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0% loans aid online credit firm

ANNAPOLIS JUNCTION, Md. - The 0 percent incentive boom that fueled record October auto sales also is benefiting service providers such as First American CMSI, which processes online automotive credit applications for 26 lenders nationwide, including General Motors Acceptance Corp.

"We are experiencing over 80 percent growth in transactions over the previous year," said Andy Mayers, vice president of product management. CMSI said it processed 1.8 million applications in the third quarter. It became accessible to about 9,500 franchises that use Reynolds and Reynolds computer systems. CMSI says its system for online credit applications also is integrated with dealer vendors ADP and Universal Computer Systems.

CMSI says it is accessible to 75 percent to 80 percent of all franchised U.S. dealers. Dealers and lenders pay to use the service.

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