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Scotiabank Joins Cars4U.com to Offer Auto Financing Over Internet in Canada

October 12, 2000

Cars4U.com Ltd., which bills itself as Canada's first Internet auto dealer, has announced an online loan financing agreement with Scotiabank. Under the agreement, cars4U.com customers will be able to arrange their automobile loan financing with Scotiabank directly over the Internet from the cars4U.com Website.

"The addition of Scotiabank as our financing supplier makes cars4U.com a one-stop shop for online car buying or leasing," said Barry Shafran, president and CEO of cars4U.com Ltd. "This announcement rounds out our service offering, giving customers everything they need to buy a car online, from comparison shopping services to insurance and financing."

"Consumers can log on to cars4U.com, find the car they want and with the click of a mouse, submit a loan application to Scotiabank and can receive an answer within minutes," said Ron Porter, vice president, automotive finance, Scotiabank. "This financing arrangement is part of Scotiabank's commitment to provide our customers with anytime, anywhere access to financial services via the Internet."

Cars4U.com is already partnered with BELAIRdirect to provide customers with online insurance services and Connxsys Inc. to offer consumers the ability to calculate and compare lease, purchase and finance price options on most makes and models of cars.

"Providing online financing to cars4U.com customers will help Scotiabank continue its leadership role in automotive finance and further the bank's commitment to develop and support e-commerce in Canada," Porter said.

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