ATLANTA, GA – NetBank, Inc. (Nasdaq: NTBK), a diversified financial services provider and parent company of NetBank® (www.netbank.com), today announced that NetBank’s auto loan products are now being offered through NetBank’s Dealer Financial Services (DFS) division. NetBank had previously been using a third-party provider to finance the loans. “This change will allow us to retain the asset and better control the loan experience for our customers,” said Douglas K. Freeman, chairman and chief executive officer, NetBank, Inc. “Loans generated through the bank website will now contribute to DFS’s production and help us reach our overall goal of $100 million in monthly auto loan production. Plus, by leveraging our internal resources, we can ensure our customers receive the quick, convenient service they have come to expect – and deserve – from NetBank.”
By lending directly to consumers through the NetBank website, NetBank now reaches 17 additional states where the company wasn’t originating auto loans through its indirect lending channel. Residents of Arizona, California, Colorado, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia, and Washington can apply for new or used car financing, as well as the refinancing of existing auto loans, by visiting the NetBank website or calling a NetBank Loan Associate at 866-234-2767. The company plans to expand to additional states later this year, and be able to originate loans nationwide in 2005.
Customers simply apply online and receive notice of approval typically within two hours during regular business hours. Rate locks are available for up to 60 days when purchasing a new or used car, and for up to 30 days when refinancing an existing car loan. If approved, customers receive a NetBank NetCheck™, which is a blank check for a maximum approved loan amount that can be used to purchase a vehicle from any franchised, licensed automobile dealer or to pay off an existing loan.
NetBank originally launched its indirect auto loan business in April 2003 and now serves automobile dealers in Florida, Georgia, the Carolinas and Tennessee.
About NetBank, Inc.
NetBank, Inc. operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its primary areas of operation include personal and small business banking, retail and wholesale mortgage lending, and transaction processing. For more information, please visit www.netbank.com.
