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Key Equipment Finance Launches New Online Lease Application System
SUPERIOR, Colo. – July 25, 2002 – Key Equipment Finance (KEF), the nation’s sixth largest bank affiliated equipment lessor and an affiliate of KeyCorp (NYSE: KEY), has developed a tool that will make it easier for vendors to secure equipment financing for their business customers through an online lease application system.
Through the new online lease applicationsystem, preferred vendors can submit a lease application via the Internet – literally while they are still meeting with the customer – and know within 24 to 48 minutes whether or not that customer qualifies for lease financing on most transactions up to $75,000.
“In an uncertain economy, businesses are holding on to capital and sometimes putting off important expenditures,” said Adam D. Warner, president of Key Equipment Finance’s Express Leasing Services unit. “Vendors can help make sales happen now by demonstrating to potential customers that they can make their budgets go further, improve cash flow and get the equipment they need to remain competitive.”
Another benefit of the online lease tool is that applications do not have to be entered online to access on the online tracking and documentation features. This capability gives vendors the flexibility to submit lease applications electronically, or via fax.
Vendors are assigned an administrator password for their company that allows them to assign passwords to their individual sales personnel. In addition to reviewing all lease application activity for their operation, administrators can also add and delete passwords from the system and transfer specific accounts.
In addition to the online lease application, Key Equipment Finance is now allowing preferred vendors the ability to download its Proposal Express tool. Proposal Express is software designed to offer customized quotes for potential clients showing monthly payment projections and benefits of leasing for the vendor’s equipment solution.
Key Equipment Finance is currently rolling out the online lease application system to preferred vendors in the industrial, material handling, office products, telecommunications and computer hardwarehigh-technology industries. Vendors interested in becoming a preferred vendor can contact Steve McMenamin, vendor program manager, at 800-800-3671, extension x79571.
About Key Equipment Finance
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets:
- businesses of all sizes in the U.S. and Canada (from small business to large corporate);
- equipment manufacturers, distributors and value-added resellers worldwide;
- federal, provincial, state and local governments as well as other public sector organizations; and
- lease advisory services for manufacturers’ captive leasing and finance companies.
Headquartered near Boulder, Colo., Key Equipment Finance has been in the equipment finance business for nearly 30 years and has a presence in 26 countries, with major operations in Albany, London, Toronto, and Sydney. The company employs more than 600 people worldwide and manages an $8 billion equipment portfolio with annual originations of nearly $3 billion. Additional information is available at KEFonline.com.
About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $81 billion. Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com, that provides account access and financial products 24 hours a day.
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