwy.comSM 2002 will give our dealers an even greater opportunity to provide better financing services to more customers."
About Household Auto Finance
Household's auto finance business is one of the leading non-prime automotive finance companies in the United States. Household purchases auto finance contracts from franchised auto dealerships, and makes auto-secured loans directly to consumers. Household's auto finance group currently has 6.4 billion in managed assets with more than 10,500 dealerships in 44 states and the District of Columbia. For more information, please contact Stefanie Sanchez or Michelle Martin for a preview CD-Rom at 800-342-6659.
Household's businesses are leading providers of consumer loan, credit card, auto finance and credit insurance products in the United States, United Kingdom and Canada. In the United States, Household's largest business, founded in 1878, operates under the two oldest and most widely recognized names in consumer finance- HFC and Beneficial. Household is also one of the nation's largest issuers of private-label and general-purpose credit cards, including The GM Card® and the AFL-CIO's Union Plus® card. For more information, visit the company's Web site at www.household.com.
Stefanie Sanchez, Household Marketing Communications: 858-492-6830
Michelle Martin, Household Marketing Communications: 858-492-6876