Auto Loan Borrowers Empowered with Choice
myAutoloan.com, other alternatives provide buy rate financing, creating a more competitive financing marketplace
Dallas, Texas -- Feb.17, 2004
Auto loan borrowers empowered with choice
myAutoloan.com, other alternatives provide "buy rate" financing, creating a more competitive financing marketplace
The pages of industry trade publications are overflowing with accounts of it. Prime-time television news magazines are pointing to the need for it. Consumer groups have been promoting it for quite some time.
The "it" is the freedom of consumers to find and secure financing for their next new or used vehicle from independent lending sources, rather than feeling forced to accept default financing provided by some sellers of vehicles.
While many dealers are ethically oriented and consumer-focused, recent media coverage, including an hour-long story on the NBC news magazine Dateline, has highlighted cases of consumers being unfairly treated through captive financing activities. Techniques cited in these stories include highly marked-up interest rates, failure to disclose alternative loan opportunities, and other inappropriate terms and conditions.
According to Greg Thibodeau, chief executive officer of myAutoloan.com and a 20-year veteran of the consumer auto financing industry, opportunities for consumer choice in financing their vehicle purchase have increased substantially and serve to eliminate much of the potential for consumer abuse.
"Recent advances in technology and a trend toward the cafeteria or menu approach to consumer services have dramatically empowered consumers with convenient and readily available information and true consumer choice," said Thibodeau. "Buyers increasingly want to take control over their auto purchasing and financing destiny, making an online information and financing service like myAutoloan.com a powerful, attractive resource in today's cost-conscious economy."
The technology that powers the myAutoloan.com site, providing consumers with information across the entire research-finance-buy-drive lifecycle of ownership, comes at a critical time. Over the last decade, new vehicle pricing and marketing tactics have changed dramatically, with heavy reliance on discounting and rebates cutting into revenue and profits for the new car dealer. Likewise, with new car dependability up and scheduled maintenance requirements down, greater financial pressure has been placed on other dealer operations, particularly the area of finance and insurance.
The net result is that consumers who do their homework by identifying financing that reflects a personal "buyer's rate" for an auto loan, rather than a bundled, on-site "seller's rate" get better terms for their loan. One auto industry senior finance executive quoted in a recent edition of Automotive News drives home the importance of doing homework, saying that the interest rate on a car loan obtained through dealer-secured financing is as negotiable as purchase price or trade-in value.
Personal automobiles remain the primary means of transportation for workers, students and homemakers. These consumers want to take control of the total cost of their transportation. The increased, ready availability of competitive financing offers, provided outside the high-energy sales environment of a retail automobile store, helps ensure consumers make the best possible deal on the vehicle of their choice.
myAutoloan.com (www.myAutoloan.com) is the user-friendly, customer focused service designed to empower consumers with trustworthy and complete information surrounding the researching, financing, buying and driving experience, providing knowledge-based content, products and services in a convenient, fast and easy online community. The company's patent-pending Preferred Placement® process transforms vehicle shoppers into cash-equivalent, empowered buyers, providing vehicle financing in a unique "Your Loan, Your Way" manner. An early investor in myAutoloan.com is Dallas-based Andara Digital (www.andaradigital.com), a recognized provider of strategic Internet services, with client experience ranging from JCPenney and Pizza Hut to CenturyTel and American Management Corporation.
Editor Note: Formal and legal name of the company is myAutoloan.com; all appearances of this name should lead with a lower-case 'm'