MILES (Military Installment Loan and Educational Services) has been introduced as a new program to assist military service members with reputable financing.

According to MILES, military personnel commonly face a myriad of obstacles when attempting to purchase automobiles. With virtually no credit history, limited income and worldwide duty assignments, they are unable to qualify for traditional bank financing. Many are forced into interest rates exceeding 30% for vehicles of questionable quality.

MILES is being offered as a solution for vehicle financing for these military personnel. Firstar Bank, N.A., is offering a fixed rate plan to help build a foundation for members for a future positive credit rating.

To qualify for the MILES program, the service member participates in a free, 45 minute online financial class created by Dr. Gwen Riechbach, director of the National Institute of Consumer Education at Eastern Michigan University. The course helps determine what kind of vehicle and monthly payment fits the service member's budget. The program then directs them to a member of the MILES National Certified Dealer Network. The NCDN adheres to pricing, maintenance and service obligations within the program guidelines. The service member can access this network of dealerships online at www.usmiles.com.

MILES includes numerous protective features, including a service contract and GAP protection at below market prices as well as pricing restrictions. Joseph Minor, one of the principals of MILES, remarked, "Our goal is to assist young service members in acquiring quality transportation at an affordable price within financial terms that assist in building their future credit rating. We owe this to our young service members and they have not had this outlet until MILES."

The MILES program was launched at Fort Bragg, NC in November of 2000 and has expanded to include Camp Lejeune, Pope Air Force Base, NC, Ft. Campbell, TN, Ft. Knox, KY, Pensacola, FL, Norfolk, VA, Ft. Stewart, GA, Ft. Benning, GA and Ft. Hood, TX. MILES will soon be making its way to Fort Gordon, GA, Fort Drum, NY, Fort Riley, KS, Fort Leonardwood, MO, Fort Carson, CO, and Fort Bliss, TX.