Online financing is now available through Detroit’s big three captive finance companies. Chrysler and GM offer engaging, well-formatted Web sites that feature online applications and a variety of financial information and tools. Though GM has a serious flaw in its application process, one that if not corrected, could cause a black-eye with consumer advocates. Ford is the only one offering online account access.

General Motors
www.gmacfs.com

GM’s credit application is easy to use with a short application divided into three steps

GM’s application is formatted as well as any we’ve seen online. It’s divided into three steps: (1) personal information including social security number; (2) general information including date of birth, a personal reference, and a few questions about the automobile purchase under consideration; (3) vehicle and dealer selection. The flaw is in the processing of withdrawn applications.

In testing the application, I went through all three steps of the application process, but chose not to submit it after reviewing the information. Apparently, GM collects the information even if the users abandons the process…that in itself is probably OK, though it should be more clearly disclosed. The serious problem is what they do with the information collected. Despite the fact that I withdrew the application, GM went ahead and checked my credit and sent me a “lease preapproval” package. I probably would have considered it merely a coincidence, had I not been a subscriber to Experian/TRW Credentials, which sends me a notice whenever an inquiry is logged on my file at their credit bureau. Low and behold, GMAC took a look at my credit the same day I withdrew my application online. I am sure this is an inadvertent programming error on the part of GM, but it needs to be fixed.

Chrysler
www.chryslerfinancial.com

Chrysler sports the best looking Web site of the big three.

Ford
www.fordcredit.com

Ford is the only one of the big three with online account access including last payment received and pay-off information web.fc.ford.com.

Ford’s Web is a bit outdated graphically, but it’s the only one of the three that provides online account access, a real selling point for their financing programs. Unfortunately, Ford’s application cannot be submitted online, it must be printed out and walked in to the dealer.