Detroit's Big Three Form Online Loan Venture
The captive finance arms of Detroit's Big Three automakiers plan to build a common Web-based system to speed the loan approval process, according to an Automotive News report by Ralph Kisiel.
According to the published report, the system is designed to help dealers with multiple franchises who must use different proprietary systems to file credit applications with Ford
Motor Credit Co., DaimlerChrysler Services and General Motors Acceptance Corp. (GMAC).
Plans call for the system to link dealers through the Internet with banks and credit unions. Speed is an advantage for dealers as well as lenders, since car buyers may be
frustrated when it takes hours or days to get approval on a loan. From the dealer's viewpoint, the lack of a compatible system is costly.
Few details are available on the joint venture. Though the three captives have set up a 30-person office in the Detroit suburb of Southfield, Mich., there is as yet no CEO. Also, the captive finance companies do
not know how long it will take to build the system, and there is no word on what the system will cost or when it will be ready for use.
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