Auto Repair Financing - A Guide for Consumer
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AUTO REPAIR FINANCING A GUIDE FOR CONSUMERS
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Automobile repairs are aggravating and are hardly ever anything less than a nuisance. After all, it is difficult to predict mechanical failures and fender benders, and auto repairs, however expensive, are often necessary to keep the vehicle in pristine condition. For some the cost is negligible. However, for many people, unpredictable car repairs can lead to financial, and ultimately personal, distress. The often unforeseeable and substantial nature of automotive repairs opens the market for automotive repair financing. What financing options are out there? In this whitepaper, we examine the major auto repair credit cards available to consumers.
Transcript of Auto Repair Financing - A Guide for Consumer
AUTO REPAIR FINANCING A GUIDE FOR CONSUMERS
2
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
TABLE OF CONTENTS
TABLE OF CONTENTS 1
INTRODUCTION 3
TALE OF THE TAPE 3
CREDIT CARD REVIEWS 4
CITIBANK GOODYEAR CARD 4
GENERAL ELECTRIC CAPITAL CARCAREONE CARD 5
CREDIT FIRST NATIONAL ASSOCIATION CARD 6
AUTO REPAIR FINANCING TIPS FOR CONSUMERS 7
CORPORATE INSIGHT THOUGHT LEADERSHIP 8
ABOUT CORPORATE INSIGHT 9
The enclosed material may be freely transmitted but may not be reused copied or repurposed without the express permission of Corporate Insight Inc ldquoMonitor Servicesrdquo are service marks of Corporate Insight Inc all rights reserved
Corporate Insight is open to information from its reports and research being cited in marketing efforts Should you wish to cite your companyrsquos recognition or any report content please contact us at PRcorporateinsightcom to coordinate approval
3
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
INTRODUCTION
Automobile repairs are aggravating and are hardly ever anything less than a nuisance After all it is
difficult to predict mechanical failures and fender benders and auto repairs however expensive are often
necessary to keep the vehicle in pristine condition For some the cost is negligible However for many
people unpredictable car repairs can lead to financial and ultimately personal distress
The often unforeseeable and substantial nature of automotive repairs opens the market for automotive
repair financing What financing options are out there In this whitepaper we examine the major auto
repair credit cards available to consumers
Tale of the Tape
The table below breaks down the interest rates fees and key features offered by the three largest auto
repair credit cards in the industry
GE Capital CarCareONE CFNA Citibank Goodyear Card
Interest Rate 2999 228 2899
Annual Fee None None None
Min Finance Charge None $100 None
Late Fee Up to $36 $15 ndash $35 $25 or $35
Cash Advance Fee ---------------------- --------------- 5 or $10
Cash Advance APR ---------------------- --------------- 2995
Benefits
Optional Card Security
Can be used at Exxon
or Mobil
6 Months Special
Financing on purchases
of $299 or more
No annual fee
Accepted at over
16000 CarCareONE
locations
Accepted at all US
Exxon and Mobil
stations
Online account
management
Service history at any
store
Online Account
Management
No interest if balance is
paid off within 6 months
No Annual Fees
Low monthly payments
Nationwide acceptance
Special offers and
savings
Optional Card Security
Discounts
Online account
management
No interest if monthly
balance is paid off on
time
No annual fee
Low monthly payments
Online Account
Management
Cash advancement
4
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CREDIT CARD REVIEWS
Below we take a closer look at the three major auto repair credit cards The reviews analyze strengths
and weaknesses and provide our overall assessment of the credit cards
Citibank Goodyear Card
Overview Citibank issues The Goodyear credit card which can be applied at non-Goodyear locations
most of which are smaller retail locations with Mr Tire being the most notable The Goodyear card can be
used for tire purchases as well as general automobile services and customers can receive exclusive
promotions and rebates through Citibank
The Good Although not as versatile as the GE card the Goodyear card can still be used nationwide at
over 5000 locations including retailers distinct from Goodyear Applicants will generally receive a
decision immediately upon submitting the application The option to connect a personal bank account with
a Goodyear account which can be set up to send payments automatically makes account management
incredibly easy
The Bad The interest rate for the
Goodyear card is 2899 and thus places
pressure on cardholders to pay off their
balance regularly and on-time Additionally
Goodyear is not as versatile as the
CarCareONE or CFNA cards Although it
can be applied at any of the 4500
Goodyear locations it is limited by its lack
of access to other major retailers For those
that want financing options for their car but
are not necessarily Goodyear fanatics there are more retail options available on the GE Capital and
CFNA cards
The Verdict The Goodyear card is great for anyone that needs an immediate line of credit and prefers
Goodyear retailers to others Approximately 60 Goodyear credit card holders have a FICO credit score
of below 700 so Citibank does not mind taking risks on customers which is likely why the APR is on the
higher-end The Goodyear card can be a good investment if applicants pay off their balances on time
and take advantage of the promotional rebates that offer cash back options
Major Retailers Accepting Each Card
GE CarCareONE CFNA Citibank
Goodyear
NAPA Bridgestone Goodyear
Aamco Firestone Mr Tire
Meineke Monro
Maaco STS
Midas Best One
Pep Boys
5
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
General Electric Capital CarCareONE Card
Overview The GE Capital CarCareONE credit card is one of many retail credit cards provided by the
GE Capital Retail Bank Besides issuing the CarCareONE card GE Retail Bank offers co-branded cards
which provide special offers and promotions with select retail stores Interested customers can simply
apply online and receive a credit line within minutes of submission GE also offers optional card security
which will protect your account up to a maximum of $10000
The Good The CarCareONE card is more versatile than the other major auto repair financing cards
and is accepted at over 16000 locations across the United States For someone who needs a repair
away from home they are almost certainly close to a shop that will accept CarCareONE Customers can
use their card at major auto repair retailers including Pep Boys Midas Meineke Maaco NAPA Aamco
Merchants and more CarCareONE can also be applied to fuel purchases at any Exxon or Mobil gas
station of which there are over 10000
The Bad Although CarCareONE offers interest-free financing under specific conditions the variable
purchase APR of 2999 is almost two and a half times the national average for fixed-rate credit cards
The Verdict The GE CarCareONE card is ideal for emergency situations where a person might need
instant credit with broad application Another benefit is virtual support through webinars online chat and
alerts Customers who maintain a high balance on the CarCareONE card should be aware of the high
APR and the potential for accruing hefty interest charges Roughly 70 of cardholders have a credit
score of fewer than 700 which may explain the unusually high APR
The graph above depicts Goodyear and CarCareONE cardholdersrsquo credit scores versus FICOs national data Retail banks take on risk
by giving credit to people with subpar scores consequently inflating interest rates
0
5
10
15
20
25
30
35
40
45
lt500 501-550 551-600 601-650 651-700 701-750 gt750
Credit Score Distribution (by )
Goodyear
CarCareONE
FICO
6
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
0 5000 10000 15000 20000
CarCareOne
CFNA
Good Year
Retail Locations by Card
Credit First National Association Card
Overview The Credit First National Association provides credit cards exclusively for automotive repair
financing Unlike GE which provides a card of its own brand (CarCareONE) in addition to co-branded
cards all of the CFNArsquos cards are co-branded CFNA is a wholly owned subsidiary of Bridgestone which
is why the standard CFNA card depicts the Bridgestone ndash Firestone brand Applicants can apply online or
in-store and will receive a decision instantly
The Good With an APR of 228 the CFNA card offers the best low-interest financing options
Customers can avoid interest altogether by paying off the account balance within 6 months of purchase
CFNA has national reach and a few of the major participating retailers include Firestone Bridgestone
Monro STS and Best One
The Bad CFNA does not issue a
general card that can be used at all of
its co-branded locations The
CarCareONE card can be applied at any
of the stores that partner with GE Retail
Bank which means it can be applied at
all of the 16000 possible locations
Additionally credit card forums are
littered with complaints regarding
CFNArsquos inability to communicate
account information and updates efficiently and within the appropriate time frame
The Verdict The CFNA lacks the infrastructure and resources of a company like GE which probably
contributes to their insufficient and sometimes confusing information For example some of their co-
branded cards can be used at all Bridgestone ndash Firestone locations but their website also implies that
some cannot Although not as comprehensive as the CarCareONE card the CFNA cards offer low
interest financing and instant credit making it an effective resource in inopportune times Customers
should be aware of CFNArsquos reputation for middling communication which can be aggravating when
payments and statements are involved
0 5000 10000 15000 20000
CarCareONE
CFNA
Goodyear
Retail Locations by Card
7
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
AUTO REPAIR FINANCING TIPS FOR CONSUMERS
The major credit cards in auto repair financing excel in different areas and it is incumbent on customers to
evaluate every aspect of a credit card agreement before applying Here are four tips to guide you when
deciding on how to finance that next auto repair
1 All auto repair credit cards offer high interest rates but they also offer no-interest financing under the
stipulation that the account balance is paid on time or within 6 months If you apply for one of the
three cards be sure you can pay off your balance on time
2 Some cards provide access to more retail locations than others Make sure to find out the major
retail repair shops that are near your home or office For example it would be wise to apply for a
Goodyear credit card only if you are close to a Goodyear retail shop
3 Special offers and savings associated with the cards are minimal and are not a sufficient reason to
apply for a card Apply for a card because you need to finance a repair quickly and without a big
hassle not because you intend on earning rewards
4 Establish what you will use the card for to help guide decision-making If you want a card that can be
used for fuel purchases in addition to repairs then CarCareONE is a good option If your primary
concern is interest rates then CFNA is the best option
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
2
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
TABLE OF CONTENTS
TABLE OF CONTENTS 1
INTRODUCTION 3
TALE OF THE TAPE 3
CREDIT CARD REVIEWS 4
CITIBANK GOODYEAR CARD 4
GENERAL ELECTRIC CAPITAL CARCAREONE CARD 5
CREDIT FIRST NATIONAL ASSOCIATION CARD 6
AUTO REPAIR FINANCING TIPS FOR CONSUMERS 7
CORPORATE INSIGHT THOUGHT LEADERSHIP 8
ABOUT CORPORATE INSIGHT 9
The enclosed material may be freely transmitted but may not be reused copied or repurposed without the express permission of Corporate Insight Inc ldquoMonitor Servicesrdquo are service marks of Corporate Insight Inc all rights reserved
Corporate Insight is open to information from its reports and research being cited in marketing efforts Should you wish to cite your companyrsquos recognition or any report content please contact us at PRcorporateinsightcom to coordinate approval
3
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
INTRODUCTION
Automobile repairs are aggravating and are hardly ever anything less than a nuisance After all it is
difficult to predict mechanical failures and fender benders and auto repairs however expensive are often
necessary to keep the vehicle in pristine condition For some the cost is negligible However for many
people unpredictable car repairs can lead to financial and ultimately personal distress
The often unforeseeable and substantial nature of automotive repairs opens the market for automotive
repair financing What financing options are out there In this whitepaper we examine the major auto
repair credit cards available to consumers
Tale of the Tape
The table below breaks down the interest rates fees and key features offered by the three largest auto
repair credit cards in the industry
GE Capital CarCareONE CFNA Citibank Goodyear Card
Interest Rate 2999 228 2899
Annual Fee None None None
Min Finance Charge None $100 None
Late Fee Up to $36 $15 ndash $35 $25 or $35
Cash Advance Fee ---------------------- --------------- 5 or $10
Cash Advance APR ---------------------- --------------- 2995
Benefits
Optional Card Security
Can be used at Exxon
or Mobil
6 Months Special
Financing on purchases
of $299 or more
No annual fee
Accepted at over
16000 CarCareONE
locations
Accepted at all US
Exxon and Mobil
stations
Online account
management
Service history at any
store
Online Account
Management
No interest if balance is
paid off within 6 months
No Annual Fees
Low monthly payments
Nationwide acceptance
Special offers and
savings
Optional Card Security
Discounts
Online account
management
No interest if monthly
balance is paid off on
time
No annual fee
Low monthly payments
Online Account
Management
Cash advancement
4
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CREDIT CARD REVIEWS
Below we take a closer look at the three major auto repair credit cards The reviews analyze strengths
and weaknesses and provide our overall assessment of the credit cards
Citibank Goodyear Card
Overview Citibank issues The Goodyear credit card which can be applied at non-Goodyear locations
most of which are smaller retail locations with Mr Tire being the most notable The Goodyear card can be
used for tire purchases as well as general automobile services and customers can receive exclusive
promotions and rebates through Citibank
The Good Although not as versatile as the GE card the Goodyear card can still be used nationwide at
over 5000 locations including retailers distinct from Goodyear Applicants will generally receive a
decision immediately upon submitting the application The option to connect a personal bank account with
a Goodyear account which can be set up to send payments automatically makes account management
incredibly easy
The Bad The interest rate for the
Goodyear card is 2899 and thus places
pressure on cardholders to pay off their
balance regularly and on-time Additionally
Goodyear is not as versatile as the
CarCareONE or CFNA cards Although it
can be applied at any of the 4500
Goodyear locations it is limited by its lack
of access to other major retailers For those
that want financing options for their car but
are not necessarily Goodyear fanatics there are more retail options available on the GE Capital and
CFNA cards
The Verdict The Goodyear card is great for anyone that needs an immediate line of credit and prefers
Goodyear retailers to others Approximately 60 Goodyear credit card holders have a FICO credit score
of below 700 so Citibank does not mind taking risks on customers which is likely why the APR is on the
higher-end The Goodyear card can be a good investment if applicants pay off their balances on time
and take advantage of the promotional rebates that offer cash back options
Major Retailers Accepting Each Card
GE CarCareONE CFNA Citibank
Goodyear
NAPA Bridgestone Goodyear
Aamco Firestone Mr Tire
Meineke Monro
Maaco STS
Midas Best One
Pep Boys
5
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
General Electric Capital CarCareONE Card
Overview The GE Capital CarCareONE credit card is one of many retail credit cards provided by the
GE Capital Retail Bank Besides issuing the CarCareONE card GE Retail Bank offers co-branded cards
which provide special offers and promotions with select retail stores Interested customers can simply
apply online and receive a credit line within minutes of submission GE also offers optional card security
which will protect your account up to a maximum of $10000
The Good The CarCareONE card is more versatile than the other major auto repair financing cards
and is accepted at over 16000 locations across the United States For someone who needs a repair
away from home they are almost certainly close to a shop that will accept CarCareONE Customers can
use their card at major auto repair retailers including Pep Boys Midas Meineke Maaco NAPA Aamco
Merchants and more CarCareONE can also be applied to fuel purchases at any Exxon or Mobil gas
station of which there are over 10000
The Bad Although CarCareONE offers interest-free financing under specific conditions the variable
purchase APR of 2999 is almost two and a half times the national average for fixed-rate credit cards
The Verdict The GE CarCareONE card is ideal for emergency situations where a person might need
instant credit with broad application Another benefit is virtual support through webinars online chat and
alerts Customers who maintain a high balance on the CarCareONE card should be aware of the high
APR and the potential for accruing hefty interest charges Roughly 70 of cardholders have a credit
score of fewer than 700 which may explain the unusually high APR
The graph above depicts Goodyear and CarCareONE cardholdersrsquo credit scores versus FICOs national data Retail banks take on risk
by giving credit to people with subpar scores consequently inflating interest rates
0
5
10
15
20
25
30
35
40
45
lt500 501-550 551-600 601-650 651-700 701-750 gt750
Credit Score Distribution (by )
Goodyear
CarCareONE
FICO
6
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
0 5000 10000 15000 20000
CarCareOne
CFNA
Good Year
Retail Locations by Card
Credit First National Association Card
Overview The Credit First National Association provides credit cards exclusively for automotive repair
financing Unlike GE which provides a card of its own brand (CarCareONE) in addition to co-branded
cards all of the CFNArsquos cards are co-branded CFNA is a wholly owned subsidiary of Bridgestone which
is why the standard CFNA card depicts the Bridgestone ndash Firestone brand Applicants can apply online or
in-store and will receive a decision instantly
The Good With an APR of 228 the CFNA card offers the best low-interest financing options
Customers can avoid interest altogether by paying off the account balance within 6 months of purchase
CFNA has national reach and a few of the major participating retailers include Firestone Bridgestone
Monro STS and Best One
The Bad CFNA does not issue a
general card that can be used at all of
its co-branded locations The
CarCareONE card can be applied at any
of the stores that partner with GE Retail
Bank which means it can be applied at
all of the 16000 possible locations
Additionally credit card forums are
littered with complaints regarding
CFNArsquos inability to communicate
account information and updates efficiently and within the appropriate time frame
The Verdict The CFNA lacks the infrastructure and resources of a company like GE which probably
contributes to their insufficient and sometimes confusing information For example some of their co-
branded cards can be used at all Bridgestone ndash Firestone locations but their website also implies that
some cannot Although not as comprehensive as the CarCareONE card the CFNA cards offer low
interest financing and instant credit making it an effective resource in inopportune times Customers
should be aware of CFNArsquos reputation for middling communication which can be aggravating when
payments and statements are involved
0 5000 10000 15000 20000
CarCareONE
CFNA
Goodyear
Retail Locations by Card
7
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
AUTO REPAIR FINANCING TIPS FOR CONSUMERS
The major credit cards in auto repair financing excel in different areas and it is incumbent on customers to
evaluate every aspect of a credit card agreement before applying Here are four tips to guide you when
deciding on how to finance that next auto repair
1 All auto repair credit cards offer high interest rates but they also offer no-interest financing under the
stipulation that the account balance is paid on time or within 6 months If you apply for one of the
three cards be sure you can pay off your balance on time
2 Some cards provide access to more retail locations than others Make sure to find out the major
retail repair shops that are near your home or office For example it would be wise to apply for a
Goodyear credit card only if you are close to a Goodyear retail shop
3 Special offers and savings associated with the cards are minimal and are not a sufficient reason to
apply for a card Apply for a card because you need to finance a repair quickly and without a big
hassle not because you intend on earning rewards
4 Establish what you will use the card for to help guide decision-making If you want a card that can be
used for fuel purchases in addition to repairs then CarCareONE is a good option If your primary
concern is interest rates then CFNA is the best option
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
3
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
INTRODUCTION
Automobile repairs are aggravating and are hardly ever anything less than a nuisance After all it is
difficult to predict mechanical failures and fender benders and auto repairs however expensive are often
necessary to keep the vehicle in pristine condition For some the cost is negligible However for many
people unpredictable car repairs can lead to financial and ultimately personal distress
The often unforeseeable and substantial nature of automotive repairs opens the market for automotive
repair financing What financing options are out there In this whitepaper we examine the major auto
repair credit cards available to consumers
Tale of the Tape
The table below breaks down the interest rates fees and key features offered by the three largest auto
repair credit cards in the industry
GE Capital CarCareONE CFNA Citibank Goodyear Card
Interest Rate 2999 228 2899
Annual Fee None None None
Min Finance Charge None $100 None
Late Fee Up to $36 $15 ndash $35 $25 or $35
Cash Advance Fee ---------------------- --------------- 5 or $10
Cash Advance APR ---------------------- --------------- 2995
Benefits
Optional Card Security
Can be used at Exxon
or Mobil
6 Months Special
Financing on purchases
of $299 or more
No annual fee
Accepted at over
16000 CarCareONE
locations
Accepted at all US
Exxon and Mobil
stations
Online account
management
Service history at any
store
Online Account
Management
No interest if balance is
paid off within 6 months
No Annual Fees
Low monthly payments
Nationwide acceptance
Special offers and
savings
Optional Card Security
Discounts
Online account
management
No interest if monthly
balance is paid off on
time
No annual fee
Low monthly payments
Online Account
Management
Cash advancement
4
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CREDIT CARD REVIEWS
Below we take a closer look at the three major auto repair credit cards The reviews analyze strengths
and weaknesses and provide our overall assessment of the credit cards
Citibank Goodyear Card
Overview Citibank issues The Goodyear credit card which can be applied at non-Goodyear locations
most of which are smaller retail locations with Mr Tire being the most notable The Goodyear card can be
used for tire purchases as well as general automobile services and customers can receive exclusive
promotions and rebates through Citibank
The Good Although not as versatile as the GE card the Goodyear card can still be used nationwide at
over 5000 locations including retailers distinct from Goodyear Applicants will generally receive a
decision immediately upon submitting the application The option to connect a personal bank account with
a Goodyear account which can be set up to send payments automatically makes account management
incredibly easy
The Bad The interest rate for the
Goodyear card is 2899 and thus places
pressure on cardholders to pay off their
balance regularly and on-time Additionally
Goodyear is not as versatile as the
CarCareONE or CFNA cards Although it
can be applied at any of the 4500
Goodyear locations it is limited by its lack
of access to other major retailers For those
that want financing options for their car but
are not necessarily Goodyear fanatics there are more retail options available on the GE Capital and
CFNA cards
The Verdict The Goodyear card is great for anyone that needs an immediate line of credit and prefers
Goodyear retailers to others Approximately 60 Goodyear credit card holders have a FICO credit score
of below 700 so Citibank does not mind taking risks on customers which is likely why the APR is on the
higher-end The Goodyear card can be a good investment if applicants pay off their balances on time
and take advantage of the promotional rebates that offer cash back options
Major Retailers Accepting Each Card
GE CarCareONE CFNA Citibank
Goodyear
NAPA Bridgestone Goodyear
Aamco Firestone Mr Tire
Meineke Monro
Maaco STS
Midas Best One
Pep Boys
5
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
General Electric Capital CarCareONE Card
Overview The GE Capital CarCareONE credit card is one of many retail credit cards provided by the
GE Capital Retail Bank Besides issuing the CarCareONE card GE Retail Bank offers co-branded cards
which provide special offers and promotions with select retail stores Interested customers can simply
apply online and receive a credit line within minutes of submission GE also offers optional card security
which will protect your account up to a maximum of $10000
The Good The CarCareONE card is more versatile than the other major auto repair financing cards
and is accepted at over 16000 locations across the United States For someone who needs a repair
away from home they are almost certainly close to a shop that will accept CarCareONE Customers can
use their card at major auto repair retailers including Pep Boys Midas Meineke Maaco NAPA Aamco
Merchants and more CarCareONE can also be applied to fuel purchases at any Exxon or Mobil gas
station of which there are over 10000
The Bad Although CarCareONE offers interest-free financing under specific conditions the variable
purchase APR of 2999 is almost two and a half times the national average for fixed-rate credit cards
The Verdict The GE CarCareONE card is ideal for emergency situations where a person might need
instant credit with broad application Another benefit is virtual support through webinars online chat and
alerts Customers who maintain a high balance on the CarCareONE card should be aware of the high
APR and the potential for accruing hefty interest charges Roughly 70 of cardholders have a credit
score of fewer than 700 which may explain the unusually high APR
The graph above depicts Goodyear and CarCareONE cardholdersrsquo credit scores versus FICOs national data Retail banks take on risk
by giving credit to people with subpar scores consequently inflating interest rates
0
5
10
15
20
25
30
35
40
45
lt500 501-550 551-600 601-650 651-700 701-750 gt750
Credit Score Distribution (by )
Goodyear
CarCareONE
FICO
6
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
0 5000 10000 15000 20000
CarCareOne
CFNA
Good Year
Retail Locations by Card
Credit First National Association Card
Overview The Credit First National Association provides credit cards exclusively for automotive repair
financing Unlike GE which provides a card of its own brand (CarCareONE) in addition to co-branded
cards all of the CFNArsquos cards are co-branded CFNA is a wholly owned subsidiary of Bridgestone which
is why the standard CFNA card depicts the Bridgestone ndash Firestone brand Applicants can apply online or
in-store and will receive a decision instantly
The Good With an APR of 228 the CFNA card offers the best low-interest financing options
Customers can avoid interest altogether by paying off the account balance within 6 months of purchase
CFNA has national reach and a few of the major participating retailers include Firestone Bridgestone
Monro STS and Best One
The Bad CFNA does not issue a
general card that can be used at all of
its co-branded locations The
CarCareONE card can be applied at any
of the stores that partner with GE Retail
Bank which means it can be applied at
all of the 16000 possible locations
Additionally credit card forums are
littered with complaints regarding
CFNArsquos inability to communicate
account information and updates efficiently and within the appropriate time frame
The Verdict The CFNA lacks the infrastructure and resources of a company like GE which probably
contributes to their insufficient and sometimes confusing information For example some of their co-
branded cards can be used at all Bridgestone ndash Firestone locations but their website also implies that
some cannot Although not as comprehensive as the CarCareONE card the CFNA cards offer low
interest financing and instant credit making it an effective resource in inopportune times Customers
should be aware of CFNArsquos reputation for middling communication which can be aggravating when
payments and statements are involved
0 5000 10000 15000 20000
CarCareONE
CFNA
Goodyear
Retail Locations by Card
7
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
AUTO REPAIR FINANCING TIPS FOR CONSUMERS
The major credit cards in auto repair financing excel in different areas and it is incumbent on customers to
evaluate every aspect of a credit card agreement before applying Here are four tips to guide you when
deciding on how to finance that next auto repair
1 All auto repair credit cards offer high interest rates but they also offer no-interest financing under the
stipulation that the account balance is paid on time or within 6 months If you apply for one of the
three cards be sure you can pay off your balance on time
2 Some cards provide access to more retail locations than others Make sure to find out the major
retail repair shops that are near your home or office For example it would be wise to apply for a
Goodyear credit card only if you are close to a Goodyear retail shop
3 Special offers and savings associated with the cards are minimal and are not a sufficient reason to
apply for a card Apply for a card because you need to finance a repair quickly and without a big
hassle not because you intend on earning rewards
4 Establish what you will use the card for to help guide decision-making If you want a card that can be
used for fuel purchases in addition to repairs then CarCareONE is a good option If your primary
concern is interest rates then CFNA is the best option
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
4
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CREDIT CARD REVIEWS
Below we take a closer look at the three major auto repair credit cards The reviews analyze strengths
and weaknesses and provide our overall assessment of the credit cards
Citibank Goodyear Card
Overview Citibank issues The Goodyear credit card which can be applied at non-Goodyear locations
most of which are smaller retail locations with Mr Tire being the most notable The Goodyear card can be
used for tire purchases as well as general automobile services and customers can receive exclusive
promotions and rebates through Citibank
The Good Although not as versatile as the GE card the Goodyear card can still be used nationwide at
over 5000 locations including retailers distinct from Goodyear Applicants will generally receive a
decision immediately upon submitting the application The option to connect a personal bank account with
a Goodyear account which can be set up to send payments automatically makes account management
incredibly easy
The Bad The interest rate for the
Goodyear card is 2899 and thus places
pressure on cardholders to pay off their
balance regularly and on-time Additionally
Goodyear is not as versatile as the
CarCareONE or CFNA cards Although it
can be applied at any of the 4500
Goodyear locations it is limited by its lack
of access to other major retailers For those
that want financing options for their car but
are not necessarily Goodyear fanatics there are more retail options available on the GE Capital and
CFNA cards
The Verdict The Goodyear card is great for anyone that needs an immediate line of credit and prefers
Goodyear retailers to others Approximately 60 Goodyear credit card holders have a FICO credit score
of below 700 so Citibank does not mind taking risks on customers which is likely why the APR is on the
higher-end The Goodyear card can be a good investment if applicants pay off their balances on time
and take advantage of the promotional rebates that offer cash back options
Major Retailers Accepting Each Card
GE CarCareONE CFNA Citibank
Goodyear
NAPA Bridgestone Goodyear
Aamco Firestone Mr Tire
Meineke Monro
Maaco STS
Midas Best One
Pep Boys
5
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
General Electric Capital CarCareONE Card
Overview The GE Capital CarCareONE credit card is one of many retail credit cards provided by the
GE Capital Retail Bank Besides issuing the CarCareONE card GE Retail Bank offers co-branded cards
which provide special offers and promotions with select retail stores Interested customers can simply
apply online and receive a credit line within minutes of submission GE also offers optional card security
which will protect your account up to a maximum of $10000
The Good The CarCareONE card is more versatile than the other major auto repair financing cards
and is accepted at over 16000 locations across the United States For someone who needs a repair
away from home they are almost certainly close to a shop that will accept CarCareONE Customers can
use their card at major auto repair retailers including Pep Boys Midas Meineke Maaco NAPA Aamco
Merchants and more CarCareONE can also be applied to fuel purchases at any Exxon or Mobil gas
station of which there are over 10000
The Bad Although CarCareONE offers interest-free financing under specific conditions the variable
purchase APR of 2999 is almost two and a half times the national average for fixed-rate credit cards
The Verdict The GE CarCareONE card is ideal for emergency situations where a person might need
instant credit with broad application Another benefit is virtual support through webinars online chat and
alerts Customers who maintain a high balance on the CarCareONE card should be aware of the high
APR and the potential for accruing hefty interest charges Roughly 70 of cardholders have a credit
score of fewer than 700 which may explain the unusually high APR
The graph above depicts Goodyear and CarCareONE cardholdersrsquo credit scores versus FICOs national data Retail banks take on risk
by giving credit to people with subpar scores consequently inflating interest rates
0
5
10
15
20
25
30
35
40
45
lt500 501-550 551-600 601-650 651-700 701-750 gt750
Credit Score Distribution (by )
Goodyear
CarCareONE
FICO
6
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
0 5000 10000 15000 20000
CarCareOne
CFNA
Good Year
Retail Locations by Card
Credit First National Association Card
Overview The Credit First National Association provides credit cards exclusively for automotive repair
financing Unlike GE which provides a card of its own brand (CarCareONE) in addition to co-branded
cards all of the CFNArsquos cards are co-branded CFNA is a wholly owned subsidiary of Bridgestone which
is why the standard CFNA card depicts the Bridgestone ndash Firestone brand Applicants can apply online or
in-store and will receive a decision instantly
The Good With an APR of 228 the CFNA card offers the best low-interest financing options
Customers can avoid interest altogether by paying off the account balance within 6 months of purchase
CFNA has national reach and a few of the major participating retailers include Firestone Bridgestone
Monro STS and Best One
The Bad CFNA does not issue a
general card that can be used at all of
its co-branded locations The
CarCareONE card can be applied at any
of the stores that partner with GE Retail
Bank which means it can be applied at
all of the 16000 possible locations
Additionally credit card forums are
littered with complaints regarding
CFNArsquos inability to communicate
account information and updates efficiently and within the appropriate time frame
The Verdict The CFNA lacks the infrastructure and resources of a company like GE which probably
contributes to their insufficient and sometimes confusing information For example some of their co-
branded cards can be used at all Bridgestone ndash Firestone locations but their website also implies that
some cannot Although not as comprehensive as the CarCareONE card the CFNA cards offer low
interest financing and instant credit making it an effective resource in inopportune times Customers
should be aware of CFNArsquos reputation for middling communication which can be aggravating when
payments and statements are involved
0 5000 10000 15000 20000
CarCareONE
CFNA
Goodyear
Retail Locations by Card
7
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
AUTO REPAIR FINANCING TIPS FOR CONSUMERS
The major credit cards in auto repair financing excel in different areas and it is incumbent on customers to
evaluate every aspect of a credit card agreement before applying Here are four tips to guide you when
deciding on how to finance that next auto repair
1 All auto repair credit cards offer high interest rates but they also offer no-interest financing under the
stipulation that the account balance is paid on time or within 6 months If you apply for one of the
three cards be sure you can pay off your balance on time
2 Some cards provide access to more retail locations than others Make sure to find out the major
retail repair shops that are near your home or office For example it would be wise to apply for a
Goodyear credit card only if you are close to a Goodyear retail shop
3 Special offers and savings associated with the cards are minimal and are not a sufficient reason to
apply for a card Apply for a card because you need to finance a repair quickly and without a big
hassle not because you intend on earning rewards
4 Establish what you will use the card for to help guide decision-making If you want a card that can be
used for fuel purchases in addition to repairs then CarCareONE is a good option If your primary
concern is interest rates then CFNA is the best option
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
5
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
General Electric Capital CarCareONE Card
Overview The GE Capital CarCareONE credit card is one of many retail credit cards provided by the
GE Capital Retail Bank Besides issuing the CarCareONE card GE Retail Bank offers co-branded cards
which provide special offers and promotions with select retail stores Interested customers can simply
apply online and receive a credit line within minutes of submission GE also offers optional card security
which will protect your account up to a maximum of $10000
The Good The CarCareONE card is more versatile than the other major auto repair financing cards
and is accepted at over 16000 locations across the United States For someone who needs a repair
away from home they are almost certainly close to a shop that will accept CarCareONE Customers can
use their card at major auto repair retailers including Pep Boys Midas Meineke Maaco NAPA Aamco
Merchants and more CarCareONE can also be applied to fuel purchases at any Exxon or Mobil gas
station of which there are over 10000
The Bad Although CarCareONE offers interest-free financing under specific conditions the variable
purchase APR of 2999 is almost two and a half times the national average for fixed-rate credit cards
The Verdict The GE CarCareONE card is ideal for emergency situations where a person might need
instant credit with broad application Another benefit is virtual support through webinars online chat and
alerts Customers who maintain a high balance on the CarCareONE card should be aware of the high
APR and the potential for accruing hefty interest charges Roughly 70 of cardholders have a credit
score of fewer than 700 which may explain the unusually high APR
The graph above depicts Goodyear and CarCareONE cardholdersrsquo credit scores versus FICOs national data Retail banks take on risk
by giving credit to people with subpar scores consequently inflating interest rates
0
5
10
15
20
25
30
35
40
45
lt500 501-550 551-600 601-650 651-700 701-750 gt750
Credit Score Distribution (by )
Goodyear
CarCareONE
FICO
6
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
0 5000 10000 15000 20000
CarCareOne
CFNA
Good Year
Retail Locations by Card
Credit First National Association Card
Overview The Credit First National Association provides credit cards exclusively for automotive repair
financing Unlike GE which provides a card of its own brand (CarCareONE) in addition to co-branded
cards all of the CFNArsquos cards are co-branded CFNA is a wholly owned subsidiary of Bridgestone which
is why the standard CFNA card depicts the Bridgestone ndash Firestone brand Applicants can apply online or
in-store and will receive a decision instantly
The Good With an APR of 228 the CFNA card offers the best low-interest financing options
Customers can avoid interest altogether by paying off the account balance within 6 months of purchase
CFNA has national reach and a few of the major participating retailers include Firestone Bridgestone
Monro STS and Best One
The Bad CFNA does not issue a
general card that can be used at all of
its co-branded locations The
CarCareONE card can be applied at any
of the stores that partner with GE Retail
Bank which means it can be applied at
all of the 16000 possible locations
Additionally credit card forums are
littered with complaints regarding
CFNArsquos inability to communicate
account information and updates efficiently and within the appropriate time frame
The Verdict The CFNA lacks the infrastructure and resources of a company like GE which probably
contributes to their insufficient and sometimes confusing information For example some of their co-
branded cards can be used at all Bridgestone ndash Firestone locations but their website also implies that
some cannot Although not as comprehensive as the CarCareONE card the CFNA cards offer low
interest financing and instant credit making it an effective resource in inopportune times Customers
should be aware of CFNArsquos reputation for middling communication which can be aggravating when
payments and statements are involved
0 5000 10000 15000 20000
CarCareONE
CFNA
Goodyear
Retail Locations by Card
7
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
AUTO REPAIR FINANCING TIPS FOR CONSUMERS
The major credit cards in auto repair financing excel in different areas and it is incumbent on customers to
evaluate every aspect of a credit card agreement before applying Here are four tips to guide you when
deciding on how to finance that next auto repair
1 All auto repair credit cards offer high interest rates but they also offer no-interest financing under the
stipulation that the account balance is paid on time or within 6 months If you apply for one of the
three cards be sure you can pay off your balance on time
2 Some cards provide access to more retail locations than others Make sure to find out the major
retail repair shops that are near your home or office For example it would be wise to apply for a
Goodyear credit card only if you are close to a Goodyear retail shop
3 Special offers and savings associated with the cards are minimal and are not a sufficient reason to
apply for a card Apply for a card because you need to finance a repair quickly and without a big
hassle not because you intend on earning rewards
4 Establish what you will use the card for to help guide decision-making If you want a card that can be
used for fuel purchases in addition to repairs then CarCareONE is a good option If your primary
concern is interest rates then CFNA is the best option
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
6
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
0 5000 10000 15000 20000
CarCareOne
CFNA
Good Year
Retail Locations by Card
Credit First National Association Card
Overview The Credit First National Association provides credit cards exclusively for automotive repair
financing Unlike GE which provides a card of its own brand (CarCareONE) in addition to co-branded
cards all of the CFNArsquos cards are co-branded CFNA is a wholly owned subsidiary of Bridgestone which
is why the standard CFNA card depicts the Bridgestone ndash Firestone brand Applicants can apply online or
in-store and will receive a decision instantly
The Good With an APR of 228 the CFNA card offers the best low-interest financing options
Customers can avoid interest altogether by paying off the account balance within 6 months of purchase
CFNA has national reach and a few of the major participating retailers include Firestone Bridgestone
Monro STS and Best One
The Bad CFNA does not issue a
general card that can be used at all of
its co-branded locations The
CarCareONE card can be applied at any
of the stores that partner with GE Retail
Bank which means it can be applied at
all of the 16000 possible locations
Additionally credit card forums are
littered with complaints regarding
CFNArsquos inability to communicate
account information and updates efficiently and within the appropriate time frame
The Verdict The CFNA lacks the infrastructure and resources of a company like GE which probably
contributes to their insufficient and sometimes confusing information For example some of their co-
branded cards can be used at all Bridgestone ndash Firestone locations but their website also implies that
some cannot Although not as comprehensive as the CarCareONE card the CFNA cards offer low
interest financing and instant credit making it an effective resource in inopportune times Customers
should be aware of CFNArsquos reputation for middling communication which can be aggravating when
payments and statements are involved
0 5000 10000 15000 20000
CarCareONE
CFNA
Goodyear
Retail Locations by Card
7
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
AUTO REPAIR FINANCING TIPS FOR CONSUMERS
The major credit cards in auto repair financing excel in different areas and it is incumbent on customers to
evaluate every aspect of a credit card agreement before applying Here are four tips to guide you when
deciding on how to finance that next auto repair
1 All auto repair credit cards offer high interest rates but they also offer no-interest financing under the
stipulation that the account balance is paid on time or within 6 months If you apply for one of the
three cards be sure you can pay off your balance on time
2 Some cards provide access to more retail locations than others Make sure to find out the major
retail repair shops that are near your home or office For example it would be wise to apply for a
Goodyear credit card only if you are close to a Goodyear retail shop
3 Special offers and savings associated with the cards are minimal and are not a sufficient reason to
apply for a card Apply for a card because you need to finance a repair quickly and without a big
hassle not because you intend on earning rewards
4 Establish what you will use the card for to help guide decision-making If you want a card that can be
used for fuel purchases in addition to repairs then CarCareONE is a good option If your primary
concern is interest rates then CFNA is the best option
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
7
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
AUTO REPAIR FINANCING TIPS FOR CONSUMERS
The major credit cards in auto repair financing excel in different areas and it is incumbent on customers to
evaluate every aspect of a credit card agreement before applying Here are four tips to guide you when
deciding on how to finance that next auto repair
1 All auto repair credit cards offer high interest rates but they also offer no-interest financing under the
stipulation that the account balance is paid on time or within 6 months If you apply for one of the
three cards be sure you can pay off your balance on time
2 Some cards provide access to more retail locations than others Make sure to find out the major
retail repair shops that are near your home or office For example it would be wise to apply for a
Goodyear credit card only if you are close to a Goodyear retail shop
3 Special offers and savings associated with the cards are minimal and are not a sufficient reason to
apply for a card Apply for a card because you need to finance a repair quickly and without a big
hassle not because you intend on earning rewards
4 Establish what you will use the card for to help guide decision-making If you want a card that can be
used for fuel purchases in addition to repairs then CarCareONE is a good option If your primary
concern is interest rates then CFNA is the best option
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
8
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by PampC Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers
User Insights Vol 2 - Comparing the Desktop and Tablet Banking Experience This usability study provides insights to how mobile applications match up against traditional website interfaces both in terms of usability and functionality for five leading banks
Optimizing the Online amp Mobile Experience for Retirement Plan Participants This slide deck features industry best practices and includes five recommendations for DC plan providers looking to improve their Web and mobile offerings
2013 Mobile Finance Trends and Innovations This study includes commentary on mobile developments key takeaways for financial services firms and thoughts on whatrsquos next for mobile finance
Asset Management and Social Media A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn Twitter Facebook YouTube and Google+ to connect directly with investors and financial advisors Also available as a slide deck
The Millennial Opportunity Whitepaper Examines the marketing tactics strategies and online resources leading financial institutions are using to connect with Millennials Also available as a slide deck
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
9
copy 2013 Corporate Insight Inc Auto Repair Financing A Guide for Consumers
wwwcorporateinsightcom Follow us on Twitter CInsight
ABOUT CORPORATE INSIGHT Corporate Insight provides competitive intelligence and user experience research to the nations
leading financial institutions For over 20 years Corporate Insight has tracked new developments in the
financial services industry through our Monitor research services and custom consulting services We are
known for our detailed objective research unmatched expertise and emphasis on the actual user
experience There are no assumptions in Corporate Insightrsquos work ndash we use live accounts at the firms we
track to benchmark their effectiveness across all major channels and give our clients unparalleled
competitive intelligence
Corporate Insight is continuously tracking and identifying best practices in online banking and investing
insurance annuities mobile finance active trading platforms social media and other emerging areas In
the process we have helped our clients -- which cover the entire spectrum of financial services -- to stay
on top of industry trends and improve their competitive position
Our intelligence services are utilized by over 70 of the financial services firms on the Fortune 500 Our
research and analysts are frequently cited in financial media outlets such as The Wall Street Journal
Barronrsquos Bloomberg CNBC Forbes and SmartMoney and news publications like the Associated Press
New York Times Newsweek TIME and USA Today
Media Inquiries
Corporate Insight welcomes the opportunity to speak with the media If you are interested in citing our
research or would like to schedule an interview with one of our analysts please contact Intermarket
Communications at 212-888-6115 or corporateinsightintermarketcom
Connect With Us
ANDREW MALAMET RESEARCH ASSOCIATE
212-832-2002 X-145 AMALAMETCORPORATEINSIGHTCOM
BEN POUSTY MARKETING MANAGER 212-832-2002 X-134
BPOUSTYCORPORATEINSIGHTCOM
