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No More End of Lease Surprises for Dings and Scrapes

19 May 1999

No More End of Lease Surprises for Dings and Scrapes; Chase Revolutionizes Auto Industry With First No Excess Wear and Tear Auto Lease

    GARDEN CITY, N.Y.--May 18, 1999--Now, for the first time, consumers will no longer have sleepless nights or end of lease jitters over minor dings, scrapes or window stars when turning in a leased car - if they've leased the car from Chase. Revolutionizing the auto industry, Chase Auto Finance, a division of The Chase Manhattan Bank , is the first auto finance company to offer a No Excess Wear and Tear Lease. This innovative and consumer friendly feature will waive up to $1,500 in excess wear and tear damage costs at the end of a Chase lease.
    Directly responding to customer feedback, the new No Excess Wear and Tear Lease, exclusively from Chase Auto Finance, addresses one of the most significant causes of consumer complaints about the leasing industry. Most consumers are anxious at the end of an auto lease about being billed for what often appears to be minor bumps and bangs.
    Kicking off the summer travel season, the No Excess Wear and Tear Lease will be a standard feature for all Chase leases as of Memorial Day weekend. The No Excess Wear and Tear Lease will waive the charge for damages associated with normal vehicle use such as dings, minor dents, glass stars and scratches. Some items, however, including damage resulting from abuse or misuse of the vehicle, are naturally considered above and beyond what will be waived under the No Excess Wear and Tear Lease.
    "Chase's new No Excess Wear and Tear Lease feature is a perfect example of our commitment to making life easier for our customers - both consumers and car dealers," said Norman Buchan, Chase Executive Vice President and President of Chase Auto Finance. "After listening to extensive customer feedback on leasing and hearing that their primary concern over end of lease charges was associated with wear and tear, Chase responded as the first auto finance company to deliver this exceptional lease feature. We are confident that it will make the whole experience easier and more enjoyable, and will streamline the lease process from beginning to end."
    Chase Auto Finance (CAF) originates over $1 billion in auto loans and leases monthly, originated in excess of $12.5 billion in auto receivables in 1998, and has more than $23 billion in its portfolio. As an industry leader in dealer satisfaction, Chase Auto Finance maintains a network of approximately 8,400 dealers nationwide. It has regional offices in Illinois, California, Texas, Florida, and New York. Chase Manhattan Auto Finance Corporation, headquartered in Garden City, Long Island, is a wholly owned subsidiary of The Chase Manhattan Bank.
    Chase is a leading provider of financial solutions to individuals and small businesses, large corporations and government entities. Chase, with assets of over $360 billion, has relationships with more than 30 million consumers coast to coast. Chase can be reached on the Web at www.chase.com.