Monday, Jun. 11, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
McLEAN, Va. — Capital One Auto Finance announced that it has successfully integrated all of its subsidiaries and will be going live June 18 with its new business model, which is designed to simplify the paperwork and stipulations dealers need to complete to gain consumer loan approval.
As part of the new business model, Capital One is launching One Program, which features:
—Multi-channel, full-credit spectrum: According to officials, the program leverages the combined strengths of Capital One, Onyx Acceptance Corp., North Fork Bank and Hibernia Bank to provide one application and speed up the auto-financing approval process for virtually every type of consumer, including super-prime, prime, near-prime and subprime.
—Competitive dealer programs: The new business model features new programs that provide competitive rates and terms for the full credit spectrum and ultimately provides dealers with "greater simplicity" and fewer stipulations, executives explained.
—Dedicated dealer relationship teams: Through the new business model, the auto finance division said dealers can now count on the combined experience of a well-trained and highly motivated team of specialists, including a dedicated relationship manager and a dedicated field representative, who can work with each dealer from application to funding.
—Fast turnaround: Moreover, officials said "streamlined decision making is at the core of this full-service approach, enabling each auto dealer to service customers faster and more easily — all supported by hands-on interaction with Capital One team members."
"This new model emphasizes dealer relationships and service," explained Ryan Schneider, president of Capital One Auto Finance. "We have identified the best practices of Capital One, Onyx, Hibernia and North Fork and have implemented these practices to improve our pricing, funding and dealer customer experience.
"We have realigned and broadened our business to become each dealer's primary lender of choice, and believe that we have made each auto dealer's lending road ahead faster, wider and smoother," he went on to highlight.
Heather Cook, finance manager at Hughes Automotive Co. in Santa Barbara, pointed out, "Our dealership has had the opportunity to utilize Capital One's new One Program, and now that Capital One offers a full-credit spectrum product, we can maximize our profits on a full range of deals."
"We have enjoyed the partnerships we have built with our new dedicated relationship team and have profited from the increased lending flexibility that this program offers," she added.
Franchise and independent dealers interested in learning more about Capital One's new programs can visit, , call (888) 396-COAF, or talk to their Capital One representative.
Editor's Note: To learn more about this new program and how it impacts dealers, as well as other Capital One Auto Finance News, please stay tuned to SubPrime Auto Finance News and www.subprimenews.com. We are in the process of talking to the Capital One Auto Finance president and will soon feature a follow-up article to this announcement.