NationsBank Plans On-Line Automobile Loans

NationsBank Corp. is taking its automobile financing program on-line with Automatic Data Processing Inc. and Credit Management Solutions Inc.

Through the alliance, NationsBank is "rapidly moving into the electronic future," said John P. Abadie, president of its dealer financial services group. He unveiled the plan at a press conference last week.

Mr. Abadie described the Internet as a "convenient medium for dealers and consumers."

NationsBank began a pilot project two months ago that provides an electronic means of communication to its auto dealer clients, Mr. Abadie said. It has enrolled 12 dealers.

This is NationsBank's first experiment with taking customer auto loan applications on-line, and it hopes to attract new clients.

"We're going to get a look at a group of computer-literate consumers," Mr. Abadie said. They may be "higher-quality credits," he added.

NationsBank will offer the processing service through a World Wide Web site called ADP Auto Connect, which will have information about vehicles and financing options. The site also invites visitors to apply for loans on-line.

Under the system, a consumer could identify a vehicle at a participating dealership, go to a computer at the dealership or at home, and fill out an electronic loan application. Within a minute, the consumer would learn whether the application had been accepted for review or would require further information.

Completed applications are sent by E-mail to NationsBank for processing.

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