The Hindu Business Line : GE Money forays into used car finance

Launching the scheme, first in the country from the GE umbrella, Mr Vishal Pandit, President and Chief Executive Officer, GE Money India said Face2Face would provide buyers and sellers a platform to meet face-to-face and close transactions on their own terms. Buyers would get up to 90 per cent financing and the repayment tenure would be up to 72 months.

Mr Pandit said that all that the customers would have to do is to bring their cars to the exclusive showrooms operated by GE Money Face2Face franchisees and quote the price they would be looking at. Routine checks would be done on the status of the car, and the kind of response it would generate could be looked into.

Mr Pandit said designed as one-stop shops for buying and selling used cars, these exclusive showrooms would be located in seven cities across the country. The seven locations would be ready by January 2006, he said.

The first one would be in Pune and the roll-out in other cities would begin soon, he said.

Looking at the expansion programme of GE Money India, Mr Pandit said it would be expanding its current branch network from 118 in 60 cities to 200 branches across 110 cities.

It would also be expanding its presence in the western region from 43 to 84 branches and Pune would have seven of these.

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