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GE Money and Michelin Move Forward With Consumer Finance Program

March 18, 2008

KETTERING, Ohio — GE Money and Michelin announced an agreement to provide consumer financing through CarCareOne, a private label credit program managed by GE Money’s Sales Finance unit. Car owners can choose from 90-day, 6-month or 12-month no interest programs on their Michelin purchases. The program includes no annual fee and no down payment terms, as well as a full menu of promotional payment terms.

“Budgeting for tire maintenance isn’t easy — especially when unplanned needs arise,” said Parmeet Grover, brand director for Michelin. “We pride ourselves on offering competitive prices to car owners, and the CarCareOne program is a great addition to our service offering that further helps people get and pay for the tires and ongoing maintenance they need.”

“The GE Money CarCareOne program has enjoyed over 25 years in the industry, and we’re pleased to continue to work with leading partners like Michelin,” said Stephen Roe, vice president and general manager, Automotive, GE Money – Sales Finance. “More than $3 billion in automotive parts and labor costs have been financed through the program, helping consumers and businesses pay for the automotive maintenance they need to continue driving safely.”

Tires use up to 20 percent of the energy needed to operate a car, and with fueling costs continually on the rise, drivers are doing all they can to improve gas mileage, including looking to better performing tires. For more than 120 years, Michelin has obsessively worked to reduce energy consumption related to tire performance and the CarCareOne program can be used to purchase any of Michelin’s line of tires.

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