From: dlv@bwalk.dm.com (Dr.Dimitri Vulis KOTM)
Date: Thu, 19 Sep 1996 11:50:17 +0800
To: cypherpunks@toad.com
Subject: [NEWS]
Message-ID: <XJ8guD106w165w@bwalk.dm.com>
MIME-Version: 1.0
Content-Type: text/plain


American Banker, 9/17/96

CHASE TO OFFER DEALERSHIPS AUTO LOAN DECISIONS OVER INTERNET

Chase Manhattan Corp.'s auto financing division has begun using the
Internet to provide dealerships with loan-approval decisions. The bank
is the first of eight financial institutions that have committed to
using the system, developed by IBM Corp. By computerizing loan
applications and sending data electronically, Chase officials said the
bank can grant approvals in as few as two minutes. Up to 50% of the
division's auto loans will be running through the system within the
next 18 months. Chase, the largest car lender not affiliated with a car
company, is connected to six dealerships currently using the system and
will establish connections to 100 dealers with the official introduction
in October. Other financial institutions planning to use the on-line
system include NationsBank Corp., G.E. Capital Auto Financial Services
Inc., Regions Financial Corp., and Citibank Puerto Rico. The dealer's
computer is connected to the Internet through the IBM Globa l Network,
which is also used to retrieve an encrypted report from a credit bureau.
The dealer's pre-established "key" decodes the report and causes the
screen to display one, two, or three stars -- representing poor, fair,
or good credit. This gives the dealer an idea of which financial
institutions are most likely to approve the loan.

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Dr.Dimitri Vulis KOTM
Brighton Beach Boardwalk BBS, Forest Hills, N.Y.: +1-718-261-2013, 14.4Kbps