Affinity Technology Group Inc. announced a lending network for streamlining dealings between automobile dealers and banks.
The auto network permits dealers and financial institutions to send applications and get credit decisions.
Auto dealers may submit credit applications by computer, telephone, or facsimile machine. The information is captured digitally and distributed to lenders chosen by the dealer. Approvals or rejections are delivered within seconds. "We are saying to the dealers, 'Do it your way, and the network will accommodate you,'" said John D. Rogers, senior vice president of Affinity.
"This should also make it easier for lenders to take advantage" of the decision-making capability Affinity offers, he said. Dime Savings Bank of New York and Citicorp have announced support. The $700 million Graff Enterprises of Salt Lake City is the first dealership to support the system.