Bank of America Merrill Lynch Rated No. 1 for Online Customer Service in Auto Financing

Top Trade Publication Praises Auto eLending for Ease of Use, Speed

Jan 08, 2010, 09:00 ET from Bank of America Merrill Lynch

CHARLOTTE, N.C., Jan. 8 /PRNewswire/ -- Bank of America Merrill Lynch has been rated No. 1 for online auto finance customer service by a leading industry publication - a testament to the bank's success in quickly and easily delivering personalized information to potential car buyers.

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Auto Finance News ranked Bank of America Merrill Lynch's auto eLending Web site the best among those operated by the nation's top 20 auto finance companies. The trade publication reported in November that it tested the sites as a potential car buyer, grading each on ease of finding information, speed, personalization, usefulness and resourcefulness.

"Our auto eLending site sets the standard for quickly providing customers with the information they need, including straightforward loan information," said Joseph Decker, eLending National Sales manager. "This ranking confirms the success of our process and our commitment to meeting customers' needs in a timely manner."

The Nov. 23 report by Auto Finance News highlighted a confirmation e-mail sent by Bank of America Merrill Lynch as an example of good service. By telling buyers that the bank would research an answer and respond within 24 hours, the e-mail created a sense of urgency for the request, the report stated. Bank of America Merrill Lynch also achieved the highest possible score for response speed.

Part of the bank's Dealer Financial Services unit, eLending is a direct-to-consumer online lending channel that provides customers with information and resources for buying or refinancing an auto, RV or boat. Bank of America Merrill Lynch is one of the largest bank providers of commercial and retail financing for auto, RV and boat dealers and consumers in the U.S., with more than 10,000 dealer clients and nearly $50 billion in consumer and commercial loans.

Dealer Financial Services provides retail loans directly to consumers through eLending as well as indirectly through dealers. For dealers, the bank provides a full range of commercial banking services, including financing for real estate construction and acquisition, dealership acquisition, new and used floor plan, working capital, equipment leasing and letters of credit.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company's corporate and investment banking, and sales and trading businesses operate under the Bank of America Merrill Lynch brand. Bank of America Merrill Lynch focuses on middle-market and large corporations, institutional investors, financial institutions and government entities. It provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Bank of America Merrill Lynch serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and nearly 96 percent of the Fortune Global 500.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed

SOURCE Bank of America Merrill Lynch