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Mobile app keeps consumers up-to-date on financing options

Mar 24, 2011 Brian Bradley

Auto dealers and lending sources are continually looking for new ways to reach consumers. Now, lenders are appealing to consumers' mobile devices with a new technology from the Chubb Insurance Group. The company states that its new mobile application will provide prospective car buyers with vehicle values that will "help users make informed purchasing decisions." Chubb's database will be stocked by Keith Martin's Sports Car Market, providing consumers with details about more than 100,000 auto auction entries. Users will be able to receive real-time data regarding collectible cars both in the United States and abroad. Searches can be conducted by a car's VIN, model and year, and will give users accurate, up-to-date current marketing value. Additionally, users will be able to generate financing and insurance quotes. "This one-of-a-kind mobile app will give confidence to car enthusiasts who might be reluctant to bid at a collector car auction because they're afraid of being taken advantage of," Jim Fiske, U.S. marketing manager for Chubb Personal Insurance, said in a statement. "Classic Car Guide levels the playing field for those just entering the hobby and allows them to think with their heads, not their hearts, when the car of their dreams is for sale. The application can also help them quickly determine how much it would cost to insure that car," he continued. Chubb's decision to give consumers such options comes at a time when auto financing is easier than ever, according to a report from The Associated Press. With the rate of auto sales reaching its highest level since August 2009 - the peak of the "cash for clunkers" program - U.S. automakers are offering financing rates near zero percent. Both lower-priced car makers and luxury dealers are keeping their interest rates at record lows to spark more purchasing. The AP reports that credit is also easier for consumers of all income levels. During the peak of the recession, only consumers with the strongest credit received the most favorable deals. However, the AP reports that consumers with credit scores below 680 are now receiving favorable loans at an 18 percent higher rate than the last three months of 2010.